DAX Slips, S&P 500 Nears 5000, Nasdaq 100 Achieves New Highs
Despite recent gains, the DAX struggles to surpass the 17,000 level, although the overall uptrend remains intact.
NEWS
2/10/20242 min read
DAX Slips, S&P 500 Nears 5000, Nasdaq 100 Achieves New Highs
Market Update:
DAX experiences setbacks
S&P 500 approaches the 5000 mark
Nasdaq 100 reaches a fresh peak
DAX Slips
Despite recent gains, the DAX struggles to surpass the 17,000 level, although the overall uptrend remains intact.
After bouncing off the 50-day simple moving average (SMA) in January, the index surged to new highs. While it has consolidated over the past couple of weeks, downside movement has been limited.
A potential pullback could see the DAX retreat towards 16,500 or even the January low at 16,346 if it fails to hold above the 50-day SMA.
DAX Daily Chart
S&P 500 Nears 5000
The S&P 500 came close to breaching the 5000 milestone yesterday, extending its robust performance in January.
Record highs have become routine for US indices, with the S&P 500 displaying resilience despite reduced expectations of a Fed rate cut. This suggests that the rally is not solely driven by market expectations regarding the Fed's actions.
In case of a pullback, attention shifts to trendline support around 4940, with a deeper retracement possibly targeting the 50-day SMA, which hasn't been tested since early November.
S&P 500 Daily Chart
Nasdaq 100 Achieves New Highs
The Nasdaq 100 also reached a new record high recently, maintaining its bullish momentum.
Similar to the S&P 500, the Nasdaq 100 has ignored the Fed's cautious stance and, supported by strong earnings, continues to climb.
For short-term retracements, potential support levels include last week's lows around 17,120 or the previous record high from December at 16,978.
Nasdaq 100 Daily Chart