Dow Jones, Nasdaq 100, CAC40 Analysis and Charts
Dow makes headway in early trading
The price has managed to rise over the past two days, moving back above the 50-day SMA, bolstered in part by a recovery in oil stocks.
Gains faltered in early May around the 37,740 mark, so a move above here and then above 33,900 continues to build a bullish move, supported by the rising 50-day SMA and a bullish MACD.
A reversal back below 33,310 would negate this view and risk a return to the 200-day SMA and the lows of late May around 32,700.
Dow Jones Daily Price Chart – June 7, 2023
Nasdaq 100 drops back from a one-year high
The move higher over the preceding four sessions was broadly negated by Wednesday’s losses.
This might point towards a reversal towards the 50-day SMA, though short-term trendline support from late April might also come into play around 14,000.
A reversal above 14,500 points the way to some fresh short-term upside.
Nasdaq 100 Daily Price Chart – June 7, 2023
CAC40 edges back above 7200
The index struggled on Wednesday as poor Chinese and German data, plus a rate hike by the Canadian central bank, prompted a risk-off mood to prevail in European markets.
However, it avoided a move below Tuesday’s lows, and this could provide the foundation for a move higher, with a move above 7300 likely to bolster the bullish outlook. The broader uptrend is still intact, so a higher low for the index would be a bullish development.
This view would be negated with a daily close below 7100.
CAC40 Daily Price Chart – June 7, 2023
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