Market Update: Dow and Nasdaq 100 Surge, Hang Seng Soars

By Daniel M.

May 15, 2024   •   Fact checked by Dumb Little Man

Dow Hits Six-Week High

Source: ProRealTime, chart prepared by Chris Beauchamp

The Dow soared to a new six-week high, gaining around 2000 points since mid-April. However, sustaining these gains might prove challenging ahead of the US CPI release on Wednesday. Further advancements aim for the 39,964 high from late March, inching closer to the coveted 40,000 mark. A retreat below 38,590 could signal a retest of recent lows.

NASDAQ 100 Nearing Record Highs

Source: ProRealTime, chart prepared by Chris Beauchamp

Amid a robust rally, the NASDAQ 100 awaits US inflation data, standing close to early March’s record highs. A breach beyond this level would mark new record territory. Trendline support near 17,600 provides a buffer, with a dip below 17,500 possibly hinting at a retrace towards April’s lows around 17,000.

Hang Seng Achieves Nine-Month High

Source: ProRealTime, chart prepared by Chris Beauchamp

Surging above 19,000, the Hang Seng index notched its highest close since August. The rally remains robust, with buyers quickly responding to any recent weakness. Eyes are set on the July 2023 high of 20,370 as the next target, while a retreat below 18,500 and 18,175 could signal a short-term pullback.

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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