CFD Indices – Wall Street Gained On Hopes Of Virus Peak

Market News

  • Dow Jones jumped 779 points on Wednesday on hopeful signs about the coronavirus outbreak in U.S. was close to a peak, with health insurers getting an additional lift from Bernie Sanders’ decision to suspend his presidential campaign.
  • Trump said he would like to reopen the U.S. economy with a “big bang” but that the death toll from the coronavirus first needs to be heading down.
  • Russia refused to participate in cuts proposed by Saudi Arabia in response to the coronavirus crisis and Riyadh said it would pump at maximum capacity and flooded an already oversupplied market with extra crude during the meeting with OPEC on Thursday.

Market Views

  • Markets in Asia Pacific were mixed on Thursday morning on hopes that COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices. Hang Seng index rose 114 points.
  • Japan’s Nikkei stock index bucked the regional trend and fell 0.55% as coronavirus infections in the country rose and following the government’s declaration of a state of emergency for Tokyo and other urban areas.

Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 23,322
Target price:
Protective stop:

Outlook
The 20EMA is rising at the moment and is acting as a support. As long as price hold above the 20EMA at 22,400, price is likely to continue moving higher towards 23,878 and 25,224. Price is currently close to Fibonacci 50% at 23,878. A move above 23,878 will target 25,224. Failure to move past 23,878 may see a movement back to 20,811. Stochastic is still rising at the moment. MACD is still bearish but the fast line is rising above the zero line.

Trading Idea
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Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,137
Target price:
Protective stop:

Outlook
This index broke out from a continuation Flag pattern on Monday and is moving towards the Fibonacci 50% correction at 25,138. The 20EMA is now rising and is acting as support to the price. As long as price hold above the 20EMA at 23,800, we are likely to see more upside towards 25,138 or 26,107. Stochastic is moving higher. MACD is still bearish but the fast line is above the zero line.


Trading Idea
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Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8172,
Target price :
Protective stop:

Outlook
This index managed to penetrate above the price resistance at 7911(red horizontal line) on Monday and broke out from the triangle consolidation pattern as well. As long as price stay well above the price resistance at 7911, it is likely to move higher towards 8561, which is the Fibonacci 62% correction point of the decline. Stochastic is moving higher. MACD is still bearish but the fast line is rising above the zero line.

Trading Idea
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S&P 500 Index
(CFD Symbol: US500)
Trend :
Recommendation :
Last : 2738
Target price:
Protective stop :

Outlook
Price broke above the triangle consolidation pattern on Monday as well as the Fibonacci 38% level at 2647. As long as price hold above 2647, we are likely to see this index moving higher towards 2933. Immediate resistance lies at 2790 and a break will likely lead price higher to 2933. Failure to move above 2790 could lead to a decline back to 2647. Stochastic is moving higher. MACD is still bearish but the fast line is above the zero line.

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