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Dow, Nasdaq 100 and CAC40 All Come Under Selling Pressure

Dow, Nasdaq 100 and CAC40 All Come Under Selling Pressure

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Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq 100, CAC 40 Analysis and Charts

Dow gives back recent gains

​The index has fallen this week, dropping back below the 50-day SMA and heading towards the 100-day SMA.​It remains above the August lows, but bulls will need a close back above 34,750 to suggest that a new leg higher has begun, which might then see the index target 35,000, followed up by the late July peak at 35,640.

​​34,000 marked the low of August, so a close below this level would add to the bearish short-term view and bring the 200-day SMA into play, followed up by the June and early July low around 33,630.

Dow Jones Daily Chart

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Nasdaq 100 comes under pressure

​The Nasdaq 100 saw some weakness on Wednesday, and this has continued into Thursday.​In the event that these losses extend into a more sustained pullback, the price may retest the August low around 14,688, which would also see it test the 100-day SMA.

​Buyers will want to see a move back above 15,400, with a close back above 15,500 signalling fresh bullish momentum, with an initial target of the July highs around 15,900.

Nasdaq 100 Daily Chart

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CAC 40 back at 200-day moving average

​European indices have given back ground over the past week, with the CAC 40 surrendering most of the gains made in the second half of August. ​The price finds itself testing the 200-day SMA once more, as it did a month ago. If it can repeat the August feat and stage a recovery, then the 7400 level becomes an initial target.

​Continued losses bring the price into the area around 7100, which has acted as support since late May.

CAC 40 Daily Chart

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France 40 Bearish
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 10% -10% 0%
Weekly 158% -41% 4%
What does it mean for price action?
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