Article written by IG Chief Market Analyst Chris BeauchampDow Jones, Nasdaq 100, and Nikkei 225 Prices, Analysis, and ChartsDow clears 34,000 agai
Article written by IG Chief Market Analyst Chris Beauchamp
Dow Jones, Nasdaq 100, and Nikkei 225 Prices, Analysis, and Charts
Dow clears 34,000 again
While this index is still lagging the S&P 500 and Nasdaq 100 in terms of overall performance, it is nonetheless showing fresh signs of strength. It has rallied above 34,000 and now sits at its highest level in six weeks.The April and May highs around 34,150 are the next area to watch while the May peak at 34,260 also aligns with the highs reached in February.
From there the 34,360 highs from January come into view. Buyers have had it all their own way over the past week, and it would need a reversal back below 33,500 at least to suggest that the rally has been stopped in its tracks.
Dow Jones Daily Price Chart – June 13, 2023
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Nasdaq 100 hits new one-year high
Against all expectations the rally in the Nasdaq 100 continues. After some brief consolidation earlier in the month a fresh push higher has resulted in a new high for the year and the highest level since April 2022.The next big level to watch is the March 2022 high at 15,260, which also marked the high in February and was brief support back in December 2021.
For the moment there is no sign of any slowdown or reversal developing in the index- for this to happen we would need to see a drop back below 14,300, which marked an area of support towards the end of May.
Nasdaq 100 Daily Price Chart – June 13, 2023
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Nikkei 225 at fresh multi-decade highs
So much attention has been paid to tech stocks that the Nikkei’s surge to 30-year highs has gone relatively unnoticed. But this rally shows no sign of stopping either, and now the July 1990 highs at 33,170 are coming into view. Beyond this, the next big level would be the 1989 highs above 38,000.
Short-term trendline support from early May continues to underpin the index, so a move below 31,500 would be needed to suggest some short-term weakness is in play.
Nikkei 225 Daily Price Chart – June 13, 2023
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