​​​Dow marches higher

​The index staged a strong recovery last week, moving back above 40,000 after the pullback from its record high in July.​It has opened higher at the beginning of the new week and is again on course to test the July high at 41,390. Above this lies new record highs.

​A reversal back below 40,000 negates this view.

​Nasdaq 100 rallies off recent low

​The Nasdaq 100 managed to halt the selling at the 100-day simple moving average (SMA) last week and has moved back above 19,000.​However, with several big tech companies reporting this week further upside progress may be difficult. Nonetheless, a low appears to have formed for now. Further gains and a close above the 50-day SMA would help to support the bullish view.

​Sellers will want to see a reversal below the 18,800 level this week and then back below the 100-day SMA, to negate the higher low thesis.

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​Dax at higher end of range

​This index has not seen the elegant recovery of its US peers, but it has also avoided their heavy losses.Instead, it continues to avoid a firm close below its 100-day SMA, which has essentially acted as trendline support since mid-June. It rebounded on Friday and is now on course to test previous resistance at 18,600. Beyond this lies the mid-July high at 18,786.

​Sellers are still seeking a firm close below the 100-day SMA, and then a drop through 18,000, to break the support zone of the past six weeks.