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​​​​​FTSE 100 Keeps Hitting New Records, while Dow and Nasdaq 100 Continue to Gain

​​​​​FTSE 100 Keeps Hitting New Records, while Dow and Nasdaq 100 Continue to Gain



FTSE 100, Dow Jones 30, Nasdaq 100 – Analysis and Charts​​​FTSE 100 rallies above 8300​The index’s huge gains have continued, and the previous week saw the price hit new records. ​Further gains carry the price to new record highs, but with the price now significantly overextended from the 50-day simple moving average (SMA) by almost 5%, some near-term weakness cannot be ruled out.​A close back below 8100 might signal that some kind of retracement has begun.FTSE 100 Daily Chart

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​​Dow back above 50-day moving average​Monday saw the index open back above the 50-day SMA for the first time since 4 April. ​This continues the recovery from the lows of mid-April when the price touched a three-month low. Since then the price has added around 1500 points. Friday’s close above the mid-April high of around 38,600 continues to bolster the case for further upside.​Additional gains target the 39,287 level, the February high, while beyond this lies the record high just below 40,000.DowJones Daily Chart

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Change in

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​​Nasdaq 100 pushes through mid-April high​This index also continues to make strong progress, completing a similar pattern to the Dow. It opened and closed above the 50-day SMA for the first time since early April, having similarly closed above its mid-April high (at 16,700).​This leaves the index well-placed to target theprevious record highs from March and April around 18,420. Most of the big tech earnings are out of the way, removing one possible risk for the index.​A close back below 17,500 would be needed to negate this bullish view and suggest that another test of the 17,000 low from April could develop.Nasdaq 100 Daily Chart
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