Dow & Nasdaq 100 Fall after Fed Decision, while Hang Seng Decline Continues

Dow Jones, Nasdaq 100, Hang Seng Analysis and Charts

​​​Dow retreats from record highs

​The index has fallen back from all-time highs and is currently testing trendline support from the mid-January low.​In the short term, a break of support could test the area around 37,840, which was the late December high. Below this comes the 37,100 area that marked the low at the beginning of January.

​A close back above 38,500 would put the price on course to hit new record highs.

DowJones Daily Chart

​Nasdaq 100 drops following Fed decision

​Further weakness in the wake of the Fed decision comes following losses earlier in the week after Alphabet and Microsoft earnings.​Trendline support from early January comes into play around 17,150, and a break of this would then target the 16,630 area, which formed support in mid-January. The 50-day simple moving average (SMA) could also form support once more.

​A rebound above 17,400 puts the price on course to target the previous highs.

Nasdaq100 Daily Chart

​Hang Seng heads lower

​Despite various new items around state support for the stock market, and a recent cut to bank reserve ratios, the Hang Seng continues to head lower.​The most recent rebound carried the price back above 16,000, but then it has faltered below the 50-day SMA. Continued losses now target the late January low at 14,778. Below this lies the 14,581 low of October 2022.

​A short-term rebound could target 16,000 once more, and then towards the 16,300 zone that marked resistance last week and earlier in January.

Hang Seng Daily Chart