Dow, Nasdaq 100 and Cling Seng Look to Push Larger

With Q1 posting a powerful exhibiting for US equities, discover out if the second quarter is prone to carry out in a lot the identical method by studying our complete Q2 equities forecast:

Dow holds trendline assist

Sharp losses over the primary two days of final week took the value again from close to 40,000, however Wednesday’s session noticed a stabilisation.

The value continues to carry trendline assist from the mid-January low, which gives an underpinning for a resumption of the transfer to new file highs.

A break of trendline assist would then see the 50-day easy transferring common (SMA) come into sight.

Dow Jones Every day Chart

Supply: IG, ProRealTime

Nasdaq 100 stabilises

The index noticed a powerful rebound on Wednesday, bringing a halt to the drift decrease of the previous two weeks. If the 18,000 degree continues to carry then a contemporary transfer to a brand new peak may start.

If the value drops under 18,000 then the 50-day SMA is one other space of potential assist, swiftly adopted by 17,800 after which 17,656 within the occasion of additional declines.

Nasdaq 100 Every day Chart

Supply: IG, ProRealTime

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Cling Seng strikes larger

The value bottomed out within the second half of March round 16,350, and since then it has continued to recuperate.

Whereas it stays under the declining 200-day SMA and under the excessive seen within the first half of March round 17,150, the general transfer larger off the lows of January stays intact.

For now the downtrend that dominated 2023 is on pause. A detailed again under 16,300 may sign that sellers have reasserted management, whereas a detailed above the 200-day SMA after which above the early March excessive continues to bolster the bullish view.

Cling Seng Every day Chart

Supply: IG, ProRealTime