Market News
- Wall Street extended their gains and set all-time highs on Wednesday after a batch of U.S. economic data brightened the economic outlook and investors remained bullish on prospects for a U.S.-China trade accord. Dow Jones rose 42 points, S&P 500 was up 13 points and Nasdaq Composite gained 57 points.
- U.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, and there are signs the downturn in business investment may be drawing to a close.
- Economists boosted their estimates for growth in the current quarter as well, which would appear to validate the optimistic tone struck earlier this week by Fed Chair Jerome Powell, who said “at this point in the long expansion, I see the glass as much more than half full.”
Market Views
- Asian share markets wobbled on Thursday morning as concerns that tensions over Hong Kong could stymie a Sino-U.S. trade deal cast a pall over Thanksgiving cheer from unexpectedly positive American economic data. Hang Seng index fell 101 points while Nikkei 225 index rose 4 points.
- Trump on Wednesday signed a bill to certify that Hong Kong retains enough autonomy to justify favorable U.S. trading terms which have helped to maintain its position as a global financial hub despite angry objections from Beijing, which could complicate efforts to end the prolonged trade war.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,102
Target price:
Protective stop:
Outlook
The index continued to make a new historical high at 28,192 last night after finding support around the 10EMA. 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 : 26,950
Target price:
Protective stop:
Outlook
Price reached a high of 27,315 two days ago. It is currently supported at the gap support. The gap has a range of 26,850 to 26,715. 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. Stochastic is moving up from the oversold extreme. There is a bullish MACD crossover but the fast line is below the zero line.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8423
Target price :
Protective stop:
Outlook
The index continued to make a new all-time high of 8453 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 again. Price is moving within a rising channel. Stochastic is in its overbought extreme and is moving up. 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
Last night, price created a new-time high at 3155 after finding support at the 10EMA. The next resistance comes in at 3170 and we see the rally continuing towards this target. Stochastic is in the overbought region but is still strong and Stochastic is moving higher. MACD has already shown divergence warning but is about to have a bullish crossover. MACD is still bullish and could support a price push higher.
Trading Idea
Wait for better trading idea.
