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Dow Jones, Nasdaq 100, Russell 2000 Analysis and Charts

​​​Dow clocks up new record

​Monday saw the index record a new record high, after doing the same at the end of last week.The consolidation of mid-December until mid-January has resolved into a move higher it appears, and fresh record highs seem to beckon.

​​Sellers will need a reversal back below the previous highs of 37,800, and then a close below the low of the trading range of the past month at 37,140.

Dow Jones Daily Chart

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Nasdaq 100 on a high ahead of tech earnings

​Record highs have been seen in this index over the past three sessions. ​However, the arrival of earnings this week from Netflix and Tesla, plus the rest of the ‘Magnificent 7’ next week, means that upward progress could slow. A reversal below 16,500 would be needed to suggest that a move towards the 50-day simple moving average (SMA) is in the offing.

Nasdaq 100 Daily Chart

Russell 2000 rebounds

​US small caps have enjoyed a solid recovery over the past week, having endured a sharp pullback from their December highs.​Continued gains above the psychological 2000 level put the index on course to target the highs of December once more, with the next level to watch is the March 2022 high at 2140.

​The buyers have reasserted control with the bounce from last week’s lows, so a close below 1900 would be needed to indicate a further leg down is underway.

Russell 2000 Daily Chart

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