Dow at new highs, while NASDAQ 100 and Nikkei 225 pause for breath
The Dow has finally joined the ranks of indices making new highs this month, while the NASDAQ 100 and Nikkei 225 have fallen back from their recent peaks.
Dow hits new highs
After closing above 40,000 for the first time on Friday, the Dow Jones index made more gains on Monday, hitting another record high.
The price now sits on the cusp of more highs, joining the S&P 500 and NASDAQ 100 in unexplored territory. Last week witnessed the price finally lift away from the 50-day simple moving average (SMA), building on the slow gains from late May.
A close back below 40,000 might signal some further short-term weakness.
NASDAQ 100 clawing back Thursday’s losses
After suddenly falling last week, the index has clawed its way higher again, holding trendline support from late June.
Another test of last week’s record highs seems likely unless the price drops back below 20,300, and this might then set up a test of the previous highs at 20,000.
A deeper pullback may target the June lows at 19,500.
Nikkei 225 consolidates after run higher
This index also rallied to a record high last week, surging 1500 points in two sessions.
It then fell back, but has held above 41,163, the April high, for the time being. If this holds as support then a consolidation may develop before a new push back to the recent highs.
A close below 41,163 could then see 40,574 tested.
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