Indices: NAS100 and JPN225

Posted by Ryan Case | 08/03/2018 13:32

Technical analysis of the NAS100 and JPN225

NAS100

Daily chart:
Nas100-8March2018-(1).PNG

The NAS100 has continued higher this week since our note on Monday, towards the previous swing high at 7,003. 

However, while the market remains below this level it remains at risk of putting in a series of lower highs if it turns. 

If the market continues higher through 7,000 – 7,003, the next key level to watch is the previous market high at 7,035.

6,691 is a potential level to watch for support, an area which the index has tested and recovered from several times recently on the daily chart.
 
JPN225

Daily chart:
JPN225-8March2018.PNG

Following a double bottom around 20,542 – 20,682, the index rallied to test the February swing low at 21,611 before turning lower, failing to to hold onto intra-day gains above this level. As such, this swing low could be a key level to watch for continued resistance if the market moves higher again. Above this is the February swing high at 22,508.

If the market moves below the previous lows it could open the market for further weakness.

Some key events tomorrow for these indices include:

US employment data is due on Friday. This data could have an impact on stock indices, previously covered in our note referenced above. 

BOJ monetary policy decision is also due Friday. 

Back
Losses can exceed deposits. Ensure you fully understand all risks involved and seek independent advice if necessary.
Back to top