Scroll Top

Nasdaq 100, S&P 500 and CAC40 all Fall as European and US Indices Come Underneath Additional Strain.


Article by IG Chief Market Analyst Chris Beauchamp

Nasdaq 100, S&P 500, CAC40 Evaluation and Charts

​​​Nasdaq 100 hits three-week low

​The index has fallen to its lowest stage in three weeks, because the US debt downgrade offers a catalyst for a sell-off. ​Further declines goal rising trendline assist from the April lows, after which under this the 50-day SMA (presently 15,076). Beneath this, short-term assist could also be discovered at 14,920 after which at 14,688. Having rallied some 40% this 12 months, the index is probably going overdue a severe pullback, which nonetheless leaves the uptrend intact. ​

​It could take a a lot larger transfer to place an actual dent within the uptrend, doubtless under 14,000.

Nasdaq 100 Each day Value Chart

S&P 500 is beneath stress once more

​This index has seen additional promoting this morning, pushing it to a stage not seen since early July. The 50-day SMA looms giant as potential assist, whereas under this the 4392 space is certain to be of curiosity, given it was assist in July.

​As but there’s little signal of a restoration, however a transfer again above 4550 would sign that the patrons are in cost as soon as extra.

S&P 500 Each day Value Chart​

CAC40 sinks additional

​European markets took the US downgrade worse than Wall Avenue it appears. ​The CAC40 has given up the good points of late July when a breakout above trendline resistance lastly appeared to have taken place. Additional losses now take the index on in the direction of the 200-day SMA (presently 7096). This could additionally take it again to the early July lows.

At current a transfer again above 7350 may point out {that a} low is in place, and this might then put the index on target to focus on 7500 once more.

CAC40Each day Value Chart

DailyFX offers foreign exchange information and technical evaluation on the traits that affect the worldwide foreign money markets.

Leave a comment