Market News
- All three major U.S. stock indexes posted record closing highs on Monday, extending a recent run of gains on further hopes of a U.S.-China trade deal. It was the second consecutive session of closing records for the S&P 500 and Nasdaq, closing 11 and 46 points higher respectively. Dow Jones gained 114 points, hitting the first closing record since July.
- After American officials indicated on Friday that a trade deal with China could be signed this month, Commerce Secretary Wilbur Ross said on Sunday that licenses for U.S. companies to sell components to China tech giant Huawei would come “very shortly.”
- Beijing is pressing Washington to remove a 15% tariff that was imposed on roughly $112 billion worth of Chinese goods on Sept. 1, but no decision has been made, Politico reported citing sources.
Market Views
- Asian shares closed in on their July peak on Tuesday morning on increasing signs that Washington and Beijing are inching closer to a truce in their trade war and on optimism American economy is well poised for solid, consumer-driven growth. Nikkei 225 index climbed 342 points and Hang Seng index rose 83 points.
- Oil prices held firm after hitting their highest levels since late September, buoyed by an improved outlook for crude demand as better-than-expected American jobs growth added to market hopes a preliminary Sino-U.S. trade talk would be reached this month.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,500
Target price:
Protective stop:
Outlook
The index broke above the triangle pattern to close above its all-time high of 27,403 last night. The index made a new historical high at 27,515. As long as price stay above 27,403 previous high turned support point, we see price moving higher towards the Fibonacci 127% projection target at 28,030. The 20EMA is rising at the moment and its gradient is steep, hinting of a strong bullish trend. Stochastic is still strong at the moment and MACD is still bullish.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 27,718
Target price:
Protective stop:
Outlook
Price gapped up and broke above the rising channel yesterday with a bullish candlestick. It has moved above the gap resistance of 27,600. This index has turned bullish and we could see a further rally towards 28,120 should it stay above the gap support zone at 27,443. The 20EMA is rising at the moment. Stochastic is still strong at the moment and MACD is bullish and just had a bullish crossover.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8230 :
Target price :
Protective stop:
Outlook
The index made a new all-time high of 8228 last night and has remained in a rising channel and above the breakout level for the past five days. The 20EMA is rising at the moment. Price could be on the way moving higher towards its next resistance at 8256 or 8295. The index will only turn bearish if it breaks below the rising channel. Stochastic is still strong at the moment even though it is in its overbought extreme. MACD is bullish and both its lines are rising.
Trading Idea
Wait for better trade idea.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3083
Target price:
Protective stop :
Outlook
Price made a new all-time high of 3085 after breaking above an Ascending Triangle pattern. Price has managed to stay above the breakout level for the past five 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 or higher at 3125. Stochastic is still strong at the moment. MACD is bullish and both its lines are rising.
Trading Idea
Wait for better trading idea.
