Dow and Nikkei 225 fall, while S&P 500’s bounce stalls
The S&P 500 began the week with gains but futures point to slowing momentum. Meanwhile, both the Dow and Nikkei 225 have fallen back.
Dow continues to fall
The Dow Jones index has continued to head lower, and the post-election lows at 43,000 now appear in sight.
A drop to 43,000 would still create a higher low compared to early November, leaving the broader uptrend intact. So far there is no sign of a recovery, but in the short term a close back above 44,000 might signal that a higher low could be created.
S&P 500 struggles to push higher
A short-term S&P 500 recovery yesterday seemed to promise a new leg higher, but gains have stalled overnight.
A close back below 6030 could signal further losses towards 6000, while below this the 5880 high from October comes into view. 6100 remains a target in the event of renewed gains. Beyond this lies fresh record highs.
Nikkei 225 goes into reverse
After recovering on Monday, the Nikkei 225 index has faltered once again, and 40,000 remains a barrier to further upside.
In the short-term, renewed losses target 38,000, where the index found support in the second half of October. 2024 has turned into a year of consolidation for the index, which has managed to recover from the August low but has seen progress stall in the fourth quarter (Q4).
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