Nasdaq 100 and S&P 500 Near Recent Highs, Hang Seng Drops Back From Three-Month High
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Article by IG Chief Market Analyst Chris Beauchamp
Nasdaq 100, S&P 500, Hang Seng Prices, Analysis, and Charts
Nasdaq 100 steady after recent gains
The steady rally here goes on, with no sign of a downturn at hand.Late July saw a brief pullback, but this resolved into a move higher that has left the price back within 200 points of the July high. Above 15,930, the price targets 16,021, and then above this the 16,630 high from January. Finally the 16,769 record high from late 2020 comes into view.
In the event of a reversal, trendline support from mid-April comes into play, towards 15,300, and then below this 15,260 and then the 50-day SMA are current downside targets.
Nasdaq 100 Daily Price Chart
S&P 500 holds near 2023 high
This index has also seen little in the way of downside. Short-term drops in June and July found buyers very quickly.March 2022’s high at 4631 could come into play soon, and above this would see the index sitting at its highest level since January 2022. Further gains then target 4743 and then the record high at 4817.
In the event of a pullback, the price would first test nearby trendline support from the early May low,and then on to 4458, before heading towards the rising 50-day SMA (currently 4398).
S&P 500 Daily Price Chart
Hang Seng edges back from a three-month high
A huge rally from the July low has seen the index move back above the 200-day SMA, though it has dropped back in early trading this morning.The price has dropped back below the June peak of around 20,000, a potentially worrying sign, but given the scale of the move since the beginning of July, some weakness was to be expected. The price has also pulled away from trendline support from the July lows, leaving it potentially exposed in the short-term.
Above 20,375, the high seen on Monday, the price will target 20,730, the high from April.
Hang Seng Daily Price Chart
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