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

\u200b\u200b\u200bNasdaq 100 losses resume

\u200bLosses accelerated on Wednesday, taking the index to its lowest level since early June. \u200bA 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.

\u200b\u200bWednesday’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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\u200bNikkei 225 stumbles

\u200bAn attempt to continue the gains of Monday and Tuesday was beaten back on Wednesday, with the index dropping back to the 200-day SMA. \u200bAdditional declines now target the low from Tuesday at 33,500, and then below this the September low at 33,270 comes into view.

\u200b\u200bIt 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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\u200bS&P 500 hits five-month low

\u200bThe index resumed its fall on Wednesday, dropping to its lowest level in almost five months.\u200bThe February highs around 4165 now seem to beckon as a downside target, followed up by the early March high at 4079.

\u200bBuyers 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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