Dow Experiences Setback After CPI Report
The current US inflation replace led to a pointy downturn on Wall Road, pushing the Dow to its lowest level since February 14th. Regardless of being near its current document excessive, the index has struggled to keep up its upward trajectory.
Over the past week, it closed beneath the 50-day easy transferring common (SMA) for the primary time since early November.
Additional drops may push the Dow in the direction of the rising 100-day SMA, and presumably again to its February thirteenth low of 38,037. A rebound above 39,000 may counsel {that a} non permanent low has been established.
DOW JONES DAILY CHART – APRIL 11TH, 2024.img
S&P 500 Manages to Keep Above 50-day MA
The S&P 500 has seen much less abrupt declines, but the downturn has been extra extended. Throughout Wednesday’s buying and selling, the index reached a three-week low, though the long-term uptrend from October continues to be holding.
Opposite to the Dow, the S&P 500 stays above the 50-day SMA.
A fall beneath this transferring common may point out additional short-term losses, whereas a climb again over 5250 may sign that the index has discovered a low level.
Nikkei 225 Recovers Regardless of US Inflation Influence
Regardless of being affected by the newest US CPI information, the Nikkei 225 has been considerably shielded from extreme losses by ongoing yen weak point.
The index has sustained above final week’s low of 38,771, although it briefly dipped beneath the 50-day SMA once more. Stabilizing above 39,000 and shutting past 40,000 may point out that the index has bottomed out for now.
Extra fast issues embrace the early March low at 38,300, which could possibly be examined if the weak point persists.
The submit Market Reactions: Dow and S&P 500 Dip, Nikkei 225 Stabilizes appeared first on Dumb Little Man.
