Dow & Nasdaq 100 edge lower while Hang Seng hits new 14-month low
While US markets have seen some more small losses, the Hang Seng has lurched to its lowest level since November 2022.
Dow consolidation goes on
The Dow continues to consolidate, with no sign yet of a fresh break to the upside.
Futures were muted in Monday’s limited trading, but there is also little indication that a more substantial pullback is at hand. If one does develop it may target the rising 50-day simple moving average (SMA).
It would take only a small bounce for the index to push to a new all-time high.
Nasdaq 100 on the back foot
After last week’s recovery, upside progress has stalled, but the Nasdaq 100 remains within easy distance of fresh record highs.
Last week saw a brief dip towards 16,630, with buyers emerging to defend this level. Thus a close back below this may provide some short-term bearishness, towards the 50-day SMA.
Conversely, a close back above 16,980 would leave the index in fresh record territory.
Hang Seng hits 14-month low
The Hang Seng continues to tiptoe towards new lows in its current downtrend.
Further downside seems likely, with the break below 16,000 to a fourteen-month low bolstering the bearish view. Now it continues to eat into the gains made in November 2023, in the direction of the 2022 low around 14,620.
A close back above 16,450 is needed to suggest a fresh short-term rebound may have begun.
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