Nasdaq 100, Nikkei 225 and S&P 500 all Come Under Fresh Pressure

Article by IG Chief Market Analyst Chris Beauchamp

Nasdaq 100, Nikkei 225, S&P 500 Analysis and Charts

​​​Nasdaq 100 losses resume

​Losses accelerated on Wednesday, taking the index to its lowest level since early June. ​A move towards the lower bound of the channel appears likely, which would see the index head down to 14,250. A breakout to the downside then targets the 200-day SMA.

​​Wednesday’s drop negated the possible bullish view from earlier in the week, and it would take a rally back above 14,500 to indicate that a new attempt to halt the selling is underway.

Nasdaq 100 Daily Chart

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Nikkei 225 stumbles

​An attempt to continue the gains of Monday and Tuesday was beaten back on Wednesday, with the index dropping back to the 200-day SMA. ​Additional declines now target the low from Tuesday at 33,500, and then below this the September low at 33,270 comes into view.

​​It would need a close back above 31,300 to indicate that a new attempt to form a low is beginning.

Nikkei 225 Daily Chart

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S&P 500 hits five-month low

​The index resumed its fall on Wednesday, dropping to its lowest level in almost five months.​The February highs around 4165 now seem to beckon as a downside target, followed up by the early March high at 4079.

​Buyers will need a close back above the 200-day SMA to help suggest that a more bullish view prevails.

S&P 500 Daily Chart

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Change in Longs Shorts OI
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