Market News
- Wall Street ended the day negatively on Tuesday’s session as a wave of late selling hit stocks as an energy-infused rally ran out of steam as fears about a glut in crude supply continue to mount.
- Trump mentioned that U.S. may be getting to the top of the coronavirus curve and the Trump administration asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the pandemic.
- Oil prices gave up early gains to fall sharply as weekly data showed a crude glut grew more than expected. Hopes the world’s biggest producers would agree to cut output were overtaken by anxiety that a deal would not emerge.
Market Views
- Asia Pacific stocks stepped back on Wednesday morning after two sessions of sharp gains as investors turned wary on getting too optimistic about the coronavirus while death tolls were still mounting across the globe. Hang Seng index fell 251 points while Nikkei 225 index was up 2 points.
- Australian shares were expected to open lower as warnings of an economic slump and a spike in unemployment due to the coronavirus pandemic dampened sentiment.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 22,615
Target price:
Protective stop:
Outlook
This index managed to break out from the pennant consolidation pattern with a long bullish candlestick on Monday. It is a hint that the upward momentum could resume. Price surpassed the 20EMA for the first time since end-Feb. We are likely to see price moving higher towards 23,870. Stochastic is still rising at the moment. MACD is still bearish but the fast line is rising above the zero line.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 23,997
Target price:
Protective stop:
Outlook
This index appears to break out from the Flag pattern, which is a continuation pattern. It managed to break above the 20EMA that had capped price rally since end-Feb as well. We would like to see price stay firm above the 20EMA for further upside to 24,940. Otherwise, we may see price moving lower again. Stochastic is crossing down. MACD is still bearish but the fast line is above the zero line.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8054
Target price :
Protective stop:
Outlook
This index managed to penetrate above the price resistance at 7911 on Monday with a bullish candlestick. It broke out from the consolidation pattern as well. Price is likely to move higher towards the gap resistance at 8360 as long as it stays above 7911. Stochastic is turning down but is still strong at the moment. MACD is still bearish but the fast line is rising above the zero line.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2652
Target price:
Protective stop :
Outlook
Price has moved within a consolidation pattern and we have seen this index breaking above the consolidation high at 2676, which is also the Fibonacci 38% correction point. As long as price stay above 2676, we foresee that price could hit further upside at 2790. Otherwise, we are likely to see this index moving lower again. Stochastic could be crossing up again. MACD is still bearish but the fast line is above the zero line.
Trading Idea
Wait for better trading idea
