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Dow, Nasdaq, and Nikkei Struggle to Maintain Bullish Momentum

Dow, Nasdaq, and Nikkei Struggle to Maintain Bullish Momentum

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Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq 100, Nikkei 225 Analysis and Charts

​​​Dow Jones stuck below 34,000.

​The index rallied off the 50-day SMA on Monday, repeating a bounce from late June from around the 33,650 area. ​This has helped to stem the bearish case for now, and now the bulls will want to see additional gains above 34,000 that might put the index on course for a fresh attempt to clear the 34,500 area that blocked upside progress over the last month.

​Sellers will need a reversal back below 33,600 to indicate that a new push towards the 200-day SMA is in the offing.

Dow Jones Daily Price Chart​

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Nasdaq 100 is back above 15,000.

​Buyers appeared on Monday to stem the declines and push the index back above 15,000.​In recent months the index has avoided any significant pullback, and a fresh pushback above 15,260 might open the way to new one-year highs.

​Sellers will want a move back below 15,000 to suggest that a deeper pullback might yet develop, a view that is supported by an ongoing decline in the daily MACD indicator.

Nasdaq 100 Daily Price Chart

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Nikkei 225 tests the 50-day moving average.

​Having pulled back from 34,000, the index has stabilized around the 50-day SMA. ​A dip below this indicator found buyers on Monday, and while a higher low has yet to be formed, this first major pullback in months could see fresh buying pressure develop if the index can manage a close above 32,600.

​This might then open the way to 34,000 and higher, reviving the uptrend. A close below 32,000 negates this bullish view.

Nikkei 225 Daily Price Chart

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