Market News
- U.S. markets were closed for Thanksgiving last night and with many investors seen away also on Friday, uncertainties remain on how American markets will perceive the latest clash between Washington and Beijing over Hong Kong.
- A four-day rally that had lifted world stocks to near-record highs stalled on Thursday as investors worried a new U.S. law backing Hong Kong protests could derail Washington’s and Beijing’s efforts to end their trade war.
- Beijing strongly condemned and warned U.S. on Thursday it would take “firm counter measures” in response to U.S. legislation backing anti-government protesters in Hong Kong, as China deemed the actions of Trump signing the bills in support of Hong Kong protesters as “sinister intentions”.
Market Views
- Stocks in Asia were lower in Friday morning trade, leading by the losses in Hong Kong market, as investors continue to watch for developments on Sino-U.S. trade talks following a recent escalation in tensions over Hong Kong. Hang Seng index plunged 488 points and Nikkei 225 index fell 31 points.
- Investors are concerned that the move might delay further a preliminary agreement between U.S. and China to put an end to their trade war that has slowed global economic growth, and consequently consumption of oil.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,083
Target price:
Protective stop:
Outlook
The index has made a new historical high at 28,192 two nights ago after finding support around the 10EMA. As long as price moves along with the rising 10EMA, we expect 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 : 26,449
Target price:
Protective stop:
Outlook
Price moved below the gap that was created on Monday with a long bearish candlestick today. The 20EMA has turned bearish and is moving lower. The next support comes in at 26,216 but we don’t think this support can hold and if so, we expect price to test its previous low at 25,536. Stochastic is moving up from the oversold extreme but MACD has turned bearish with both lines below the zero line. There is a bearish MACD crossover that hints at potential downside as well.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8422
Target price :
Protective stop:
Outlook
The index continued to make a new all-time high of 8453 two nights ago 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 higher. MACD is bullish but there is potential divergence warning, 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
The index has reached a new-time high of 3155 last night, which is also the Fibonacci 162% extension level. 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 MACD is still bullish and could support a price push higher.
Trading Idea
Wait for better trading idea.
