Nasdaq 100, Nikkei 225 and S&P 500 all come under fresh pressure
Rising yields have put more pressure on stocks, with indices hitting fresh multi-month lows.
Nasdaq 100 losses resume
Losses accelerated on Wednesday, taking the index to its lowest level since early June. A move towards the lower bound of the channel appears likely, which would see the index head down to 14,250. A breakout to the downside then targets the 200-day SMA. Wednesday’s drop negated the possible bullish view from earlier in the week, and it would take a rally back above 14,500 to indicate that a new attempt to halt the selling is underway.
Nikkei 225 stumbles
An attempt to continue the gains of Monday and Tuesday was beaten back on Wednesday, with the index dropping back to the 200-day SMA. Additional declines now target the low from Tuesday at 33,500, and then below this the September low at 33,270 comes into view. It would need a close back above 31,300 to indicate that a new attempt to form a low is beginning.
S&P 500 hits five-month low
The index resumed its fall on Wednesday, dropping to its lowest level in almost five months. The February highs around 4165 now seem to beckon as a downside target, followed up by the early March high at 4079. Buyers will need a close back above the 200-day SMA to help suggest that a more bullish view prevails.
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