Market News
- U.S. stocks fell on Friday from record-high levels as investors took profit and data showed slower-than-expected December U.S. jobs growth, but the major indexes posted gains for the week. Dow Jones slid 133 points, S&P 500 closed 9 points lower and Nasdaq Composite declined 24 points.
- U.S. government data showed that domestic jobs increased by 145,000 last month was lower than forecast of a 164,000 rise as the pace of hiring remained more than enough to keep the longest economic expansion in history on track.
- U.S. Treasury Secretary Steven Mnuchin said on Sunday that China’s commitments in the Phase 1 trade deal to buy $40 billion to $50 billion worth of U.S. agricultural products annually and a total of $200 billion of U.S. goods over two years were not changed during a lengthy translation process.
Market Views
- Asian shares paused near 19-month peaks on Monday ahead of the expected signing on a Sino-U.S. trade deal, though talks on a phase two package are likely to drag on for months. Hang Seng index rose 150 points. Japan was closed for a holiday today.
- The main event of the week will be the signing of the Phase 1 trade deal between Washington and Beijing on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,897
Target price:
Protective stop:
Outlook
The index experienced a huge selloff last Wednesday, sending the price lower to test the lower rising trendline support, which is also the previous resistance-turned-support level. Price rebounded from there thereafter. It formed a new all-time high at 29,056 but closed lower. As long as price remains in the rising channel, our bullish view unchanged. The next resistance comes in at 29,650. Stochastic is moving higher and MACD is bullish at the moment.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 28,984
Target price:
Protective stop:
Outlook
Price rebounded after being supported at the rising 20EMA, which is also the resistance-turned-support level. It managed to close above the rising trendline resistance as well. Its nearest resistance lies at 29,300 and the next resistance falls at 30,090. MACD is still bullish at the moment and the fast line is turning up. Stochastic is moving higher and is likely to have a bullish crossover.
Trading Idea
Wait for better trading Idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8994
Target price :
Protective stop:
Outlook
Last Friday, this index recorded a new all-time high at 9039 after being supported by the rising 20EMA two nights ago. Price is still moving along with the rising 20EMA and is within the rising channel, the next resistance comes in at 9067 and 9447. MACD is still bullish at the moment and Stochastic is still strong and is moving higher.
Trading Idea
Buy at 8890 for 9065 with stop below 8790
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3272
Target price:
Protective stop :
Outlook
The index created a new all-time high of 3286 last Friday after being supported by the rising trendline. The 20EMA is still rising and is strong and as long as price moves along with the rising trendline, the uptrend remains intact. The next resistance lies at 3340. MACD is still bullish at the moment and Stochastic is still strong and is moving higher.
Trading Idea
Wait for better trading idea.
