NASDAQ 100 and Dow struggle but DAX moves higher
While the DAX is making strong progress early on, US indices are subdued after reversing course on Wednesday.
NASDAQ 100 fights to hold 200-day MA
After rebounding on Tuesday, the NASDAQ 100 index fell back on Wednesday to the 200-day simple moving average (SMA), currently 17,831, and closed above this level.
Early trading on Thursday has put further pressure on the price, though it is still above the 200-day SMA for the time being. A close below the 200-day would suggest a new push towards the lows of the week. A close back above 18,300 would help to suggest that a low has formed.
Dow on the back foot after reversal
Wednesday saw renewed losses for the Dow Jones index, though it has held above Monday’s lows for the time being.
A bounce on Tuesday failed to continue into a second day, leaving the price at risk of further declines. The Monday low and then the 200-day SMA (currently 38,210) come into view in the event of more losses.
A close back above 39,200 might suggest that a low has formed.
DAX rebounds
Thursday has begun with gains for the DAX 40 index, which may now test its 200-day SMA from below, after reversing course yesterday and closing below this indicator.
A close back above the 200-day SMA might help suggest a low has formed and would put the price back on an upward course. A failure to hold above the 200-day SMA would suggest a fresh turn lower that would test 17,250 and lower.
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