Dow, Nasdaq 100 and Nikkei 225 all fall back after hawkish Fed decision
The Fed’s ‘hawkish pause’ has sent markets into a tailspin, with stocks falling as investors contemplate the prospect of a much longer period of higher interest rates in the US.
Dow slumps following Fed decision
The index saw a substantial reversal yesterday, and has moved back towards the lows of last week. The 100-day SMA could now provide some support, but below this the 34,000 level and the 200-day SMA could also see some buying emerge. A revival above 35,000 would be needed to secure a more bullish short-term view.
Nasdaq 100 gives back more gains
Losses continue here, with yesterday’s drop further eating into the gains made from the August lows. The price is currently sitting on the 100-day SMA, and a close below this opens the way in short order to 14,690. Below this the August low at 14,500 comes into view. From here, the next major level to watch would be the August 2022 high at 13,722. A rally above 15,300 would be needed to suggest that the buyers have succeeded in reasserting control.
Nikkei 225 sees further losses
The drift lower of earlier in the week has turned into a more dramatic move lower. This has put the sellers back in control. Below the 50- and 100-day SMAs, the price then moves on to target 32,076, and then to the August low at 31,295. Buyers will want to see a move back above 33,000 to suggest that the selling has been halted for the time being.
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