NASDAQ 100 and Dow lower, but Nikkei 225 makes gains
US indices continue to fall back, but the Nikkei 225 has managed to make small gains.
NASDAQ 100 edges lower
After touching a record high last week, the NASDAQ 100 index has dropped slightly. However, the broader uptrend is still in place.
Recent weakness has found support near the 50-day simple moving average (SMA), currently around 20,717. The post-election low of 20,350 comes into view in the event of further losses.
Gentle pullback in the Dow continues
The Dow Jones index has drifted lower over the past week, as the usual first half of December weakness takes hold.
The gentle decline from record highs barely puts a dent in the uptrend. A close below the mid-November highs at 44,400 could put the index on course to test the 43,000 low from 18 November.
Nikkei 225 makes small gains
News of China’s announced policy shift helped support the Nikkei 225 at 39,000 yesterday, and the index saw small gains overnight.
However a close above 40,000 continues to elude the price, with last week’s strong upward momentum ebbing to an extent. A close above 40,000 could mark a breakout, while a close back below 38,500 could suggest a new test of the recent lows around 38,000.
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