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Dow Makes Progress and Nasdaq 100 Edges Lower, but Nikkei 225 Comes Under Pressure​​​​

Dow Makes Progress and Nasdaq 100 Edges Lower, but Nikkei 225 Comes Under Pressure​​​​

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Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq 100, Nikkei 225 Prices, Charts, and Analysis

​​​Dow at new 2023 highs

​The index surged to a new high for the year on Wednesday, as earnings continued to support the bullish view. ​Having enjoyed a strong performance over the past week, some consolidation might not be surprising, perhaps even seeing the index head back to retest 34,500 while leaving the breakout intact.

​​A close back below 34,500 might signal that another drop to the 50-day SMA was in the offing.

​Dow Jones Daily Price Chart

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Nasdaq 100 muted after Tesla and Netflix earnings

​Further strength has been seen in this index over the week so far. ​Dip buyers continue to step after the slightest weakness. The June peak was followed up by a brief drop that then turned into a new move higher. The all-time highs at 16,630 are back in play once again.

​A move back below 15,000 is needed to dent the bullish view overall.

Nasdaq 100 Daily Price Chart​

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Nikkei 225 reverses course

​Gains above 33,000 proved impossible to sustain on Wednesday and the index reversed course on Thursday.​The close back below the 50-day SMA would negate the bullish outlook for the time being, and would then bring 31,800 into play once more, the low from earlier in July.

​Bulls will want to see a recovery above 33,000 to suggest that a low is in place.

Nikkei 225 Daily Price Chart

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