Market News
- Wall Street crawled to record levels on Tuesday due to the upbeat comments by President Trump on trade talks that eclipsed some softer-than-anticipated economic data. Dow Jones gained 55 points, while S&P 500 and Nasdaq Composite rose 6 and 15 points respectively.
- Trump said Washington was close to an agreement on the first phase of a trade deal with Beijing after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.
- Rising hopes for a trade deal between the world’s two largest economies, U.S. economic indicators and a third-quarter corporate earnings season that has largely topped lowered expectations have pushed stocks higher, notching the three major indexes to a record close in five of the past eight sessions.
Market Views
- Asian shares ticked higher on Wednesday morning as more upbeat signals from Sino-U.S. trade negotiations fanned hopes of an imminent end to tariff hostilities, which helped offset concerns about a slowing American economy. Hang Seng rose 11 points while Nikkei 225 index was up 99 points.
- Trump said Washington was in the “final throes” of work on a trade deal with Beijing, but he also underscored U.S. support for protesters in Hong Kong, seen as a sore point for Beijing.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,148
Target price:
Protective stop:
Outlook
The index hit the historical high of 28,173 last night after finding support around the 10EMA. Price will need to break above this level for a new high. We are expecting this index to continue rallying towards 28,510. MACD is bullish at the moment, but there is a potential bearish divergence forming, which hints at a potential downward price movement. Stochastic is also moving higher and is near to the overbought extreme.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,995
Target price:
Protective stop:
Outlook
Price managed to close a gap and broke a previous resistance high at 27,158. Price reached a high of 27,315 last night. The next higher resistance comes in at 27,460 and if price can move above this resistance, it is likely to test another gap resistance 27,613. Support is located at 26,787 to 26,709. Stochastic is moving up from the oversold extreme. MACD has turned bullish as both its lines are above the zero line.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8403
Target price :
Protective stop:
Outlook
The index made a new all-time high of 8414 last night after finding support around the 10EMA. If the index is able to hold above the 10EMA, it can test the Fibonacci 161.8% price projection at 8450. Stochastic is in its overbought extreme and is moving down. MACD is bullish but there is divergence warning given along the way, and a bearish crossover was seen.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3145
Target price:
Protective stop :
Outlook
Price created a new-time high at 3145 after finding support at the 10EMA. If the 10EMA holds, the index is likely to test Fibonacci 161.8% price projection of 3170. Stochastic is in the overbought region but is still strong and is moving higher. MACD has already shown divergence warning but is about to have a bullish crossover. However, MACD is still bullish and could support a price push higher.
Trading Idea
Wait for better trading idea.
