Dow Holds Gains while Nasdaq 100 Slips Lower and Hang Seng Slumps to One-Year Low

Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq, Hang Seng – Analysis and Charts

​​​Dow consolidates after surge

​Last week saw the index surge to its highest level since January 2022.​A 12% gain in the space of a month does arguably leave the index looking vulnerable in the short-term, though for the moment there is little sign of any pullback. A close back below 35,700 might indicate some fresh short-term weakness was developing.

​​Additional gains cannot be ruled out, and the next level to watch is 36,560, and then to the record high at 36,954.

Dow Jones Daily Chart

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Nasdaq 100 at three-week low

​The index briefly hit a three-week low on Monday, continuing to edge back from the recent highs. ​Further gains seem to have been halted for the time being, and it would need a close back above 16,000 to indicate that a new leg higher had commenced.

​In the event of more losses, a drop towards the late August high of around 15,550 may find support.

Nasdaq 100 Daily Chart

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​Hang Seng hits a one-year low

​Unlike other indices, the Hang Seng has seen its gains from the October low slip away in November. ​Monday witnessed fresh losses that took the index to its lowest level in thirteen months. A move towards 15,890 now looks likely, with the price continuing to eat into the gains made since the end of October 2022.

​In the short-term, a close back above 16,800 might suggest a rebound towards the 50-day SMA has begun.

Hang Seng Daily Chart