Market News
- Overnight on Wall Street, all three major indexes fell as weak results from trade-related CSX Corp stoked concerns that the protracted trade standoff between the Washington and Beijing could hurt U.S. corporate earnings.
- Dow Jones index fell 115 points to close at 27,219. S&P 500 index dropped 19 points to close below 3000 at 2984 while Nasdaq Composite index slipped 37 points to close at 8185.
- The renewed trade threats this week undermine relief from the resumption of U.S.-China trade talks agreed to by Trump and Xi at June’s G20 meeting, helping to underpin solid demand for safe-haven U.S. Treasuries.
Market Views
- Asian shares wobbled in early Thursday trading. Japan’s Nikkei fell to three-week lows early today as the country’s dismal exports and weak U.S. corporate earnings raised fresh worries about fallout from the Sino-U.S. trade war. Nikkei plunged 355 points and Hang Seng was down 141 points.
- The Wall Street Journal reported that progress toward a U.S.-China trade deal has stalled while the Trump administration determines how to address Beijing’s demands that it ease restrictions on China tech giant Huawei.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,158
Target price:
Protective stop:
Outlook
Price hit its record high at 27,403 on Monday. A bearish red candlestick was formed last night after breaking below the consolidation for the past two days. The divergence warning is also giving concern. We could see a possible retracement back to the uptrend line at 27,000. A breach of 27,000 would hint at further downside at 26,430-26,460. Stochastic is crossing down and there is a bearish MACD crossover.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 28,504
Target price:
Protective stop:
Outlook
Price failed to break above the gap resistance at 28,653 after testing it for a fifth consecutive day. The 20EMA is relatively flat, hinting at the sideway movement. Price is likely to range between the gap support and gap resistance zone around 28,125 to 28,653. Watch out for the breakout either way for directional clue. A breach of the neckline would confirm the Head & Shoulder reversal chart pattern. The Stochastic is still weak but the MACD is still bullish at the moment.
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7830
Target price :
Protective stop:
Outlook
A bearish engulfing candlestick was formed on Tuesday. Last night, price broke below the uptrend line with a bearish red candlestick. MACD divergence warning is giving concern at the moment. Stochastic is turning down from the overbought region as well. Price could retrace back to the downward trendline at 7550.
Trading Idea
Wait for new trading idea and opportunities.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2974
Target price:
Protective stop : 2985 triggered
Outlook
A bearish engulfing candlestick pattern was formed on Tuesday after reaching a high at 3019. Price is now testing the uptrend line which is also near the 20EMA. A breach below 2968 would hint at the downside target at 2910. There was a divergence warning from MACD that was giving concern. The Stochastic is crossing down from the overbought region but the MACD is still bullish at the moment.
Trading Idea
Wait for new trading idea and opportunities.
