Dow and NASDAQ 100 at record highs, but Hang Seng slips again on stimulus disappointment
While US indices are still on a high following the election, the Hang Seng has fallen again as a lack of new stimulus measures disappoints investors.
Dow pushes higher
After surging last week to a new high the Dow Jones index has continued to make some small gains, holding above 44,000.
The latest surge has seen the price gain 2000 points in a week, so some consolidation here would not be surprising. Having surged to a new higher high, off the back of a higher low last week, the outlook remains firmly bullish. Some extended short-term weakness may develop if the index closes back below the October record high at 43,330.
NASDAQ 100 close to record
Last week’s gains finally saw the NASDAQ 100 index rejoin the Dow and S&P 500 at record highs.
Further gains have stalled over the past 24 hours, perhaps unsurprisingly, but the bullish trend is still in place. Further gains above 21,240 would suggest a new push to record highs is underway. In the short-term, a drop back towards the 11 July highs might find support.
Hang Seng continues to fall
The brief bounce of early November has given way to more downside, as the disappointment over the lack of new stimulus announcements weighs heavily on the Hang Seng index.
The price has dropped below 20,000 once more, moving below the October lows and giving back more of the gains made since September. It is also now testing the highs of May, and a weak close here could open the way to more downside towards 19,000.
Buyers need a close back above 20,000 to suggest a recovery attempt is in play.
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