Market News
- Wall Street extended their gains last night as investors waited for concrete progress on U.S.-China trade negotiations after the mixed headlines. Dow Jones rose 31 points, S&P 500 closed 1 point higher and Nasdaq Composite was up 9 points.
- Early on Monday, a CNBC report cast fresh doubts on the prospects for phase one of a U.S.-China trade deal, saying the mood in Beijing was pessimistic due to Trump’s reluctance to roll back tariffs on Chinese imports.
- U.S. Commerce Department has given the blacklist China Tech giant Huawei a 90-day license extensions, which allowed it to purchase some American-made goods. This was seen as a goodwill gesture from the US side.
Market Views
- Asian shares were mixed on Tuesday morning as investors continue to await clearer news on the progress of Sino-U.S. trade talks. Hang Seng climbed 218 points while Nikkei 225 index fell 32 points.
- Minutes from RBA monetary policy meeting in Oct published on Tuesday showed The RBA decided to hold steady, in part because of worries that further easing would harm savers and confidence. RBA “agreed a case could be made” for another cut at its November meeting given unwelcome weakness in wages growth and inflation.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,054
Target price:
Protective stop:
Outlook
The index made a new historical high again at 28,089 last night. Price has been moving higher after breaking above the triangle pattern. This index is strong and bullish as it is trading along the rising 10EMA, which is providing a layer of support. As long as price moves along with the 10EMA, there is a chance for price to move towards the next target at 28,500. MACD is rising and bullish at the moment. Stochastic is in the overbought extreme but is still strong at the moment.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,954
Target price:
Protective stop:
Outlook
Price reached the Fibonacci 50% retracement point at 26,192, and has bounced up strongly. Price is now testing the overhead 20EMA and gap resistance at 26,903-26,967. The index needs to move above this level to advance higher. A failure move above this level is likely to bring price lower to test its low again at 25,540. Stochastic is moving towards its oversold extreme. MACD is still bullish at the moment.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8336
Target price :
Protective stop: 8320 Triggered
Outlook
The index made a new all-time high of 8357 last night and has remained in a rising channel and above the breakout level since end-August. As long as price moves along with the rising 10EMA and within the channel, price could be moving higher towards the next resistance at 8492. The index will only turn bearish if it moves below the channel or the 10EMA. Stochastic is in its overbought extreme and MACD is still bullish.
Trading Idea
Wait for better trading idea
Australian 200 Index
(CFD Symbol: AUS200)
Trend :
Recommendation :
Last : 6837
Target price:
Protective stop :
Outlook
Price was resisted for the fifth time at its recent high resistance that ranged from 6834 to 6848. The 50EMA is rising and is providing a layer of support. Price will need to break above 6848 for a test of its all-time high at 6933. If price cannot break above, we could see price ranging within the resistance range and the 50EMA. The Stochastic could be turning down. MACD is still bullish with both lines are above zero line.
Trading Idea
Wait for better trading idea.
