Market News
- Overnight on Wall Street, S&P 500 briefly broke above 3,000 for the first time, but pared some gains to close 13 points higher at 2993. The other two major indices also reached its all-time highs. Dow Jones rose 76 points and Nasdaq Composite was up 60 points to see a record close.
- In testimony to the House Financial Services Committee, Fed Chair Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger.
- The Fed also released its minutes from the June policy meeting on Wednesday, which reiterated the case for easier monetary policy has strengthened.
Market Views
- Asian stocks gained on Thursday after Fed Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month. Hang Seng was up 357 points and Nikkei rose 75 points.
- Oil prices surged more than 4% on Wednesday following a larger-than-expected decline in U.S. crude inventories as well as the evacuation of rigs in the Gulf of Mexico by major producers prior to an expected storm.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,909
Target price:
Protective stop:
Outlook
Price has retraced for a three consecutive days after recording its all time high at 27,007 last Thursday. This corrective move halted near the 20EMA support and the Fibonacci 38% of the rally from 13th June to 4th July. Price is now challenging its all time high. Price could test its Flag pattern target at 27,500 should it manage to break above 27,007. Stochastic is still strong and the MACD is also bullish at the moment.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 28,596
Target price:
Protective stop:
Outlook
The four days of consecutive retracement halted at the gap support which is also near the Fibonacci 38% of the rally from 4th June to 4th July. Price was supported by this support zone for the second times. Price could be testing its previous high at 29,072 again. The Stochastic has turned down. The MACD is still bullish at the moment and the fast line is turning around.
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7927
Target price :
Protective stop:
Outlook
The recent pullback could have ended with a hammer formed on Tuesday at the 20EMA. The 20EMA is still bullish and is rising. Price could be heading towards its nearest resistance point at 8000. The Stochastic is in the overbought region but is still strong at the moment. The MACD is also bullish and the fast line is turning around.
Trading Idea
Wait for new trading idea and opportunities.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2999
Target price:
Protective stop :
Outlook
Price recorded a new high at 3003 last night, after breaking out from a continuation Flag pattern. The 20EMA is still strong and bullish. Price could be heading towards its Flag patter target at 3046, which is also the Fibonacci 138% of the decline from 1st may to 3rd June. The Stochastic is in the overbought region but could turn up again. The MACD is also bullish at the moment.
Trading Idea
Wait for trading idea and opportunities.
