Market News
- US stock indices ended Tuesday with both S&P 500 and Nasdaq Composite Index notching record closing high as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies. Dow Jones gained 145 points.
- The widely followed S&P 500 closed 25 points higher at 2,933.68. The S&P 500 is now just 10 points away from its intraday record of 2,940.91 while the Dow Jones is 1.1% away from its historical high. The Nasdaq 100 Index jumped 1.26%, hitting an intraday and closing high.
- U.S. New Homes Sales was 30K more than the previous month and 45K above forecast. These further eased concerns of a slowdown in the world’s biggest economy after strong Retail Sales data earlier in the week.
Market Views
- Stocks in Asia mostly traded higher on Wednesday morning after the S&P 500 and Nasdaq 100 Index hit record high territory overnight. News that U.S. is sending a trade delegation to China next week is likely to boost sentiment.
- US Press Secretary Sanders said in a statement that Trade Rep Lighthizer and Treasury Secretary Mnuchin will be heading to Beijing for talks that will begin on April 30 to meet with Chinese Vice-Premier Liu He.
Dow Jones Index
(CFD Symbol: US30)
Trend : Bullish
Recommendation :
Last : 26,658
Target price: 26,970
Protective stop:
Outlook
Price made a new high at 26,695 last night and is now near to the Fibonacci 127% projection point. 20EMA is rising and indicating a bullish trend. Stochastic is rising and MACD is bullish and rising. The next target is the Fibonacci 161.8% projection point of 26,856.
Trading Idea
Buy dip to 20EMA support at 26,553 for 26,856 with stop below 26,440.
Hang Seng Index
(CFD Symbol: HK50)
Trend : Bullish
Recommendation :
Last : 30,023
Target price: 30,650
Protective stop:
Outlook
The index has been in a range and has continued in the range on Wednesday. The range boundaries are at 30,349 and 29,712. MACD is flat and neutral at the moment. This is a hint of non-trend and weak momentum at the moment. Watch the boundaries breakout for directional clue.
Trading Idea
Wait for the index to break out of its range and follow in the direction of the breakout.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend : Bullish
Recommendation :
Last : 7814
Target price
Protective stop:
Outlook
This index made another new historical high at 7823. The trend looks strong. MACD is still bullish and rising. MACD lines are also high above the zero line, indicating a strong bullish trend. Stochastic is into oversold extreme. The Fibonacci 200% projection target at 7930 is the next target.
Trading Idea
Buy dip to 7732 for 7930 with stop below 7690.
S&P 500 Index
(CFD Symbol: US500)
Trend : Bullish
Recommendation :
Last : 2934
Target price: 2940
Protective stop :
Outlook
Price made a new high of 2936 last night, which is just 4 points away from its historical high. MACD is bullish and rising. Stochastic is into overbought zone. 20EMA is bullish and rising as well. The strong trend is likely to push this index to a new historical high soon with Fibonacci 161.8% target at 2946 as the next target.
Trading Idea
Wait dip to 2917 for a test of 2946 with stop below 2903.
