Dow and CAC40 slip but Nasdaq 100 holds up well
The Dow and CAC40 have struggled to make progress, though inflows continue to support the Nasdaq 100.
Dow knocked back on debt ceiling uncertainty
The price continues to find it a struggle to move away from the inside trendline from the December highs. It dropped below this again last week, but then rebounded, but with the debt ceiling negotiations still ongoing it seems buyers will struggle to muster up the needed momentum to push on towards the late April highs. Recent weakness has been capped around 33,000, so sellers will need to pierce this level and then the 200-day SMA, combined with trendline support from the October lows, to open the way to a more bearish view.
Nasdaq 100 looking strong
The index has consolidated for now above the August 2022 highs, having enjoyed a firm rally over the month. After surging to the nine-month high last week the price now finds itself targeting 14,320, last tested over a year ago. For the moment there is little sign of any weakness, though further debt ceiling headlines might prompt a short-term reversal. In this case the 50-day SMA may come into play as support, or rising trendline support from the December low.
CAC 40 slips in early trading
The index has weakened, though it has formed a higher low above the 50-day SMA over the past three weeks. A bullish daily MACD crossover may well add weight to this view and set up a move back to 7600 and higher. It would require a reversal below the 50-day SMA and back below December trendline support to suggest that a deeper retracement is at hand.
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