NASDAQ 100, Dow and DAX move higher ahead of key NVIDA earnings
Indices dropped back yesterday on geopolitical worries but have managed to recover, though nervousness persists ahead of NVIDIA's earnings.
NASDAQ 100 pushing higher ahead of NVIDIA earnings
The NASDAQ 100 index saw some volatility around the news of Ukraine’s use of US missiles on Russian territory, but was able to shake this off and move higher yesterday.
The main event for the index remains NVIDIA's earnings tonight. Over the past three sessions a rally has developed, halting the post-election selloff. Further gains target the highs from early October around 21,200. In the event of a close below 20,300, last week’s low, the late October 20,000 level beckons.
Dow steady after dip below 43,000
The Dow Jones index dipped briefly below 43,000 yesterday but then recovered, providing fresh hope of a bounce. A higher close today would help support a bullish view in the short-term, targeting the post-election highs at 44,400.
Sellers will want to see a reversal that takes the price back below 43,000, which might then open the way to the late October lows just below 42,000.
DAX attempts to stabilise again
The downtrend from the October highs continued yesterday, and the DAX 40 index dropped below 19,000 for a time before recovering.
If buyers can manage a close above last week’s high of 19,300 then hopes of a sustained bounce may materialise. From there the index may push back to the October highs around 19,700.
The short-term pullback of the past month contrasts with the longer-term rally. Overall, this still looks like a correction in a broader uptrend.
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