Market News
- Stocks gained on Wednesday on a report that China could yet agree to a partial trade deal with the U.S. despite recent tensions, while the prospect of a last-minute Brexit agreement between the European Union and Britain seemed as remote as ever. The Dow rose 181 points while S&P 500 was up 26 points and Nasdaq Composite gained 79 points.
- Trump said on Wednesday there was a very good chance that the Washington and Beijing will reach a trade agreement. However, a senior officer told CNBC that Trump has not made up his mind because he does not know what they are going to offer.
- Talks between the EU and Britain over a deal for London’s departure from the EU on Oct. 31 appeared to be going nowhere. British lawmakers have voted to force Prime Minister Boris Johnson to seek an extension to the departure date if he cannot agree a deal.
Market Views
- Asian stocks were higher in early Thursday morning trade, despite signs that Washington and Beijing were still wide apart on trade issues and were making no progress in deputy-level talks. Nikkei 225 index rose 99 points while Hang Seng index was up 68 points.
- The South China Morning Post reported that high-level trade negotiations including Chinese Vice-Premier Liu He would be cut to one day now, with the delegation from Beijing set to leave Washington on Thursday instead of Friday as originally planned.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,321
Target price:
Protective stop:
Outlook
The recent rebound was capped by the falling 20EMA which was also near to the support-turned-resistance level. Price is supported by the rising trendline despite of the intraday penetration. As long as this trendline holds, price is likely to test the 20EMA again at 26,570. Price will need to move above the 20EMA to be bullish and for a test of 27,000. A move and close below the trendline would target the previous trough at 25,080. Stochastic is crossing up at the moment but is still weak and MACD has turned bearish.
Trading Idea
Wait for a better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 25,841
Target price:
Protective stop:
Outlook
The index was capped by the falling 20EMA. It could be forming a base at 25,230. Price gapped down at the opening today but managed to move higher. As long as this support holds, price could test the Fibonacci 38% at 26,490. A move below 25,230 could target the low at 24,940. Stochastic is moving up at the oversold extreme but is weak and MACD has turned bearish
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7684
Target price :
Protective stop:
Outlook
The index was capped by the 7780 resistance level and is supported by a rising trendline. Price could be consolidating within 7780 and the trendline. With the falling 20EMA, we could expect further price decline if price fall and close below the trendline for a test of 7400 or even lower at its previous low at 7220. Price will need to move above 7823 to be bullish again. Stochastic is crossing up but is still weak at the moment and MACD has turned bearish.
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2916
Target price:
Protective stop :
Outlook
The index was capped by the falling 20EMA and the 2940 resistance level. It is now supported by the short term rising trendline. Price could be ranging between the 20EMA and the trendline. We could see price testing its low at 2815 again if price break and close below the trendline. A move above the 20EMA could lead to a test of 2993. Stochastic is turning up but is weak at the moment and MACD has turned bearish.
Trading Idea
Wait for better trading idea.
