Market News
- S&P 500 rallied for a second straight session on Wednesday as the U.S. Senate appeared near a vote on a $2 trillion package to support businesses and households devastated by the coronavirus pandemic. Nasdaq Composite slid 33 points, dragged by the fall in Apple.
- Boeing surged 24%, bringing its gain over the past three sessions to almost 70%, as investors bet on government support for the aerospace industry as well as airlines, which brought Dow Jones ended the day with almost 2.4% higher.
- Data due on Thursday is likely to show American weekly jobless claims surging to 1 million as companies announce layoffs and as state-wide lockdowns force businesses to shutter stores.
Market Views
- Asia Pacific markets lost momentum on Thursday morning as stimulus negotiations dragged on in Washington and investors fretted over a likely spike in U.S. jobless claims. Nikkei 225 index fell 743 points and Hang Seng index declined 96 points.
- Singapore’s economy suffered its biggest contraction in a decade in the first quarter, data showed on Thursday, as the coronavirus pandemic prompted the city-state to cut its full-year GDP forecast.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 21,088
Target price:
Protective stop:
Outlook
This index had a strong rebound from the low of 18,172 two nights ago. It is now hovering at the price resistance of 21,460. We would like to see price moving above this resistance for 22,530. If price is unable to move above 21,460, we are likely to see price dip to 18,172 again. Stochastic is deep into the oversold region but is still weak at the moment. MACD is still bearish. MACD just had a bullish crossover.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation : Short
Last : 23,340
Target price: 21,700
Protective stop: 24,150
Outlook
We have seen a rebound from the 21,006 low following a Hammer candlestick pattern. The index has reached a high of 23,873 yesterday. The next resistance lies at 24,000. If price is unable to move above 24,000, we are likely to see a test of 21,006 again. Stochastic is in the oversold region but is turning up. MACD is still bearish but the fast line is moving higher
Trading Idea
Sell 23,150 for 21,700 with stop above 24,150 was filled on 25 Mar 2020.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 7405
Target price :
Protective stop:
Outlook
This index formed a spinning top reversal pattern three nights ago and we had seen a price rally to a high of 7775 last night. It is also near to the falling 20EMA and the Fibonacci 38% correction point. If this resistance is not broken, we are likely to see the low at 6633 again. Stochastic has a divergence warning but is still weak at the moment. MACD is bearish but just had a bullish crossover.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2454
Target price:
Protective stop :
Outlook
Price gapped down and formed a low at 2184 three nights ago, enfolding in a Doji candlestick pattern. A price rebound was seen thereafter and we are likely to see price moving towards 2645. The next support lies 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 but just had a bullish crossover.
Trading Idea
Wait for better trading idea
