Market News
- Wall Street dipped on Thursday after the release of a whistle blower report tied to the Democrats’ impeachment move against Trump kept uncertainty high, while trade comments from China’s top diplomat helped to limit losses.
- S&P 500 briefly turned higher late in the session, ending 7 points lower, after China’s foreign minister, Wang Yi said China was willing to buy more American products, in return of Trump administration’s goodwill by waiving tariffs on many Chinese products. Dow Jones fell 79 points and Nasdaq Composite declined 46 points.
- The released whistle blower report alleged that Trump not only abused his office in attempting to solicit foreign interference in the 2020 U.S. election, but that the White House also tried to “lock down” evidence about that conduct.
Market Views
- Asian shares were on course for a second straight week of losses on Friday morning as the whistle blower complaint against Trump heightened uncertainties about the global economy that already reeling from Sino-U.S. trade war. Nikkei 225 index plunged 275 points and Hang Seng index slipped 167 points.
- The media reports on Thursday showed the U.S. is unlikely to allow American firms to supply Chinese Tech giant Huawei, undermining hopes of a complete deal. The evident is shown in a major Huawei supplier, Micron Technology, which forecast first-quarter profit below Wall Street targets.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,851
Target price:
Protective stop:
Outlook
Price is in a correction after a tweezer top candlestick pattern was formed near its all-time high resistance. The 20EMA is acting as support and has halted the price decline for the past four days even though there was intraday penetration last night. A move below 26,680 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 from the overbought extreme. MACD is still bullish at the moment.
Trading Idea
Wait for a better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 25,914
Target price:
Protective stop:
Outlook
The index has been falling for nine consecutive days after being capped by Fibonacci 62% resistance point, which is also the upper gap resistance. Price has moved below 20EMA and is now trading at the key Fibonacci 62% retracement point. We could see a price rebound if price could stay above Fibonacci 62% at 25,900. A violation of 25,900 could lead to a test of previous low. Stochastic has turned down and is near to the oversold region. MACD is still bullish at the moment.
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7742
Target price :
Protective stop:
Outlook
A price decline three nights ago has brought price to break below 7780 breakout level and 20EMA. Price is now in a correction and the 20EMA is acting as resistance to the price rally. A move below 7640 would target for 7500. Stochastic has turned down from the overbought extreme but MACD is still bullish at the moment with both lines above the zero line.
Trading Idea
Wait for better trading idea.
Nikkei 225 Index
(CFD Symbol: JP225)
Trend :
Recommendation :
Last : 21,786
Target price:
Protective stop :
Outlook
Price broke below the key resistance-turned-support level at 21,831 today with the evening star candlestick pattern. Do watch out for the closing today to confirm the evening star pattern. Price could be on the way to 20EMA support. We could see a sharper correction to 21,360 which is the Fibonacci 38% retracement point if 20EMA could not hold the decline. Stochastic is turning down but MACD is still bullish at the moment.
Trading Idea
Sell 21,780 for 21,350 with a stop above 22,000
