Dow at record high while DAX and Nikkei 225 struggle
While US markets have surged, the picture for other indices is more mixed.
Dow at new record high
The Dow Jones index soared to a new high yesterday, surging through 43,000 on news of Trump’s election win.
A new higher low has formed over the past week around 41,800, and this provided a foundation for further gains. After Wednesday’s surge the price may consolidate, but the bullish view is firmly in place.
DAX holds above 19,000 after reversal
It was a seesaw day yesterday for the DAX 40 index, which first slumped on the election news, then rallied, only to slump once again and end the day sharply lower.
However, the 19,000 level remains in place, holding as support for now, which leaves hope for bulls that the price can mount another move higher. Yesterday’s peak formed another lower high in the downtrend from the October record high, thus while the long-term trend is still up, the short-term trend is bearish.
Nikkei 225 stuck below 40,000
Wednesday saw the Nikkei 225 index make gains but it has fallen back from the 40,000 level overnight.
A breakout above this level continues to elude the index, and a close back below 38,700 might signal that a turn lower has begun. This could then test the lows of late September and October around 37,300.
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