Dow, Nasdaq 100 and Nikkei 225 return to September lows as global slump continues
There has been no let-up in the selling in indices, which have touched lows last seen in September last year.
Dow continues to slump
The Dow Jones index hit its lowest level since late September yesterday, and revisited it overnight, as the sellers continued to drive US markets lower.
It is now some 3000 points off the February record high, and for the moment there seems no end to the selling. Intraday rallies have merely been fuel for more selling, and this looks set to continue for the time being.
Last night’s low was also the high from late August, which may provide some support, while further declines may well open the way to 40,220, the early September low.
Nasdaq 100 at six-month low
It is a similar picture here, as this index also reaches a six-month low. It was the worst day for the Nasdaq 100 since 2022.
September’s low at 18,320 is the next target. For the moment there is no sign of a low being formed. Even a short-term bounce of a few days may be only a pause before another drop. Having fallen below its 200-day SMA, the index is now in different territory to last year.
Nikkei 225 hits 36,000
This Nikkei 225 index touched 36,000 for the first time since September overnight.
While it has bounced from this level, it has yet to even test the recent run of lower intraday highs. A close back above 37,000 might provide some hope of a short-term bounce, but previous support at 38,000 may provide resistance.
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