Dow and Hang Seng Fall Sharply, however Nasdaq 100 Supported by Nvidia​​​​

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Article by IG Chief Market Analyst Chris Beauchamp

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Dow in full retreat on debt ceiling worries

​The previous 4 days have seen the index stoop 900 factors, falling beneath the 50-day SMA on Tuesday and the 200-day SMA on Wednesday.

​ ​The worth additionally finds itself beneath trendline help from the September/October lows. Notably through the March pullback it didn’t shut beneath this line, so yesterday’s drop is a major improvement.

​ ​Further declines would now goal the March lows down in direction of 31,500. Bulls will want a restoration again above 33,000 to see the worth again above trendline help and counsel {that a} greater low has been shaped.

Dow Daily Price Chart

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​Nasdaq 100 bolstered by Nvidia

​Nvidia’s outcomes supplied the gas for a bounce yesterday that noticed the index reverse all its losses.

​ ​The resilience of the index when set in opposition to the backdrop of the US debt disaster is kind of outstanding, and yesterday’s revival cancels out, in the interim, any expectation that the index will be a part of within the risk-off transfer throughout US indices.

​A transfer again beneath 13,500 would open the way in which to the 50-day SMA and rising trendline help from the January lows. Fresh upside targets 14,300 from mid-April.

Nasdaq 100 Daily Price Chart

​Hang Seng hits seven-month low

​Three days of losses have seen the index transfer to its lowest stage since late November.

​ ​The worth has slumped beneath the 200-day SMA, and now it appears like a take a look at of the mid-November 18,460 stage is within the offing, whereas beneath this the 18,142 peak from early October could be the following goal.

​ ​A rebound would possibly goal the 200-day SMA after which trendline resistance from the February excessive.

Hang Seng Daily Price Chart

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