Market News
- Stocks closed higher on Thursday as Wall Street digested more corporate earnings reports and solid retail sales data. Markets in Japan, South Korea and China rose Friday while the U.S. market was closed due to Good Friday holiday.
- Better-than-expected retail sales data also lifted sentiment on Wall Street. Retail sales in the U.S. rose by 1.6% last month, the strongest gain since September 2017. Market expectation was just 0.9%.
- Initial jobless claims came in at 192K vs 205K estimate which was a 50-year low for jobless claims. This boosted market bullish sentiments and help the market moved higher.
Market Views
- Asian stocks were steady on Monday as investors awaited the return of major financial markets from the Good Friday holiday, with Australia and Hong Kong closed for the Easter Monday holiday.
- The Nikkei 225 and Hang Seng index are within reach of a nine-month peak scaled on Thursday after Chinese economic data beat expectations and eased concerns about the health of the world economy.
Dow Jones Index
(CFD Symbol: US30)
Trend : Bullish
Recommendation :
Last : 26,566
Target price: 26,970
Protective stop:
Outlook
Price made a new high of 26,602 on Thursday. Stochastic is rising from the low end. MACD is bullish and rising as well. 20EMA is indicating g a strong bullish trend. Fibonacci 127% price target is at 26,682. The trend looks strong enough to drive the index to 26,682.
Trading Idea
Our buy on dip idea did not materialize as price did not reach our targeted low. Wait for better opportunity to get into a long position.
Hang Seng Index
(CFD Symbol: HK50)
Trend : Bullish
Recommendation :
Last : 30,124
Target price: 30,650
Protective stop:
Outlook
This index has been in a range and has continued in the range on Thursday. With HK market was closed for Easter Monday holiday, we think price will continue in the range. MACD is flat and neutral at the moment while Stochastic is heading lower. 20EMA is bullish and rising indicating a strong bullish trend.
Trading Idea
Wait for the index to breakout and follow in that direction.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend : Bullish
Recommendation :
Last : 7686
Target price : 7802
Protective stop:
Outlook
Price made a new high on Wednesday at 7711 and has been declining since. However, 20EMA managed to halt the decline and the index has moved higher. The 161.8% Fibonacci projection point lies at 7802 and that could be the next target. MACD is still bullish and rising while Stochastic is turning up. The trend may be heading higher but we prefer to wait for a dip to get into a long position.
Trading Idea
Wait for better trading idea and signal
S&P 500 Index
(CFD Symbol: US500)
Trend : Bullish
Recommendation :
Last : 2903
Target price: 2940
Protective stop :
Outlook
Price made a new high of 2918 on Wednesday but has declined below the support. Fortunately it was able to bounce back above. The next target is at Fibonacci 161.8% projection point of 2946, which is above the historical high of 2940. Stochastic is rising from oversold zone but MACD is neutral at the moment around the zero line.
Trading Idea
Wait for a dip to get into a long position for 2940.
