Market News
- Stocks faltered on Tuesday as strong earnings from American drug makers Merck and Pfizer and expectations that Fed will cut rates was offset by a potential delay in a U.S.-China trade deal, which clouded sentiment and weakened the dollar.
- A disappointing profit report from Google parent Alphabet kept the technology-rich Nasdaq in the red, ending 49 points lower. The S&P 500 eked out a record intraday high due to positive earnings but Dow Jones fell 19 points.
- U.S. administration official said on Tuesday that an interim trade agreement might not be completed in time for signing in Chile next month as expected, while adding that did not mean the accord is falling apart.
Market Views
- The Asian markets stuck in tight ranges early on Wednesday morning, as the prospect of a rate cut Fed was countered by worries a Sino-U.S. first-stage trade deal could be delayed. Nikkei 225 index was lower 81 points and Hang Seng index slipped 78 points.
- Britain decided to hold an election on Dec. 12 following Prime Minister Boris Johnson winning approval from parliament for an early ballot aimed at breaking the Brexit deadlock, but the election would be highly unpredictable.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,080
Target price:
Protective stop:
Outlook
The index is consolidating within a triangle pattern. It is now near to its overhead declining trendline resistance. Price will need to break above this level for a test to its all-time high at 27,403. The 20EMA is rising at the moment. As long as price holds above 20EMA, there is chance for price to test the declining trendline. Stochastic is moving up at the moment and MACD is still bullish.
Trading Idea
Wait for a better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,751
Target price:
Protective stop:
Outlook
The index is moving within a rising channel. The 20EMA coincides with the lower boundary of the channel, acting as a layer of support. Price will need to break above the channel to test the gap resistance at 27,443. A move below the channel and 20EMA would target for 25,900. Both Stochastic and MACD are showing potential divergence warning. MACD is crossing down which hints at possible downward movement
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8048 :
Target price :
Protective stop:
Outlook
The index broke above its all-time high of 8035 with a bullish candlestick on Monday. It is now moving within a rising channel. The 20EMA is rising at the moment. Price could be on the way moving higher towards its next resistance at 8256. The index will only turn bearish if it breaks below the channel. Stochastic is rising at the moment and MACD is still bullish.
Trading Idea
Wait for better trade idea.
Australian 200 Index
(CFD Symbol: AUS200)
Trend :
Recommendation :
Last : 6748
Target price:
Protective stop :
Outlook
The index broke above the triangle pattern but was resisted by its previous resistance high. An evening star reversal candlestick was seen on Tuesday. Price is now testing the 20EMA support. If price could not hold at 20EMA, we will see a follow-through candle that confirm the reversal and will target at 6661. Stochastic is moving down and is likely to have a bearish crossover and MACD is also moving down.
Trading Idea
Wait for better trading idea.
