Market News
- U.S. stocks jumped on Tuesday as optimism that the Trump administration could move to ease lockdowns from the coronavirus outbreak overshadowed worrying earnings reports from JPMorgan and Wells Fargo. Amazon recorded a record high close, leading NASDAQ to jump 3.95% overnight.
- Trump would make a number of announcements about reopening the U.S. economy in the next day or two as the health crisis appeared to be ebbing, although some state governors have said the decision to restart businesses lies with them.
- Trump also temporarily halted funding to the World Health Organization, saying it should have done more to head off the pandemic.
Market Views
- Asian share markets were lower on Wednesday morning as the economic impact of the coronavirus pandemic continued to weigh on investor sentiment. Nikkei 225 index slid 117 points and Hang Seng index fell 52 points.
- The International Monetary Fund warned on Tuesday that the global economy is set to see its worst financial crisis since the Great Depression even some countries tried to re-open for business.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 23,842
Target price:
Protective stop:
Outlook
Price has been hovering around the Fibonacci 50% correction point at 23,878 for the past three days. There is also a price resistance at 24,080 that capped the price rally. This index has to break above the price resistance at 24,080 for further upside towards 25,220. Currently, Stochastic is at the overbought region and MACD is still bearish and a bearish crossover is likely in the coming session. We could see this index moving lower if it unable to surpass 24,080
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,417
Target price:
Protective stop:
Outlook
Price appears to be capped at the gap resistance zone that range from 24,700 to 25,010. This resistance zone also coincided with the Fibonacci 38% correction point of the decline. This could be a strong resistance zone and we are likely to see price turning down again if it unable to surpass this zone. Stochastic is at the overbought region and could be turning down. MACD is still bearish but the slow line is approaching the zero line as well
Trading Idea
Sell 24,750 with a stop at 25,100 for 23,850
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8660
Target price :
Protective stop:
Outlook
This index remains strong as it continued to move higher after breaking out from the triangle consolidation pattern. Last night, it closed above the Fibonacci 62% correction point at 8561. The next resistance lies at the support-turned-resistance zone at 9000. Stochastic is moving higher at the moment. MACD has turned bullish with both lines are above the zero line.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 2833
Target price:
Protective stop:
Outlook
Price is testing the support-turned-resistance level at 2853. We are likely to see a pullback of this index if it unable to break above 2853. It has to move above 2853 for further rally towards 2965. Stochastic is at the overbought region. MACD is has turned bullish with both lines are above the zero line.
Trading Idea
Wait for better trading idea
