?The index failed to hold its highs yesterday, but has managed to avoid a lower close. In addition, the price has opened higher today, bolstering the view that a short-term low has been formed.
?A close above 40,400 helps to solidify the bullish outlook, while sellers will want a close back below Wednesday’s low at 39,803.
Dow Jones Daily Chart
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?Thursday saw the index finish off the lows, bouncing off the 100-day simple moving average (SMA). However, it has yet to push above yesterday’s highs, limiting the potential for a bullish turn higher.
?A close back above 19,150 would signal that a low has formed for the time being.
Nasdaq 100 Daily Chart
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?While the index finished firmly off the lows on Thursday, there hasn’t been any real bullish momentum overnight.
?A close back above 18,400 would be needed to suggest that a low has formed. A close below 18,130 today would reinforce the bearish view in the near-term.
DAX 40 Daily Chart
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