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Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones 30, DAX 40, Nasdaq 100 Analysis and Charts

​​​Dow fails to build on Wednesday’s recovery

​The index rallied off its lows yesterday, after heavy losses on Tuesday and Wednesday.​Bulls now need to push the price back on above 33,230 to indicate that a low might be in. This might then allow the index to push on toward the 200-day simple moving average (SMA).

​Intraday charts show the downtrend of the past month remains intact, and a lower high appears to be forming around 33,130. Continued declines target the May lows around 32,670.

Dow Jones 30 Daily Chart

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Nasdaq 100 holds above key support

​Wednesday saw the index test the 14,500 level for the second time in a week.​Once more the buyers showed up to defend this level. But for a more durable low to be in place we would need to see a pushback above 14,900. This might then open the way to trendline resistance from the July highs.

​A daily close below 14,500 revives the bearish view and puts the price on course to 14,230, and then down to the 200-day SMA.

Nasdaq 100 Daily Chart

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DAX 40 bounce fizzles out

​Like other indices, the Dax managed to rally off its lows on Wednesday, but early trading on Thursday has not seen much bullish follow-through.​Additional declines target the 14,750 area, the lows from March, while below this the 14,600 highs from December 2022 come into play as possible support.

​A close back above 15,300 might help to indicate that a low has formed for the time being.

DAX 40 Daily Chart

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