Market News
- S&P 500 fell for a fourth straight day as gains in technology stocks were offset by a drop in healthcare shares, and investors digested mixed messages over prospects for a deal to end a trade war between the U.S. and China. Dow Jones ended 11 points lower while Nasdaq Composite was up 25 points.
- Stocks struggled for direction throughout the session as market participants pondered whether a planned meeting between Trump and Xi at the G-20 summit in Japan would yield any progress in the two country’s protracted tariff dispute.
- U.S. Treasury Secretary Steven Mnuchin was quoted by CNBC interview as saying the trade deal between Washington and Beijing is “about 90%” complete. His comments were later restated to show he was using the past tense to describe progress in the talks.
Market Views
- Asia Pacific stocks edged up on Thursday morning as investors await the meeting between the Presidents of the world’s two largest economies at the G-20 summit. Outcome of this meeting could have a big impact on the financial markets and global economy. Hang Seng advanced 326 points while Nikkei was up 207 points.
- Trump said Wednesday that a U.S.-China trade deal was “absolutely possible” and to avoid imposing additional tariffs on imported Chinese goods, but he was “very happy where we are now.”
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,594
Target price:
Protective stop:
Outlook
Price retraced after a Shooting Star candlestick was formed on Friday. It is currently supported by Fibonacci 38% of the rally from 13th June to 21st June. As long as price could hold at this support level, price is likely to test its historical high at 26,909 again. However, a move below 26,495 would likely to bring price lower to the support zone around 26,215 to 26,273 the Fibonacci 62% as well as the 20EMA. Stochastic is into the overbought region and MACD is still bullish.
Trading Idea
Wait for better trade idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 28,628
Target price:
Protective stop:
Outlook
Price was supported and rebounded from the gap support zone and the Fibonacci 38% of the rally from 4th June to 20th June around 27,230 to 27,980. The 20EMA is still strong and bullish. Price could be on the way testing its previous high at 28,802 or even higher at 29,518. Stochastic is in the overbought region but MACD is still bullish at the moment.
Trading Idea
Buy dip to 28,500 for 29,510 with stop below 28,000
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7652
Target price
Protective stop:
Outlook
Price tested the downtrend line for the past two days, after breaking below the consolidation range. A Doji candlestick was formed last night. Price could rebound from here and test the previous high at 7790 again. The 20EMA is still strong and bullish. Stochastic is in the overbought region but MACD is still bullish at the moment.
Trading Idea
Buy 7620 for 7790 with stop below 7550.
Australian 200 Index
(CFD Symbol: AUS200)
Trend :
Recommendation :
Last : 6701
Target price:
Protective stop :
Outlook
Price retraced after reaching its new high at 6752. However, the pullback could halt at the Fibonacci 23% of the rally from 3rd June to 20th June, which is also the previous resistance turned support level. The 20EMA is still strong and bullish. Price could be testing its high at 6752 or even higher at 6861. Stochastic could be turning up again and the MACD is still bullish at the moment.
Trading Idea
Wait for better trading opportunities.
