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Dow, CAC40 Struggle; Nasdaq 100 Strong

Written by:

Ezekiel Chew

Last updated on:

June 4, 2024

Dow Drifts Lower

Source: dailyfx.com

The index rebounded sharply on Friday but suffered a wobble on Monday, finishing well off the lows. The situation remains finely poised; sellers might drive the price back to, and then below, 38,000, reinforcing the short-term bearish view.

Should the price close above the 50-day simple moving average (SMA), which held back gains yesterday, a new move higher toward 40,000 may begin.

Nasdaq 100 Firmly Off Recent Lows

Source: dailyfx.com

Both Friday and Monday saw the price rally off the lows, helping to sustain the bullish view. A reversal back below the March highs would be needed to put a dent in this view. However, the longer-term bullish outlook remains in place.

Additional gains would target the recent record highs around 18,900, with 19,000 lying just beyond it.

CAC 40 Rally Fizzles Out

Source: dailyfx.com

Hopes of a sustained rebound were dashed on Monday, as the price rallied towards and then fell back from the 50-day SMA.

The price finds itself back below 8,000, and the lows of April and May around 7,900 are close by. A close below 7,850 would suggest a much deeper pullback could be in play, perhaps targeting the 200-day SMA, last tested back in January.

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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Dow, CAC40 Struggle; Nasdaq 100 Strong

Written by:

Updated:

June 4, 2024

Dow Drifts Lower

Source: dailyfx.com
The index rebounded sharply on Friday but suffered a wobble on Monday, finishing well off the lows. The situation remains finely poised; sellers might drive the price back to, and then below, 38,000, reinforcing the short-term bearish view. Should the price close above the 50-day simple moving average (SMA), which held back gains yesterday, a new move higher toward 40,000 may begin.

Nasdaq 100 Firmly Off Recent Lows

Source: dailyfx.com
Both Friday and Monday saw the price rally off the lows, helping to sustain the bullish view. A reversal back below the March highs would be needed to put a dent in this view. However, the longer-term bullish outlook remains in place. Additional gains would target the recent record highs around 18,900, with 19,000 lying just beyond it.

CAC 40 Rally Fizzles Out

Source: dailyfx.com
Hopes of a sustained rebound were dashed on Monday, as the price rallied towards and then fell back from the 50-day SMA. The price finds itself back below 8,000, and the lows of April and May around 7,900 are close by. A close below 7,850 would suggest a much deeper pullback could be in play, perhaps targeting the 200-day SMA, last tested back in January.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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