- Market News
- Dow Jones index and S&P 500 index both closed at all-time highs, while the Nasdaq missed a record close by less than two-tenths of a point last night after China said it had agreed with the U.S. to cancel tariffs, a key demand of Beijing for sealing a deal to end a 16-month trade war that had slowed economic growth over the world.
- Gao Feng, a ministry spokesperson for China’s Commerce Ministry, said Thursday that Beijing and Washington had agreed to simultaneously cancel some existing tariffs on one another’s goods but without specifying a timetable, according to the country’s state broadcaster.
- A U.S. official also said both sides agreed to the tariffs rollback but it was also reported that the plan faces fierce internal opposition in the White House, according to multiple sources. Sentiment got a boost leading to new historic highs in the Dow and S&P index.
- Market Views
- Shares in Asia traded higher on Friday morning after the Dow Jones Industrial Average closed overnight at a record high amid renewed optimism on the U.S.-China trade front. The Nikkei 225 index was up 18 points while the Hang Seng Index was down 157 points
- China’s October export came in at -0.9% year on year in USD terms against -3.9% expectations. Data shows the Chinese economy may have turned the corner ahead of a potential trade deal with the U.S.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,644
Target price:
Protective stop:
Outlook
The index broke above the triangle pattern to close above its all-time high of 27,403 four nights ago and continued with a new historical high at 27,773 last night. We could see a possible decline to test the 20EMA if price could not hold above 27,403. The index can continue to rally towards the Fibonacci 161.8% projection target at 27,976. Stochastic is still strong at the moment and MACD is bullish.
Trading Idea
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Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 27,734
Target price:
Protective stop:
Outlook
Price gapped up and broke above the rising channel four days ago with a bullish candlestick. It has moved above the gap resistance of 27,600 and 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 also bullish.
Trading Idea
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Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8198 :
Target price :
Protective stop:
Outlook
The index made a new all-time high of 8272 last night and has remained in a rising channel and above the breakout level for the past ten days. Price can continue to rally towards 8295. The index will only turn bearish if it breaks below the rising channel. Stochastic is in its overbought extreme. MACD is bullish and both its lines are rising.
Trading Idea
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S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3080
Target price:
Protective stop :
Outlook
Price made a new all-time high of 3097 last night after breaking above an Ascending Triangle pattern. It has managed to stay above the breakout level and is trading above the gap support at 3065. The overhead resistance lies at 3140. A move below the gap support at 3065 will likely to bring price lower to test the breakout level which coincide with the 20EMA at 3028. Stochastic is still strong at the moment. MACD is also bullish but a bearish crossover is likely in the coming session.
Trading Idea
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