Market News
- All three major U.S. indexes posted a record close on Friday as investors brushed aside worries over the progress of U.S.-China trade talks and as Walt Disney shares gained 3.8% a day. S&P 500 had registered a fifth straight week of gains due to the hope of trade wars and mostly better-than-expected earnings.
- On Friday, Trump, in comments that hit stock prices and the dollar, said he had not agreed to a tariff rollback that was sought by China. He said Beijing wanted to make a deal more than he did.
- Trump said on Saturday that trade negotiations with Beijing were moving along very nicely, but he would only make a deal with China if it was the right deal for America.
Market Views
- Asia Pacific stocks were lower on Monday morning, with the ongoing trade war between the two economic powerhouses set to take the spotlight this week. Hang Seng index slipped 613 points after political turmoil in the city worsened. Nikkei 225 index was down 47 points.
- Data on October U.S. industrial production and retail sales, along with the National Federation of Independent Business’s monthly small business survey, are scheduled for release this week.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,595
Target price:
Protective stop:
Outlook
The index broke above the triangle pattern to close above its all-time high of 27,403 five nights ago and continued with a new historical high at 27,773 last Thursday. 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
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 27,073
Target price:
Protective stop:
Outlook
Price gapped down this morning and broke below the previous gap resistance of 27,600. It is now testing the flat 20EMA. We don’t think price can hold at 20EMA and we expect a further price decline towards 26,490. There is a divergence warning given from the Stochastic and MACD histogram warning of a possible price high. Stochastic is moving down at the moment. MACD is still bullish but just had a bearish 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 8272 on Thursday night and has remained in a rising channel and above the breakout level for the past eleven 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
Wait for better trading idea
Nikkei 225 Index
(CFD Symbol: JP225)
Trend :
Recommendation :
Last : 23,350
Target price: Protective stop :
Outlook
Price has nearly hit the Fibonacci 162% projection level and we are now seeing some price pullback. It will need to break above 23,760 for further rally towards 24,680. However, there is divergence warning given from both Stochastic and MACD which warns of a potential top. We could see price testing the 20EMA at 22,920 if price move below 23,260. Stochastic is still at its overbought region. MACD is still bullish but just had a bearish crossover.
Trading Idea
Wait for better trading idea.
