Market News
- Wall Street stocks soared overnight after the Trump decided to delay tariffs on certain Chinese goods while outright removing some items from the tariff list, reigniting hopes Washington and Beijing could reach a long-term resolution.
- Dow Jones, which jumped as much as 529 points, finished the day 372 points higher at 26,279. The S&P 500 rose 42 points to 2,926 and the Nasdaq Composite was up 152 points to 8,016, led by Apple which surged more than 4%.
- The U.S. Trade Representative announced Tuesday certain products including clothing and cell phones are being removed from the tariff list based on “health, safety, national security and other factors” and will not face additional tariffs of 10%. Other tariffs will be delayed to 15 December. Trump said this is to avoid potential impact on holiday shopping on Christmas season.
Market Views
Asia Pacific stocks were higher Wednesday morning as the U.S. announced a delay in the implementation of tariffs on some Chinese goods but a weaker than expected Chinese economic data capped gains. Hang Seng was up 178 points and Nikkei rose 129 points.
- Trade negotiators from the U.S. and China held phone conversations on Tuesday and agreed to discuss again in two weeks, China state-run media Xinhua reported
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,273
Target price:
Protective stop:
Outlook
The index rebounded last night but it failed to move past an important resistance. The rebound was capped by the mid-June low. The 50EMA is falling and pointing downward at the moment. If the index cannot surpass this mid-June resistance, it is heading towards its previous low point at 24,603 again. If the index can move above 26,490, it can test the previous high at 27,403. Stochastic has moved out of the oversold extreme and rising. MACD is bearish with both of MACD’s lines below the zero line
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 25,464
Target price:
Protective stop:
Outlook
Price has declined back to the low again after reaching a high at 26,354. Price is currently testing the previous low of 25,168. A break of this support could see the index heads towards the Fibonacci 127% support at 24,530. The 20EMA is bearish and its gradient steep, which is a hint of a strong bearish trend. Stochastic is in the oversold region but is still weak. MACD is still bearish with both its lines below the zero line
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7724
Target price :
Protective stop:
Outlook
Price broke above the downtrend line after hitting a low of 7214. Price broke above the Flag pattern and closed above the 50EMA last night. As long as price hold at the 50EMA, we could see the index testing 8035 again. Stochastic has risen from the oversold extreme but MACD is still bearish with both of MACD’s lines below the zero line.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2925
Target price:
Protective stop :
Outlook
Price had managed to rebound from the Fibonacci 127% low but the rally was capped by the falling 20EMA at 2940. The 20EMA is bearish and declining at the moment, indicating a bearish trend and we are expecting this index to move lower if it is unable to move above the 20EMA resistance. Stochastic is turning up at the moment but MACD is bearish with both of MACD’s lines below the zero line
Trading Idea
Wait for better trading idea.