Market News
- The Dow sank 913 points on Friday to end another volatile week. U.S. stock futures plunged on Sunday evening with Dow Jones futures falling more than 800 points, or 4.5%, along with S&P 500 and Nasdaq-100 futures as lawmakers battled over an economic aid package in Washington.
- The World Bank’s executive board is expected to consider later this week the first fast-track funds to help Afghanistan and Ethiopia respond to the coronavirus pandemic, the Bank’s president said on Sunday.
- The spread of coronavirus across the greater New York City area may be feeding into anxiety on Wall Street, with the total number of U.S. coronavirus cases rising to more than 33,000 as of Sunday afternoon; up from about 3,600 a week earlier and at least 390 people have died.
Market Views
- Stocks in Asia Pacific saw significant declines on Monday morning as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession. Hang Seng index slid 752 points while Nikkei 225 index rose 80 points.
- Trump went on TV to approve disaster deceleration requests from New York and Washington, while St. Louis Federal Reserve President James Bullard warned unemployment could reach 30% unless more was done fiscally.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 18,365
Target price:
Protective stop:
Outlook
This index continued its decline today and violated its previous low of 18,897. If the index closes below 18,897 today, we are likely to see further downside to 16,760. This index needs to move above 19,785 to halt the decline. Stochastic is deep into the oversold region but is still weak at the moment. MACD is still bearish but there is no sign of reversal yet.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 21969
Target price:
Protective stop:
Outlook
We have seen this index continued its decline to a low at 21,006 on Thursday, forming a Hammer candlestick pattern. As long as this Hammer’s low at 21,006 is not violated, we could see a technical rebound to test 23,170 again. A break of the Hammer’s low will bring this index lower to 20,690. Stochastic is in the oversold region and could be turning up. MACD is still bearish but the fast line is moving higher.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 6743
Target price :
Protective stop:
Outlook
This index broke below the Fibonacci 161% projection level that has been hovering for the past six days today. The next support lies at 6495, which is the Fibonacci 200% projection level. Stochastic has a divergence warning but is still weak at the moment. MACD is bearish but the fast line is moving higher and there is likely to have a bullish crossover.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2213
Target price:
Protective stop :
Outlook
We saw a price gap down today, breaking below the Wednesday’s low at 2275. We would like to see if price can close above this gap tonight. If price can close above the gap, we are likely to see a rebound towards 2517. A close below 2275 will target for more downside at 1974. Stochastic is at the oversold region and is still weak at the moment but Stochastic is starting to show divergence. MACD is still bearish and there is no sign of reversal yet.
Trading Idea
Wait for better trading idea
