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Dow and CAC40 Move up, but Nasdaq 100 Struggles

Dow and CAC40 Move up, but Nasdaq 100 Struggles

IG, Analyst

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Article written by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq 100, CAC40 Analysis and Charts

​​​Dow makes headway in early trading

​The price has managed to rise over the past two days, moving back above the 50-day SMA, bolstered in part by a recovery in oil stocks.

​Gains faltered in early May around the 37,740 mark, so a move above here and then above 33,900 continues to build a bullish move, supported by the rising 50-day SMA and a bullish MACD.

​​A reversal back below 33,310 would negate this view and risk a return to the 200-day SMA and the lows of late May around 32,700.

Dow Jones Daily Price Chart - June 7, 2023

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Nasdaq 100 drops back from a one-year high

​The move higher over the preceding four sessions was broadly negated by Wednesday’s losses.

​​This might point towards a reversal towards the 50-day SMA, though short-term trendline support from late April might also come into play around 14,000.

​​A reversal above 14,500 points the way to some fresh short-term upside.

Nasdaq 100 Daily Price Chart - June 7, 2023

CAC40 edges back above 7200

​The index struggled on Wednesday as poor Chinese and German data, plus a rate hike by the Canadian central bank, prompted a risk-off mood to prevail in European markets.

​However, it avoided a move below Tuesday’s lows, and this could provide the foundation for a move higher, with a move above 7300 likely to bolster the bullish outlook. The broader uptrend is still intact, so a higher low for the index would be a bullish development.

​​This view would be negated with a daily close below 7100.

CAC40 Daily Price Chart - June 7, 2023

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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