Market News
- Wall Street finished higher on Thursday, coming back from a day of mostly sharp losses, after the World Health Organization declared the coronavirus a global health emergency, but backed China’s efforts to contain the outbreak, calming fears of a global pandemic.
- The Dow index ended up 125 points, while the S&P 500 index gained 10 points and the Nasdaq Composite index inched up 26 points. After the closing, NASDAQ futures pushed 1.3% higher on the Amazon results, Price soaring 11% and adding over $100 billion in market worth.
- Market took a slight knock overnight when data showed the U.S. economy grew at its slowest annual pace in three years in 2019 and personal consumption weakened sharply.
Market Views
- Asian share markets fought to regain their footing on Friday as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of more cases and mounting deaths. The Nikkei 225 index jumped 276 while Hang Seng inched up only 56 points.
- The World Health Organization declared a global emergency as people infected by the virus spread to 18 countries. Wall Street quickly recouped its losses and ended higher in the wake of the WHO comments.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,889
Target price:
Protective stop:
Outlook
Price managed to stay above the previous low of 28,450 and has recovered to above the trend channel. Price is currently halted by the price resistance at 28,955. If price is able to move above this resistance, this index is likely to test the all-time high again. Stochastic is about to see a bullish crossover. MACD is bullish at the moment.
Trading Idea
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Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,557
Target price:
Protective stop:
Outlook
This index managed to halt its decline just above the trend channel. If the index is able to hold above the trend channel, we might see a recovery back to the gap opening at 27,380. Stochastic has turned down but we could see a bullish crossover soon. MACD has turned bearish.
Trading Idea
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Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 9232
Target price :
Protective stop:
Outlook
The index was supported at the 20EMA and managed to recover to 9231. The index is now near to its all-time high at 9277. The index is also near to the top of its trend channel. Stochastic is still moving lower but we could see a bullish crossover soon. MACD is still bullish at the moment with both its line above the zero line.
Trading Idea
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S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 3296
Target price:
Protective stop :
Outlook
The index managed to find support at the lower trend line of its trend channel and has recovered to the mid-point of the trend channel. We see the price recovery continuing towards the previous all-time high of 3337. If price is unable to hold the lower trend channel line, it is likely to decline lower to the previous resistance turned support at 3180. Stochastic is turning down but we could see a bullish crossover soon. MACD is still bullish and is turning up again.
Trading Idea
Wait for better trading idea.
