Market News
- Energy stocks spiked while most of Wall Street fell on Monday after weekend attacks on Saudi Arabia’s oil facilities added to investors’ concerns about geopolitical risk and a stumbling global economy. Dow Jones declined 142 points, S&P 500 index was down 9 points and Nasdaq Composite index fell 23 points.
- The Saudi-led military coalition battling Yemen’s Houthi movement said the attacks were carried out with Iranian weapons, raising the prospect of a global conflict involving the U.S. and Iran.
- The Kingdom’s national oil company, Saudi Aramco, reportedly aimed to restore about a third of its crude output, or 2 million barrel by Monday but media reports suggest it could take weeks before Saudi restores the majority of its output at the affected production site.
Market Views
- Asian markets declined in early trade on Tuesday following overnight losses on Wall Street. Nikkei 225 index was lower by 23 points and Hang Seng index plunged 276 points. The Japanese market was closed for a holiday yesterday.
- Trump said on Monday that the Washington has reached initial trade agreements with Japan on tariff barriers and digital trade that will not require congressional approval.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,052
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, price has been moving higher. Last Friday, price reached almost the previous all-time high. However, price gapped lower last night and price is now likely to test the 20EMA support at 26,510, which is also the Fibonacci 38% retracement point. Price will need to move above 27,170 to be bullish again. Stochastic has turned down but MACD is bullish at the moment.
Trading Idea
Wait for a better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,934
Target price:
Protective stop:
Outlook
The index has been trying to close the gap that formed on 2 August. Price is now near to Fibonacci 62% resistance point, which is also the upper gap resistance. This could be the end of the rally if price cannot break through this resistance and price could retrace to 20EMA at 26,620. Price has started to move below the 27,000 level which would mark a 3-day reversal since yesterday. Stochastic is in the overbought region and has turned down but MACD has turned bullish.
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7841
Target price :
Protective stop:
Outlook
This index broke and closed above 7780 on 5 Sep and has been moving higher since. However, a Shooting Star candlestick pattern was formed last Thursday night, raising concern that we could have reached a top. Price has a follow-through movement falling for the past two days. A move below 7780 could see a correction to 7660. Stochastic has turned down but MACD is bullish at the moment
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2995
Target price:
Protective stop :
Outlook
Price broke and closed above the consolidation zone high at 2940 on 5 Sep and has been moving higher since. The index reached a high at 3022 on Friday night, which is near to its previous all-time at 3028. We could see price pullback to 20EMA support and the breakout level at 2940-2950. Stochastic is at the overbought region and has turned down. MACD have turned bullish.
Trading Idea
Wait for better trading idea.
