Stock Index Update: DAX Rises, Hang Seng Peaks, Nasdaq Steady

By Daniel M.

May 3, 2024   •   Fact checked by Dumb Little Man

DAX Edges Higher

Source: DailyFX

The DAX index has recorded a slight increase overnight, yet it still lingers below the 50-day simple moving average (SMA). Surpassing this SMA could reinforce the bullish outlook which remains intact as the index continues to stay above its mid-April lows.

Looking ahead, the next targets for short-term gains are last week’s peak at 18,240, followed by a push towards late March’s record highs. Conversely, a dip below 17,800 might signal a retest of the lows seen in April.

Nasdaq 100 Remains Subdued Ahead of Apple’s Earnings

Source: DailyFX

Following the Federal Reserve meeting, a brief rally was curtailed, though the index managed to avoid further declines overnight. The recovery from April’s bottom is still viable, albeit fragile. Stability above 17,170 is crucial for continued upward momentum, though Apple’s impending earnings could complicate short-term movements.

A potential setback could drive prices down towards 17,000, and possibly further to the 200-day SMA at 16,386 if this week’s peak at 17,800 proves to be the highest in the short term.

Hang Seng Approaches Six-Month High

Source: DailyFX

The Hang Seng index has soared to its highest point since early November, fueled by a robust recovery in Chinese markets. Despite a brief falter earlier in the week, the index has resumed its strong bullish trend. The next significant milestone is the high from November at 18,403.

There’s little indication of short-term weakness, but a drop below 17,500 would be necessary to suggest a possible pullback is on the horizon.

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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