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Hawkish Fed Minutes put Pressure on Dow, Nasdaq 100 and CAC40

Hawkish Fed Minutes put Pressure on Dow, Nasdaq 100 and CAC40

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Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq 100, CAC40 Analysis and Charts

​​​Dow falls back for another day

​The index continues to drop back from last week’s highs, and further losses will put the 50-day simple moving average (SMA) into view as potential support, as it was in mid-June.​Below this the 100-day SMA and then the 200-day SMA come rapidly into view. A move below the mid-May lows would firmly alter the medium-term view to a bearish one.

​​Bulls will want a recovery back above 34,500 in order to suggest that the move higher is back in play.

Dow Jones Daily Price Chart

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Nasdaq 100 holds near recent highs

​After attempting to rally yesterday the index has fallen back again, though it remains close to its recent highs. ​A deeper pullback targets trendline support from late April, and then on down to the 50-day SMA. The index has not tested the 50-day SMA since early March, so a pullback to that level would not be too surprising in the near term.

​Above 15,260, the price will target 15,760, and then on to 16,630.

Nasdaq 100 Daily Price Chart

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CAC40 hits a one-week low

​The index has fallen back below trendline resistance from the April highs, and is also back below the 50- and 100-day SMAs. ​A move back to 7100, the support area from May and June, seems likely, and if this is broken the 200-day SMA comes into view.

​It would need a move back above 7320 to suggest a revived bullish view, and then a break above 7400 to confirm a move higher.

CAC40 Daily Price Chart

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