Market News
- S&P 500 blasted through 3,300 mark for the first time on Thursday while Dow Jones and Nasdaq also surged to record highs, fueled by tech stocks and upbeat quarterly earnings from Morgan Stanley which jumped 6.6%.
- Sentiment was further lifted by data that showed U.S. retail sales rose 0.3% in December, in line with economists’ estimates, showing that American economy maintained a moderate growth pace at the end of 2019.
- Weekly jobless claims unexpectedly dropped by 10,000 to 204,000 — lower than the 216,000 that economists polled by Reuters expected, indicating the labour market remained strong.
Market Views
- Asian stocks were mixed on Friday morning following Wall Street’s record gains last night with strong corporate earnings and upbeat U.S. economic data adding to optimism after China and the U.S. signed a partial trade deal. Hang Seng index was 7 points lower and Nikkei 225 index rose 117 points.
- China’s GDP numbers which came in on Friday largely met analyst expectations. It announced its economy grew by 6.1% in 2019, meeting expectations even amid a trade dispute with the U.S. Its GDP grew 6.0% on-year in the fourth quarter of 2019.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 29,325
Target price:
Protective stop:
Outlook
A new all-time high of 29,306 was created last night after price found support at the resistance-turned-support level, which is also the lower channel support. This index will remain bullish as long as it moves within the rising channel. We pegged our next target at 29,650. The 20EMA is still strong and is still moving higher. Stochastic remains in the overbought region and is still strong and is rising. MACD is also bullish at the moment.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 28,936
Target price:
Protective stop:
Outlook
Price has been struggling for the past three days after breaking above the rising channel. As long as price stays above the upper channel trendline, there is chance for this index to break above 29,233 for 29,680. A failure move to sustain above the upper trendline support will likely to see a pullback back to test the 20EMA at 28,400 or 28,000. MACD is still bullish but there is potential divergence warning while Stochastic is near to overbought extreme.
Trading Idea
Sell 29,180 for profit objective at 28,450 with stop above 29,250
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 9126
Target price :
Protective stop:
Outlook
Last night, this index recorded a new all-time high at 9126. It is trading near to the upper rising channel resistance and the next resistance comes in at 9447. The 20EMA support lies at 8882. Stochastic is still strong but it remains in the overbought region. MACD is still strong and bullish at the moment.
Trading Idea
Wait for better trading Idea.
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3318
Target price:
Protective stop :
Outlook
The index created another new all-time high at 3317 last night. It is very near to its next resistance of 3340. As long as price moves along with the rising trendline, we remain our bullish view unchanged. The rising trendline support lies at 3245. Stochastic is still strong and has remained at the overbought region for extended periods. The MACD is also bullish at the moment.
Trading Idea
Wait for better trading idea.
