Article by Chris Beauchamp, Senior Market Analyst at IG
NASDAQ 100, Nikkei 225, CAC40 Analysis and Charts
Nasdaq 100 He sees buyers stepping in
Shallow pullbacks are still the norm for this index, and buyers are already stepping in after losses on Wednesday and Thursday last week. For now, 15,400 has been strongly defended, and further gains will target last week’s highs around 15,930. Above that, a new higher high will be established for this unrelenting uptrend.
Sellers will want a reversal below 15,400 which could potentially open the way to the 50-day SMA and the 14,900 level that marked support earlier in July.
Nasdaq 100 daily price chart
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Nikkei 225 index Recovery continues
The index continues to form a round bottom, with recent reports of further support for the Chinese economy helping to lift sentiment. It proved impossible to sustain gains above 33,000 over the course of July, but buyers stepped in repeatedly around 32,000, halting any deeper pullback from the June highs. Above 33,000, a return to the June highs appears to be on the horizon.
A daily close below 32,000 is needed to provide a signal that a deeper decline is at hand, perhaps towards the 100-day SMA.
Nikkei 225 daily price chart
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CAC 40 The hack continues
The index continues to make progress above the trend line resistance from the April highs, and last week’s breach continues to support the upside. Next target will be May high of 7500, then to April high of 7580, above that price will move to new highs and new record highs.
A return below 7300 would be needed to suggest that the sellers are back in control in the short term, although the overall bullish move remains.
CAC40 daily price chart
