Dow retreat slows and S&P 500 holds above 5000, while Hang Seng rallies sharply

Dow Jones, S&P 500, Hang Seng Analysis and Charts​​​Dow losses halted for now​The run of losses for the index appears to have slowed, with the price holding above the lows seen on Monday around 37,600.​ In the short term, a close above 38,000 and then above the 100-day simple moving average (SMA), currently 38,107, could suggest that a tradeable low has formed. A new leg higher would target 39,000, and then perhaps on to 40,000.​A close below 37,500 signals more downside to come.DowJones Daily ChartYou can download our Q2 Equity Forecasts for free using the link below

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​S&P 500 edges higher​The index touched a two-month low yesterday, though it has yet to close below 5000. ​A close back above 5100 and the 50-day SMA at 5121 would signal that a higher low is in place for the time being, and could signal that a new leg higher is underway.​By contrast, if sellers can drive the price below 5000 then we may see a test of the 100-day SMA, with the late 2021 high at 4806 the next big level to watch.S&P 500 Daily Chart

of clients are net long.

of clients are net short.

Change in

Longs

Shorts

OI

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1%
-4%
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Weekly
17%
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​Hang Seng rallies​Recent weakness knocked the index to a six-week low, but a big up day overnight suggests a low might be in. ​Further gains above the 16,600 level and the 50-day SMA would help support a bullish view, and pen the way to the 17,000 highs from earlier in the month.​A breakout above 17,000 would help to suggest that a longer-term move has begun.HangSeng Daily Chart
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