Fresh record highs for Dow and Nasdaq, DAX consolidates
Risk-on atmosphere persists in the markets, but intraweek gains remain limited.
Dow Technical analysis, overview, strategies, and levels
It was another week of fresh record highs for the Dow, though in terms of Friday’s performance much of those record gains were undone. In terms of sector performance, consumer staples and real estate were in the green, while energy underperformed. In terms of its technical outlook, both daily and weekly continue to show a bull trend that’s stalling not due to a lack of fresh higher highs, but on account of a lack of upside momentum beyond its weekly (and usually daily) ranges that fails to offer breakout opportunities.
IG client and CoT sentiment for Dow
As for sentiment, retail bias is down 4% since the start of last week but remains in heavy short territories at 72%.
Dow chart with retail and institutional sentiment
Nasdaq Technical analysis, overview, strategies, and levels
Fresh record highs once again as the Nasdaq outperforms in percentage terms, and in the process keeping its daily and weekly bull trend technical overviews intact. But as with the Dow, it’s been frustrating for breakout traders on the lack of intraday (and intraweek) momentum.
IG client and CoT sentiment for Nasdaq
Retail bias is still stuck near extreme short territories but is down a notch and standing at 77%.
Nasdaq chart with retail and institutional sentiment
DAX Technical analysis, overview, strategies, and levels
With holidays last week expectations weren’t high for much out of the DAX, and in that regard it continued to oscillate near the highs, as seen on its weekly chart. A stalling bull trend technical overview for the weekly chart, but where on the daily more of its main indicators are shifting back to neutral on a lack of upside momentum, and where gains have failed to offer significant rewards.
IG client and CoT sentiment for DAX
As a result of a lack of change in price, retail bias is unchanged for the week and at a heavy short 67% for the start of this week.
DAX chart with retail and institutional sentiment
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