Market News
- Stocks climbed on Monday, helped by gains in Apple, Microsoft and Merck & Co, as investors set aside worries about the U.S.-China trade war. The Dow gained 96 points while S&P 500 rose 14 points and Nasdaq Composite closed 59 points higher.
- Sentiment on Wall Street got an additional boost after White House trade adviser Peter Navarro dismissed reports that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges as “fake news.”
- A tentative deal could be reached by the end of this year considering the Trump’s administration would strive to avoid the American economy falling into a recession in an election year.
Market Views
- Asian stocks ticked up on Tuesday morning as some investors clung to hopes that Beijing Washington could work towards reaching a deal on trade and other issues in the fourth quarter. Chinese markets will be shut for a week from Tuesday to mark 70 years since the founding of the People’s Republic of China. Nikkei 225 index boosted 160 points and Hang Seng index was closed for a holiday today.
- Investors will focus on economic reports, including a key jobs report and the September ISM purchasing managers index (PMI) to track the contraction in the manufacturing sector as shown in August’s report.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,023
Target price:
Protective stop:
Outlook
The index has been moving within a Flag pattern with 20EMA acting as support which has halted the price decline for the past six days. Price is trying to break above the Flag pattern. We could see price testing its all-time high resistance at 27,403 if the closing price today confirm the breakout. Stochastic could be turning up soon. MACD is still bullish at the moment and the fast line is turning up.
Trading Idea
Wait for a better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,084
Target price:
Protective stop:
Outlook
The price decline that last for ten consecutive days could have ended as there is a sign of rebound, the one white soldier candlestick pattern, formed near the key Fibonacci 62% retracement point. Price could be on the way to test the 20EMA at 26,350, which is near to its Fibonacci 38% retracement of 26,410 or even higher at 26,610. 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 : 7793
Target price :
Protective stop:
Outlook
Price managed to close above the 7780 resistance level last night and it moved above the 20EMA at the current moment. As long as price close above 7780, price is likely to test its previous peak at 7976 or the all-time high resistance at 8035. Stochastic is turning up and a bullish crossover is likely in the coming session. MACD is still bullish at the moment and the fast line is turning up as well.
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2998
Target price:
Protective stop :
Outlook
The price decline was halted near the 2945 breakout level two nights ago and we saw a price rebound last night. Price closed above the 20EMA and is likely to head towards its previous all-time high at 3028. Stochastic is turning up and a bullish crossover is likely in the coming session. MACD is still bullish at the moment and the fast line is turning up.
Trading Idea
Wait for better trading idea.
