Dow Jones, Nasdaq 100, Nikkei 225 - Analysis and Charts

​​​Dow rallies through 39,000

​The index continued to make gains on Wednesday, moving above 39,000 and putting itself on a renewed course to test the record highs just below 40,000 after Tuesday’s indecisive session.​

​A higher low was formed in mid-April, and with buyers stepping in at month-end to defend the 37,820 level, the overall picture continues to support the case for further upside. ​A close back below 38,200 would negate this view and suggest another test of the late April low.

Dow Jones Daily Chart​

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​This index was unable to push on through Tuesday’s high, though buyers did step in to defend the lows and prevent a move below the 50-day simple moving average (SMA). ​The index is now within easy distance of the highs seen in March and April just below 18,500. Above this would see the price in new record high territory.

​A close back below 17,700 would begin to suggest that a new push lower is underway.

Nasdaq100 Daily Chart

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​Nikkei 225 heads lower

​The rebound from the lows of April has been stopped in its tracks over the past two sessions.​Despite a weakening yen, the Nikkei 225 has hit some selling pressure, and the rally from the April low has stalled below 39,000 and the 50-day SMA.

​A close back above 39,000 would help to revive the bullish view, and swiftly bring about a test of trendline resistance from the March highs. Trendline support from the April low comes into play around 38,000.

Nikkei 225 Daily Chart