Market News
- Strong tech results propelled S&P 500 and Nasdaq Composite to rise 5 points and 66 points respectively on Thursday, mainly contributed by the gains in Microsoft and PayPal. Intel and Amazon moved sharply following the companies’ results as well.
- 3M stymied the Dow Jones to decline 28 points after the industrial conglomerate missed third-quarter sales estimates and lowered its full-year profit forecast. The results also pointed to continued fallout from the U.S.-China trade dispute.
- The managing director at Amundi Pioneer Asset Management in Boston said the earnings season has also reflected signs of economic vulnerability. He pointed out that the earnings reports have supported a view of the economy as slowing.
Market Views
- Asia Pacific stocks were lower on Friday morning trade as investors will watch out for a meeting later today where European Union officials may decide how long they will extend Britain’s deadline to leave the EU beyond the current date of Oct. 31. Hang Seng index slipped 136 points and Nikkei 225 index was down 3 points.
- The European Central Bank left monetary policy unchanged on Thursday after unveiling a big stimulus package last month, but there are concerns the ECB’s firepower has largely been spent.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,805
Target price:
Protective stop:
Outlook
Price has corrected after being resisted at 27,125 resistance zone. The 20EMA is providing support for the past four days while price consolidates within a triangle pattern. A move above the upper trendline resistance at 27,125 would target the all-time high at 27,403, whereas we could expect price to test the lower trendline at 26,510 if price is unable to hold at 20EMA. The index will turn bearish only if price close below the lower trendline. Stochastic is moving down. MACD is still bullish at the moment but a bearish crossover could hint at potential downward movements
Trading Idea
Wait for a better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,685
Target price:
Protective stop:
Outlook
The index was capped at 27,054 and has formed a bearish engulfing candlestick pattern that warned of potential reversal last Friday. However, there was no followed-through candlestick to confirm the reversal. Price is now supported by the rising 20EMA. Price has to break above 27,054 for a test of 27,440. We could see price testing 25,900 or the base low at 25,230 if this index move below the 20EMA at 26,510. Stochastic still looks strong now. MACD is bullish but a bearish crossover is likely in the coming session.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7911 :
Target price :
Protective stop:
Outlook
The index was capped by 7980 resistance zone for the fourth occasions. Last night, an indecision Doji candlestick was formed after testing the resistance again. Price will need to break above 7980 to continue this rally. A move below yesterday’s low at 7905 is likely to target at 20EMA at 7838 or the resistance-turned-support level at 7780. Stochastic looks strong at the moment and MACD is still bullish.
Trading Idea
Wait for better trade idea.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3005
Target price:
Protective stop :
Outlook
Price is trading near to its all-time high resistance at 3028. The 20EMA is rising at the moment and is providing support to the price. Price will need to move above its overhead resistance at 3022 for 3028. However, a move below the 20EMA would target for the resistance-turned-support level at 2943. Stochastic is at the overbought region and MACD is still bullish at the moment.
Trading Idea
Wait for better trading idea.
