Market News
- U.S. stocks fell on Thursday as conflicting tones surrounding a possible trade deal between the Washington and Beijing eclipsed strong earnings reports from Apple and Facebook. The Dow fell 140 points while S&P 500 was down 9 points and Nasdaq Composite declined 11 points.
- Mixed signals around trade gave investors reason for caution after a Bloomberg report said Chinese officials have doubts about whether it is possible to reach a comprehensive long-term trade deal with U.S.
- Trump later said the two countries would soon announce a site where a “Phase One” trade deal will be signed after Chile cancelled a planned summit set for mid-November that was to be the venue for a signing.
Market Views
- Asian shares were mixed on Friday morning and off three-month highs struck this week on fresh concerns over Sino-U.S. trade prospects and ahead of American economic data. An unexpected bounce in Chinese manufacturing activity helped to offset initial negativity. Hang Seng index rose 113 points but Nikkei 225 index slipped 108 points
- The manufacturing PMI’s and U.S. Non-farm payrolls that set to release tonight will be an important factor in where markets head next.
Dow Jones Index
(CFD Symbol: US30)
Trend : Bullish
Recommendation : Long
Last : 27,105
Target price: 27,400
Protective stop: 26,900
Outlook
The index is consolidating within a triangle pattern. It has been resisted by the overhead trendline resistance for the past two days. A bearish engulfing reversal candle was formed last night. A move below 26,900 would confirm the reversal and we could see price moving down to test its lower trendline. Price will need to break above 27,280 for a test to its all-time high at 27,403. Stochastic could be cross down but MACD is still bullish.
Trading Idea
Buy 27,165 for a test of 27,400 with stop at 26,900 was filled on 31 Oct 2019
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 27,048
Target price:
Protective stop:
Outlook
The index has been moving within a rising channel for the past 15 trading days. Price is likely to move within the channel range until it breaks either way for a directional movement. It has higher chance of breaking the upside as 20EMA is rising at the moment and both Stochastic and MACD are bullish. Price will need to break above the channel to test the gap resistance at 27,443. Stochastic is still strong and MACD is bullish.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8112 :
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.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3045
Target price:
Protective stop :
Outlook
Price broke above its all-time high of 3028 with a bullish candlestick on Monday. It broke above an ascending triangle pattern as well. Price managed to stay above the breakout level for the past three days. The 20EMA is still rising and strong at the moment. As long as price hold above 3028, price is likely to move higher and test its next resistance at 3095. Stochastic is still strong at the moment and MACD is bullish
Trading Idea
Wait for better trading idea.
