Market News
- Stocks closed little changed on Friday after the release of disappointing jobs data but posted back-to-back weekly gains on optimism around U.S.-China trade relations that could make substantial progress in their protracted trade dispute.
- The Dow Jones Index ended the day up 69 points. While the gain for Friday was small, the Dow posted a second consecutive week of gains. The S&P 500 index climbed just 0.1% to close at 2,978.71 while the Nasdaq Composite Index slipped 0.2% to 8,103.07.
- The U.S. economy added 130,000 jobs in August, the Labour Department said on Friday. This marked the third straight monthly slowdown in jobs growth. Economists polled by Dow Jones had expected jobs to grow by 150,000 last month. Unemployment remained steady at a rate of 3.7% while wages grew more than expected.
Market Views
- Asia markets rose Monday morning as investors reacted to a series of recent data releases in major economies including the United States, Japan and China. Japan’s Nikkei 225 index was up 113 points while Hang Seng Index posted a 14 points gain.
- Chinese customs data showed the country’s exports unexpectedly fell in August, pointing to further weakness in the world’s second-largest economy. Customs data showed on Sunday that August exports were down 1% on-year. Shipments from China to the United States slowed sharply as the countries are engaged in a protracted trade fight.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,855
Target price:
Protective stop:
Outlook
Since price moved and closed above the mid-June low resistance level which is also near to the Fibonacci 62% retracement point with a bullish long green candlestick on Thursday night, price has been moving higher. We see the index heading up to test its high at 27,400 again. Stochastic is still rising at the moment. MACD is still turning bullish. Both momentum indicators are hinting of further price rally.
Trading Idea
Buy 26,560 for a rally to 27,240 with a stop below 26,060
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,755
Target price:
Protective stop:
Outlook
Price rebounded two days ago with a bullish long candlestick and a gap up. Price also managed to close above the 20EMA that had consistently resisted price rally since August. We expect price to test the gap resistance which is also the Fibonacci 62% retracement point at 27,490. Stochastic has turned up again. MACD could turn bullish soon with its slow line close to the zero line.
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7872 :
Target price :
Protective stop:
Outlook
This index broke and closed above 7780 two nights ago and has been moving higher since. Price is likely to test its high at 8035 again as long as price stay above 7780. Stochastic has turned up again. MACD is bullish. Both momentum indicators are hinting of further price advance
Trading Idea
Buy 7780 with a stop below 7600 for a rally to 8035.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2987
Target price:
Protective stop :
Outlook
Price broke and closed above the consolidation zone high at 2940 two nights and this could mark the end of the consolidation phase. The 20EMA is also turning up. We could see the index testing its high at 3028 again. Stochastic has turned bullish. Both momentum indicators are hinting of further price upside.
Trading Idea
Wait for better trading idea.
