NASDAQ 100, Dow and DAX rebound, but is there more to come?
NASDAQ 100 stages dramatic rebound
Yesterday saw a huge rebound off the lows of the session. Crucially, the NASDAQ 100 price rebounded and held above the 200-day simple moving average (SMA), currently 17,794.
The index is already down 12.5% from its record high of July, having been almost 17% down from that high at yesterday’s lows. This is the biggest pullback since October 2023, and may mark the low for the time being.
Source: ProRealTime Source: ProRealTimeDow moves off the lows
This Dow Jones index also recovered from the lows, though the bounce overnight has been more muted.
Bulls will want to see a move back above 39,200, which would put the price back above yesterday’s close, and also above the 100-day SMA.
A close below 39,000 would mark a bearish development, and raise the possibility of a test of Monday’s lows and then the 200-day SMA, currently 38,147.
Source: ProRealTime Source: ProRealTimeDAX rally stalls
The overnight DAX 40 bounce has struggled here too, and notably the price is currently unable to hold above the 200-day SMA.
A close back above the 200-day SMA would help reinforce the view that the price has bottomed, and could see a steady recovery over time.
Further declines below 17,300 bring yesterday’s low at 17,000 back into view.
Source: ProRealTime Source: ProRealTime