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The FTSE 100 and Nasdaq 100 experienced declines in low-volume trading, despite a 2% rise in the Nikkei 225 and other Asian indices. The FTSE 100's recovery appears to have stalled at 8159, facing resistance near the 8183-8196 range, while the Nasdaq 100 may fill a gap left at 21,505 if it does not surpass 21,857 this week. Immediate support for the Nasdaq is noted around 21,621.
Wall Street anticipates continued stock market gains in 2025, projecting an average increase of about 8%. Following a remarkable recovery since the October 2022 bear market, the S&P 500 and Nasdaq 100 have surged 70% and 101%, respectively, fueled by a robust economy and record corporate earnings. The year-end price target for the S&P 500 is set at 6,539.
The DAX 40 reached a record high of 19,929.08 on December 1, despite weak economic indicators, including a declining ifo business climate index and a contraction in the services PMI. This surge occurs amid predictions of a 0.2% GDP contraction for Germany in 2024, raising concerns about a potential recession. While the index has gained 18% year-to-date, traders are advised to remain cautious due to overbought conditions and ongoing political and economic challenges in Europe.
The DAX 40 index is targeting last week's highs of 19,293 to 19,308, with a potential breakthrough at 19,445. The Dow Jones Industrial Average appears bullish, with support around 43,332, while the NASDAQ 100 shows a minor bullish bias, needing to surpass 20,815 to approach the 21,000 mark. Key support for the NASDAQ is between 20,420 and 20,291, with significant levels below that indicating further declines.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
FTSE 100 and Nasdaq 100 decline as Asian markets show gains
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