Market News
- U.S. major indexes notched record highs to open the New Year on Thursday, as fresh economic stimulus from China added to optimism fuelled by easing trade tensions and an improving global outlook. Dow Jones surged 330 points while S&P 500 and Nasdaq Composite rose 27 and 119 points.
- U.S. jobless claims edged lower last week, a positive signal of market strength as consumer spending has kept the economy on a moderate growth path despite headwinds from trade tensions and slowing global growth that have weighed on manufacturing.
- Market sentiment was boosted after Trump said on Tuesday he will be signing a first phase trade deal with China on Jan. 15 at the White House. He also announced that he will be going to Beijing at a later date when phase two talks begin.
Market Views
- Shares in Asia Pacific were lower in Friday morning trade, despite the overnight Wall Street rally to new all-time highs as investors weigh the impact of an escalation in Middle East tensions. Hang Seng index fell 48 points. Japan is closed for a holiday today.
- Oil prices jumped in the morning of Asian trading hours, after Iraqi TV reported on Friday that a top Iranian military commander was killed in a US air strike on Baghdad.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,697
Target price:
Protective stop:
Outlook
The index recorded a new all-time high at 28,908 last night, penetrating above the Fibonacci 127% projection level. Price is now supported by the rising 20EMA. The next resistance comes in at 29,722. MACD is bullish at the moment but there is potential divergence warning which is raising concern. Stochastic is at the overbought extreme and is moving lower
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 28,551
Target price:
Protective stop:
Outlook
This index broke above the rising channel resistance yesterday. However, price could be forming a potential Dark Cloud Cover candlestick pattern, which is a toppish reversal pattern. Do watch out for today’s closing and we will require a next day confirmation of a close below 28,194, for a target of 27,500. MACD is still bullish but there is potential divergence warning. Stochastic is still moving higher.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8818
Target price :
Protective stop:
Outlook
The index had recorded a new all-time high of 8882 last night, which is near to the rising channel resistance. Price could be ranging within the rising channel and we could see a possible price pullback to the rising 20EMA support at 8640 or dips towards the lower channel support at 8456. As long as this index moves within the channel, our bullish view remains intact. MACD is still bullish at the moment but a bearish crossover could be likely in the coming session. Stochastic is declining from the overbought region.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3237
Target price:
Protective stop :
Outlook
This index created a new all-time high at 3260 last night after breaking out from the Flag pattern. As long as price can sustain at the rising 20EMA support at 3203, we pegged our next resistance level at 3315. MACD is still bullish at the moment but there is potential divergence warning that is giving concern. Stochastic is moving lower at the overbought region.
Trading Idea
Wait for better trading idea.
