Cat Craze with CatGPT: Meme Coin with Claws or Just Purrfect Hype?
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Dow and Nasdaq 100 trim gains and Nikkei 225 comes under pressure US indices continue to make headway overall, but the Nikkei 225 has struggled in recent sessions. Source: Getty Images Written by: Chris Beauchamp | Chief Market Analyst, London Publication date: Thursday 09 May 2024 13:41 Dow rallies through 39,000 The index continued to make gains on Wednesday, moving above 39,000 and putting itself on a renewed course to test the record highs just below 40,000 after Tuesday’s indecisive session. A higher low was formed in mid-April, and with buyers stepping in at month-end to defend the 37,820 level, the overall picture continues to support the case for further upside. A close back below 38,200 would negate this view and suggest another test of the late April low. Source: ProRealTime Nasdaq 100 edging down This index was unable to push on through Tuesday’s high, though buyers did step in to defend the lows and prevent a move below the 50-day simple moving average (SMA). The index is now within easy distance of the highs seen in March and April just below 18,500. Above this would see the price in new record high territory. A close back below 17,700 would begin to suggest that a new push lower is underway. Source: ProRealTime Nikkei 225 heads lower The rebound from the lows of April has been stopped in its tracks over the past two sessions. Despite a weakening yen, the Nikkei 225 has hit some selling pressure, and the rally from the April low has stalled below 39,000 and the 50-day SMA. A close back above 39,000 would help to revive the bullish view, and swiftly bring about a test of trendline resistance from the March highs. Trendline support from the April low comes into play around 38,000. Source: ProRealTime -
Brent crude oil and silver prices rise while soybean prices top out Oil and silver prices are recovering from their recent lows but soybeans look increasingly toppish. Source: Getty Images Written by: Axel Rudolph FSTA | Senior Financial Analyst, London Publication date: Thursday 09 May 2024 13:32 Brent crude oil bounces off two-month low Earlier this week the Brent crude oil price slid to a near two-month low at 81.60 on ample supply and hopes of a Gaza ceasefire. It is now heading back up again, towards the 200-day simple moving average (SMA) at 84.11. Above it lies further potential minor resistance at the 22 April low at 85.21. Support below 81.60 can be found at the late February and March lows at 80.88 to 80.25. Source: ProRealTime Silver price probes late April high The spot silver price’s advance from last week’s low at $26.02 has taken it practically back to its late April high at $27.73, a rise above which would engage the $28.00 region. This short-term bullish view will remain valid as long as Wednesday’s low at $27.01 underpins. Below this level minor support can be spotted at the 23 April low at $26.67. Source: ProRealTime Soybeans Front month soybean futures seem to be topping out once more, having on Tuesday retested their late January high at 1,250 which was made marginally below the key 1,257 to 1,286 resistance area which consists of the June-to-October lows. The March peak at 1,231 currently acts as support but a fall through this level would put the May 2023 low at 1,190 back on the cards. Source: ProRealTime
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