While Dow exhibits a mixed performance, Nasdaq 100 and Nikkei soar with renewed bullish momentum
Renewed Bullish Momentum: Nasdaq 100 and Nikkei
Trying to Break Higher
The stock market has been trying really hard to go up this week, but it hasn’t been able to stay there. The price has been going above 34,700, but it keeps going back down. However, it hasn’t gone too low because there is a support area at 34,540. If it goes even lower, there are other support areas at 34,280 and 34,050.
Looking for Bullish Signs
If the price goes above the 50-day SMA (Simple Moving Average), it would be a good sign for the buyers. It might even go up to 35,000 again.
Bulls Showing Strength
The buyers are showing strength because they are keeping the price above the 50-day SMA. They also held the price above 15,260 recently. If the price goes above 15,575, it would be even better because it could go higher than the high in August. Then, we might see the price reach the highs from July at 15,750 and 15,930.
Recovery from the August Low
The stock market has been recovering from the low in August, but if it goes below 15,200, it might not be a good sign. It could mean that the price will go down even more and maybe test the 100-day SMA and the lows from August at 14,690.
Surge on Thursday
After making steady gains in the first three days of the week, the stock market had a big jump on Thursday. It went back up to the highs from early September. If it goes above 33,337, it would be a breakout and the next target would be the high in early August at 33,400. After that, we would look at the lower highs from July and June.
The stock market has been going up since the low in August. The bounce from the past week happened at a higher low, which is a good sign. However, if it goes back below 32,400, it might not be a good sign in the short term.