06 Aug, 2024
Nasdaq 100 stages dramatic rebound
Yesterday saw a huge rebound off the lows of the session. Crucially, the price rebounded and held above the 200-day simple moving average (SMA), currently 17,794.The index is already down 12.5% from its record high of July, having been almost 17% down from that high at yesterday’s lows. This is the biggest pullback since October 2023, and may mark the low for the time being.
Dow moves off the lows
This index also recovered from the lows, though the bounce overnight has been more muted.Bulls will want to see a move back above 39,200, which would put the price back above yesterday’s close, and also above the 100-day SMA.
A close below 39,000 would mark a bearish development, and raise the possibility of a test of Monday’s lows and then the 200-day SMA, currently 38,147.
Dax rally stalls
The overnight bounce has struggled here too, and notably the price is currently unable to hold above the 200-day SMA.A close back above the 200-day SMA would help reinforce the view that the price has bottomed, and could see a steady recovery over time.
Further declines below 17,300 bring yesterday’s low at 17,000 back into view.
