CFD Indices 25 April 2019

Market News

  • At the close of trading on Wednesday, the Dow Jones index declined 59 points. The S&P 500 index dropped by 6 points while Nasdaq Composite index fell 18 points, a day after notching record highs, due to falling energy stocks and mixed corporate earnings.
  • Oil prices dropped on Wednesday amid signs that supply is still adequate despite the U.S. announcing an end to waivers that had allowed limited Iranian oil imports.
  • New data suggested a gloomier economic outlook amid German business leaders. The Ifo Institute reported that confidence in Germany unexpectedly fell for a seventh month in the last eight that contradicted upbeat forecasts with a 99.2 print

Market Views

  • Stocks in Asia were mixed on Thursday morning trade following an overnight dip on Wall Street. Mainland Chinese stocks slipped in early trade, dragging Hang Seng index lower while Nikkei 225 index gained 25 points. Australia’s market is closed on Thursday due to a holiday.
  • China’s Premier Li Keqiang said authorities should not underestimate the difficulties in the Chinese economy, adding to concerns about the Chinese economy and a possible impact on the global economy.

Dow Jones Index

(CFD Symbol: US30)

Trend : Bullish
Recommendation :
Last : 26,578
Target price: 26,970
Protective stop:

Outlook

Price made another new high at 26,701 but declined below Fibonacci 127% projection point to the 20EMA point, which is still indicating a bullish trend. Stochastic is turning lower but MACD is bullish and is turning up from the zero line. 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 :
Recommendation :
Last : 29,834
Target price:
Protective stop:

Outlook

The index has been in a range for the past 8 days and yesterday, price dropped just below the lower boundary but managed to bounce back higher. MACD is flat and neutral at the moment. Stochastic is near to the oversold zone and could be turning up again. The index is now below the 20EMA line. The immediate direction is not clear at the moment.

Trading Idea

Wait for better trade signal and idea.


Nasdaq 100 Index

(CFD Symbol: USTec)

Trend : Bullish
Recommendation :
Last : 7851
Target price : 7930
Protective stop :

Outlook

This index made another new historical high at 7853 this morning. Price is near to the historical high and looks like it will continue to push higher towards the 200% Fibonacci projection point of 7930. MACD is still bullish but could be showing bearish divergence. Stochastic is into oversold extreme. While the trend is still bullish, caution is advised as the index could be approaching a high and a correction is due.

Trading Idea

Wait for better trading idea and signal


S&P 500 Index

(CFD Symbol: US500)

Trend : Bullish
Recommendation :
Last : 2931
Target price: 2940
Protective stop :

Outlook

Price made another new high at 2936, which is just 4 points away from its historical high. MACD is bullish and rising. Stochastic is declining from 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 for dip to 2917 for a test of 2946 with stop below 2903.


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