Dow loses ground while S&P 500 hits new high, and Nikkei 225 rebounds through 39,000
While the Dow dropped slightly yesterday, the S&P 500 has hit a new peak. Meanwhile, the Nikkei 225 is showing signs of recovery.
Dow edges lower
After hitting 45,000 last week the Dow Jones index has edged lower slightly. However, the latest record high adds a new higher high to the uptrend, confirming its strength.
December often sees some weakness in the first half of the month, before a year-end rally. As a result, the index may continue to shed some ground this week and next, but a close above 45,000 at a new record high later in the month is a strong possibility.
S&P 500 hits new high
The S&P 500 index touched a new record high yesterday, continuing to push on above 6000.
In the short-term, a turn lower may target the early November high at 6022, while below this lies the October high at 5880. As with the Dow, early December seasonality may see progress stall, but the second half of the month usually sees gains.
Nikkei 225 pushes through 39,000
A new attempt at a rally is underway, as the Nikkei 225 index rallies off 38,000 and then through 39,000.
Beyond this lies the 40,000 level, which acted as a barrier to upside in October and September. Recent losses have been halted at 38,000 as support, while below this comes 37,270. The index has been in consolidation mode since late September, moving sideways while other indices move to new highs.
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