???Dow marches higher

?The index staged a strong recovery last week, moving back above 40,000 after the pullback from its record high in July.?It has opened higher at the beginning of the new week and is again on course to test the July high at 41,390. Above this lies new record highs.

?A reversal back below 40,000 negates this view.

Dow Jones Daily Chart

?

?Nasdaq 100 rallies off recent low

?The Nasdaq 100 managed to halt the selling at the 100-day simple moving average (SMA) last week and has moved back above 19,000.?However, with several big tech companies reporting this week further upside progress may be difficult. Nonetheless, a low appears to have formed for now. Further gains and a close above the 50-day SMA would help to support the bullish view.

?Sellers will want to see a reversal below the 18,800 level this week and then back below the 100-day SMA, to negate the higher low thesis.

Nasdaq 100 Daily Chart

?

?Dax at higher end of range

?This index has not seen the elegant recovery of its US peers, but it has also avoided their heavy losses.Instead, it continues to avoid a firm close below its 100-day SMA, which has essentially acted as trendline support since mid-June. It rebounded on Friday and is now on course to test previous resistance at 18,600. Beyond this lies the mid-July high at 18,786.

?Sellers are still seeking a firm close below the 100-day SMA, and then a drop through 18,000, to break the support zone of the past six weeks.

DAX 40 Daily Chart

Source https://www.dailyfx.com/analysis/dow-nasdaq-100-and-dax-all-recover-from-last-week-s-losses-20240729.html



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