Market News
- Wall Street stocks barely budged on Monday, with slight gains in shares of Apple offset by mixed economic data that added to caution over the prolonged U.S.-China trade war. S&P 500 finished off very slightly as it neared to the resistance level at 3,000. Dow Jones rose 14 points while Nasdaq Composite fell 5 points.
- IHS Markit’s Purchasing Manager’s Index showed that U.S. employment in the services sector shrank for the first time in 9-1/2 years in September.
- Trump on Monday questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions after trade talks last week, saying he wanted China to buy more American farm products.
Market Views
- Asian stocks edged up Tuesday morning as weak economic data in Europe fueled fears of slowing growth. Hang Seng index rose 110 points and Nikkei 225 index was up 52 points.
- Earlier on Monday, U.S. Treasury Secretary Steven Mnuchin told reporters at the United Nations General Assembly that the trade talks would resume next week.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,056
Target price:
Protective stop:
Outlook
Price is in a correction after a tweezer top candlestick pattern was formed near its all-time high resistance since 13 Sept. Last night, price hit and rebounded at 20EMA. As long as price hold at 20EMA, there is chance for the price to test its high again. A move below 20EMA at 26,820 could lead to a test of 26,520, which is the Fibonacci 38% retracement point and the resistance-turned-support level. Stochastic has turned down but still look strong at the moment. MACD is also bullish.
Trading Idea
Wait for a better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,382
Target price:
Protective stop:
Outlook
The index has been falling for six consecutive days after being capped by Fibonacci 62% resistance point, which is also the upper gap resistance. Price has moved below 20EMA, which is also near to Fibonacci 38% retracement level. Price could be on the way down to test 25,900 or 25,500. Stochastic has turned down from the overbought extreme but MACD is still bullish at the moment.
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7854
Target price :
Protective stop:
Outlook
Price managed to stay well above the breakout level of 7780 since 5 September. The index has been consolidating around the range from 7780 to 7970. The 20EMA is rising and is providing a support to price. As long as price hold above 7780, it is likely to break above 7970 resistance for a test to its previous all-time high at 8035. Stochastic has turned down but still look strong at the moment. MACD is also bullish with both lines above the zero line.
Trading Idea
Look to buy dip to 7830. Stop below 7710 for a test to 7980
Nikkei 225 Index
(CFD Symbol: JP225)
Trend :
Recommendation :
Last : 22,132
Target price:
Protective stop :
Outlook
The index has been moving higher after breaking above 21,831 resistance level. Price managed to stay above this level since then. As long as price hold above 21,831, we could see price heading towards its previous high at 22,503. Stochastic is at the overbought region but still look strong at the moment. MACD is also bullish.
Trading Idea
Wait for better trading idea.
