NASDAQ 100 at new high and Nikkei 225 rallies to 40,000, but Dow continues to struggle
US tech stocks powered higher yesterday, and the Nikkei 225 showed fresh strength, but the Dow’s recent poor run continued.
NASDAQ 100 hits another new high
The NASDAQ 100 index broke to a new record high yesterday, its 36th for the year.
So far, the index shows no sign of surrendering its upward momentum. After a brief consolidation around last week’s record high, the price surged once more. A reversal back below 21,200 might point the way to some short-term weakness, but for the moment the buyers are now eyeing up 22,000.
Dow pullback continues
In contrast to the NASDAQ 100, the Dow Jones is going through its most extended pullback in a month.
Mid-November weakness found support around 43,000, so any low above this would form a higher low and reinforce the uptrend. Any revival in coming days targets 45,000 and higher.
Nikkei 225 tests 40,000
Strong gains over the past two weeks, including yesterday, have carried the price back to 40,000.
This level has stymied progress since late September. A brief close above it in October was swiftly reversed, and thus a sustained move above 40,000 would mark a fresh leg higher, potentially putting the index on course to hit the July record high.
A resumption of the recent range trade would target 38,000 support once more.
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