?The index continues its recovery, with the smaller weighting of tech stocks acting for now as a help, rather than the hindrance it has been for most of the year. ?After recovering back above 40,000 last Friday the price has made further headway, and now the 41,000 level and the record high from earlier in July are back in sight.
?A close back below last week’s low at 39,800 would be needed to negate the short-term bullish view.
Dow Jones Daily Chart
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?The index managed to rebound from its low yesterday evening, which it hit in the wake of results from Microsoft.Once more it has bounced from the 18,000 zone and has risen back above 19,000. However, with Meta earnings and the Fed decision tonight, and results from Apple and Amazon tomorrow, the index is unlikely to have seen the end of volatility for the week.
?It still appears to be forming a higher low, maintaining the broader uptrend and suggesting that we could see a further recovery once key earnings are out of the way.
Nasdaq 100 Daily Chart
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?After testing the waters below the 100-day simple moving average (SMA) yesterday, the index has made further gains, maintaining its overall move higher of the past two months. ?Substantial gains have been hard to sustain, but an initial target is 18,600, followed by the July high at 18,750. Beyond this lies the May high at 18,935.
?A close back below 18,100 would be needed to negate this bullish view.
DAX Daily Chart
of clients arenet long. of clients arenet short. Change in Longs Shorts OI Daily 0% -1% -1% Weekly 1% -4% -3%Source https://www.dailyfx.com/analysis/dow-nasdaq-100-and-dax-make-gains-in-early-trading-20240731.html
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