Nasdaq 100 at new record, while Dow and CAC40 also move higher

Nasdaq 100, Dow Jones 30, CAC40 Analysis and Charts

The index climbed to a new record high on Wednesday, rallying through the 19,000 level for the first time. This follows on from a bounce from the lows of last week, when the price rallied from a low at 18,187, near the 50-day SMA.

In the short term, momentum may carry the price further beyond 19,000. A close back below 18,700 would be needed to put a more substantial dent in the outlook.

A fresh higher low appears to have formed after the price rebounded from 38,000 at the end of last week. The price returned to the 50-day simple moving average yesterday, and a close above the 50-day SMA would reinforce the bullish view and would then open the way to the record highs at 40,000.

A close back below 38,500 would then suggest that a retest of 38,000 may follow, and below this lies the April low at 37,236.

Over the past week the index formed a low around 7900, as it did in April and May. Should this low continue to hold, then we can look towards a fresh rebound towards the 8250 highs from April and May, reviving the uptrend. From there new record highs loom.