Nasdaq 100 & S&P 500 hold support, while Nikkei 225 remains above the 200-day moving average

The selling has paused in indices for now, with the Nasdaq 100 and S&P 500 holding their September lows and the Nikkei 225 avoiding a close below the 200-day moving average.

Source: Bloomberg

Written by

Chris Beauchamp

Chief Market Analyst

Article publication date: 2023-10-24T10:41:40+0100

Nasdaq 100 holds key support

The index rallied off the 14,500 level for the second time in a month, in an echo of September’s price action. Now the bulls need to get the price back above 14,800 on a closing basis – Monday’s price action witnessed a push to this level, but momentum then faded. For the moment, the bearish case is still in the ascendant in the short-term, but a bigger pullback will require a close below 14,400, putting the price below the lows of the past month.

Source: ProRealTime

Nikkei 225 stays above 200-day MA

Once more the 200-day SMA appears to be acting to stem losses, with a push below this indicator finding buyers on Monday and Tuesday. Now the buyers must push on, with a close above 31,300 helping to solidify a low and allowing a move back towards the 32,500 level to be contemplated. A close back below 30,700 would suggest that the 200-day SMA has been breached and a near-term bearish view prevails.

Source: ProRealTime

S&P 500 holds September lows

The index was unable to get back above the 200-day SMA on Monday, but for the moment the 4200 lows from September continue to hold. In the event of further downside, the 4160 area, which marked the highs from February and March, would come into view. Below this the 4070 might be the next area of support. A close back above the 200-day SMA might yet provide hope that a low has formed, which could then see the price test short-term trendline resistance from the early September high.

Source: ProRealTime

Live prices on most popular markets

Equities
Indices
Forex
Commodities

Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

You might be interested in…

How much does trading cost?

Find out about IG

Plan your trading

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Help and support

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. 

Professional clients trading spread bets and CFDs can lose more than they deposit.

Options and futures are complex instruments which come with a high risk of losing money rapidly due to leverage. They’re not suitable for most investors. Before you invest, you should consider whether you understand how options and futures work, the risks of trading these instruments and whether you can afford to lose more than your original investment.

Trading stocks and shares ‘on margin’ within a US options and futures account – meaning that you only finance part of the cost of acquiring a position in a security – carries additional risks over buying securities on a fully funded basis and may result in losses exceeding your original investment. Trading on margin will also result in additional costs to you as the investor and any securities purchased using margin may be held as collateral by the lender, restricting both your rights as shareholder, and your ability to use the securities until the margin trade is closed. You should familiarise yourself with these risks before trading on margin.

The value of shares, ETFs and other ETPs bought through a share dealing account, a US options and futures account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Some ETPs carry additional risks depending on how they’re structured, investors should ensure they familiarise themselves with the differences before investing.

Share dealing and IG Smart Portfolio accounts provided by IG Trading and Investments Ltd, CFD accounts and US options and futures accounts are provided by IG Markets Ltd, spread betting provided by IG Index Ltd.   

IG is a trading name of IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764), IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Trading and Investments Ltd (Register Number 944492) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.   

The information on this site isn’t directed at residents of the United States, Belgium or any particular country outside the UK and isn’t intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Careers | Marketing partnership

Nasdaq 100 & S&P 500 hold support, while Nikkei 225 remains above the 200-day moving average

Nasdaq 100 holds key support

Nikkei 225 stays above 200-day MA

S&P 500 holds September lows