NASDAQ 100 & S&P 500 see losses stabilise, while Hang Seng moves higher
The losses have been halted for now in the NASDAQ 100 and the S&P 500, while the Hang Seng continues to stabilise after a two-month slump.
NASDAQ 100 edges higher after sump
The NASDAQ 100 index has fallen from the recent highs, dropping below 20,000 in yesterday’s session.
The price finds itself below the June highs, and may now test the 50-day simple moving average (SMA), currently 19,402. The June lows at 19,470 interpose themselves before this level is reached.
A close back above 20,000 might suggest that a low has been formed.
S&P 500 steady after losses
Amidst all the excitement surrounding the rout in tech stocks, the S&P 500 has fallen only 60 points from the record high.
The index remains firmly above trendline support from the April low; a fall this far would take it back to 5500, or down to the 50-day SMA at 5421.
Hang Seng makes headway
It looks like a bottoming process has continued here, with the Hang Seng index rallying overnight after retracing most of last week’s gains.
A continued move higher tests the 50-day SMA, which held back progress last week, and a close above 18,250 and then 18,400 would help to sustain the bullish view.
A close back below 17,500 would open the way back to the lows at 17,350.
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