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Nasdaq, Dow, and Dax Rebound: What’s Next?

Written by

Ezekiel Chew

Updated on

August 6, 2024

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Nasdaq, Dow, and Dax Rebound: What’s Next?

Written by:

Last updated on:

August 6, 2024

Nasdaq 100 Sees Dramatic Recovery

Yesterday witnessed a significant rebound from session lows in the Nasdaq 100. Notably, the price recovered and held above the 200-day simple moving average (SMA), currently at 17,794. The index has dropped 12.5% from its July record high, after being nearly 17% down at yesterday’s lows. This marks the largest pullback since October 2023, potentially signaling a temporary bottom.

Nasdaq 100 Daily Chart as of August 6th, 2024 (Soruce: DailyFX)

Dow Recovers from Lows

The Dow also bounced back from its lows, though the overnight rebound was less pronounced. Bulls are looking for a move above 39,200, which would position the price above yesterday’s close and the 100-day SMA.

A close below 39,000 would be bearish, indicating a possible test of Monday’s lows and the 200-day SMA, currently at 38,147.

Dow Jones Daily Chart as of August 6th, 2024 (Soruce: DailyFX)

Dax Rally Faces Resistance

The Dax's overnight bounce has encountered resistance, with the price struggling to hold above the 200-day SMA. A close above this level would support the notion of a bottom and could lead to a gradual recovery.

However, further declines below 17,300 would bring yesterday’s low of 17,000 back into focus.

Dax Daily Chart as of August 6th, 2024 (Soruce: DailyFX)

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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Nasdaq, Dow, and Dax Rebound: What’s Next?

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Written by:

Updated:

August 6, 2024

Nasdaq 100 Sees Dramatic Recovery

Yesterday witnessed a significant rebound from session lows in the Nasdaq 100. Notably, the price recovered and held above the 200-day simple moving average (SMA), currently at 17,794. The index has dropped 12.5% from its July record high, after being nearly 17% down at yesterday’s lows. This marks the largest pullback since October 2023, potentially signaling a temporary bottom.
Nasdaq 100 Daily Chart as of August 6th, 2024 (Soruce: DailyFX)

Dow Recovers from Lows

The Dow also bounced back from its lows, though the overnight rebound was less pronounced. Bulls are looking for a move above 39,200, which would position the price above yesterday’s close and the 100-day SMA. A close below 39,000 would be bearish, indicating a possible test of Monday’s lows and the 200-day SMA, currently at 38,147.
Dow Jones Daily Chart as of August 6th, 2024 (Soruce: DailyFX)

Dax Rally Faces Resistance

The Dax's overnight bounce has encountered resistance, with the price struggling to hold above the 200-day SMA. A close above this level would support the notion of a bottom and could lead to a gradual recovery. However, further declines below 17,300 would bring yesterday’s low of 17,000 back into focus.
Dax Daily Chart as of August 6th, 2024 (Soruce: DailyFX)
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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