Article by IG Chief Market Analyst Chris Beauchamp
Nasdaq 100, S&P 500, CAC40 Evaluation and Charts
Nasdaq 100 hits three-week low
The index has fallen to its lowest degree in three weeks, because the US debt downgrade offers a catalyst for a sell-off. Extra declines goal rising trendline assist from the April lows, after which beneath this the 50-day SMA (at present 15,076). Under this, short-term assist could also be discovered at 14,920 after which at 14,688. Having rallied some 40% this 12 months, the index is probably going overdue a severe pullback, which nonetheless leaves the uptrend intact.
It might take a a lot greater transfer to place an actual dent within the uptrend, possible beneath 14,000.
Nasdaq 100 Each day Value Chart
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Constructing Confidence in Buying and selling
S&P 500 is beneath stress once more
This index has seen additional promoting this morning, pushing it to a degree not seen since early July. The 50-day SMA looms massive as attainable assist, whereas beneath this the 4392 space is sure to be of curiosity, given it was assist in July.
As but there may be little signal of a restoration, however a transfer again above 4550 would sign that the patrons are in cost as soon as extra.
S&P 500 Each day Value Chart
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Traits of Profitable Merchants
CAC40 sinks additional
European markets took the US downgrade worse than Wall Avenue it appears. The CAC40 has given up the good points of late July when a breakout above trendline resistance lastly appeared to have taken place. Additional losses now take the index on in direction of the 200-day SMA (at present 7096). This might additionally take it again to the early July lows.
At current a transfer again above 7350 may point out {that a} low is in place, and this could then put the index on the right track to focus on 7500 once more.
CAC40Daily Value Chart
