Nasdaq 100 and CAC40 Struggle to Move Higher, Hang Seng Falls Again After Weak China Data

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NASDAQ 100, CAC40, HANG SENG ANALYSIS AND CHARTS

​​​Nasdaq 100 holds support for now

​The price rallied off the 15,260 level yesterday, stemming any further declines for now.​Crucially it also held trendline support from late April and remains above it in early trading today. A rally back above 15,400 could trigger a bullish stochastic crossover, and then see the price move on to target 15,760 and then the mid-July highs at 15,930.

Sellers will want to see a close below 15,260 to result in a potentially firmer move back below the trendline and horizontal support. This might suggest a more sustained pullback in the short term.

NASDAQ 100 DAILY PRICE CHART

​CAC40 rebound struggles

​The index’s choppy performance continues, though having recovered from last week's low a more bullish view might yet emerge.​Monday’s session saw a close back above the 50-day SMA, and this might then help to put the buyers in charge once more. Early trading has not seen much bullish follow-on, with the price dropping back from the 100-day SMA. A close above 7350 could see the price move on to the July highs.

​A reversal and close back below 7250 might suggest that the sellers are in charge once again.

CAC40 DAILY PRICE CHART

​HANG SENG AT TWO-WEEK LOW

​The rebound of late July has now fizzled out, and a more bearish view prevails once again. Since the end of July the index has fallen back below the 200-, 100- and now 50-day SMAs. This leaves the sellers in charge, especially given the bearish MACD crossover of the past session.

​Further declines now target the 18,500 low from late July, and then to the actual July low of around 18,300. A close back above 19,500 would be needed to suggest that the buyers may have been able to reassert control.

HANG SENG DAILY PRICE CHART

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