Market Analysis: Dow, Nasdaq, and Nikkei Movements

By Daniel M.

May 9, 2024   •   Fact checked by Dumb Little Man

Dow Jones Gains Momentum


The Dow Jones continued its upward trajectory on Wednesday, surpassing the 39,000 mark. This move signals a possible test of the record highs just shy of 40,000, following a stagnant session on Tuesday.

The index saw a significant support level at 37,820 towards the end of April, reinforcing a bullish outlook. However, a drop below 38,200 could reverse this trend and prompt a retest of the late April lows.

Nasdaq 100 Faces Resistance


The Nasdaq 100 struggled to exceed the highs of Tuesday, with the 50-day simple moving average (SMA) preventing further declines. The index is now approaching the peak levels observed in March and April, near 18,500. Surpassing this could set a new record high.

Falling below 17,700 would indicate a potential downward movement.

Nikkei 225 Experiences Setback


The Nikkei 225 has encountered resistance, halting its recovery from April’s lows during recent sessions. Despite a depreciating yen, the index struggled to maintain its upward momentum, stalling below 39,000 and the 50-day SMA.

Breaking above 39,000 would rejuvenate the bullish sentiment, potentially testing the trendline resistance from March highs. Support from April’s lows is crucial and sits around 38,000.

Daniel M.

Daniel Moore is a seasoned trading analyst with over 20 years of experience navigating the ever-evolving financial landscape. Renowned for his unconventional yet effective approach, Daniel utilizes a blend of technical and fundamental analysis to identify hidden gems and craft winning trade strategies. He is a master at demystifying complex market data and translating it into actionable insights for traders of all experience levels.

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