US Futures Mixed While Nikkei 225 Remains in Uptrend

Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq 100, Nikkei 225 Analysis and Charts

​​​Dow steady above 50-day MA

​US markets return from their break, with the Dow’s bounce having stalled since last week. ​Friday’s session witnessed the index attempting to push higher but running out of momentum. So far it is holding above the 50-day SMA, but a close below 34,700 might prompt a deeper reversal, towards the 100-day SMA.

​Bulls will want to see a close back above 35,000 to provide some positive short-term momentum and to open the way to the July highs.

Dow Jones Daily Chart

See How IG Client Sentiment Looks for the Dow Jones

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​Nasdaq 100 drifts lower in early trading

​Gains have also stalled for this index, though the uptrend remains firmly intact.​Additional upside targets the late July high at 15,760, and then on to the mid-July high at 15,925. Beyond this, the next major level is the record high at 16,630 from the end of 2021.

​For the moment the buyers still have the upper hand, but a close back below the 50-day SMA might signal a pullback towards the August low at 14,670.

​Nasdaq 100 Daily Chart

​Nikkei 225 sitting just below 33,000

​Japanese stocks continue to show strength, continuing to push higher despite the US holiday yesterday.​Initial gains target the late July high at 33,430, with a close above here helping to solidify the view that the pullback from the June high has run its course.

​​A move back below 32,400 might indicate that the sellers have reasserted control.

Nikkei 225 Daily Chart