S&P 500 & Nasdaq 100 hit Fresh Records, and Nikkei 225 Surges to 38,000

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S&P 500, Nasdaq 100, Nikkei 225 Analysis and Charts

​​​S&P 500 hits new high

​The steady rally in this index goes on, and having moved above 5,000 last week the index made a fresh high on Monday.​There is little sign of any major pullback at present, with the most recent weakness in late January meeting trendline support from the October low.

​In the event of a more substantial pullback, the previous highs from early January at 4806 come into view, along with the 50-day simple moving average (SMA).

S&P 500 Daily Chart

Retail trader data shows 28.08% of traders are net-long with the ratio of traders short to long at 2.56 to 1. The number of traders net-long is 5.35% higher than yesterday and 4.19% lower than last week, while the number of traders net-short is 2.10% lower than yesterday and 9.92% higher than last week.

See what this means for S&P 500 price action

of clients are net long.

of clients are net short.

Change in Longs Shorts OI
Daily -5% -2% -3%
Weekly -10% 9% 3%

Nasdaq 100 breaks 18,000

​This index succeeded in breaking 18,000 yesterday, hitting yet another new high.​Short-term trendline support from early January continues to hold, while the previous high at 17,656 also remains intact, maintaining a bullish view in the short term.

Nasdaq 100 Daily Chart

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Nikkei 225 continues to soar

​The Nikkei 225’s astonishing run in 2024 continues, with the index making fresh strides towards its previous record high. ​The index has climbed through 36,000, 37,000, and 38,000 in the space of a month, with breakaway momentum carrying to its highest level since 1990.

​In the short-term, it may be overextended, and given the size of the move higher over the past week even a drop towards trendline support from mid-January, a fall of around 2000 points, would feel quite dramatic.

Nikkei 225 Daily Chart

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