Market News
- Both the Amazon and Netflix surged to record highs on Thursday as sweeping stay-at-home orders drove demand for online streaming services and home delivery of goods, pushing Wall Street’s indexes to close higher.
- With an “all-clear” nowhere in sight, seven U.S. states extended a shutdown to contain the pandemic until May 15, even as Trump prepared to detail his plan to open businesses in the least-affected states as early as May.
- Trump laid out new guidelines on Thursday for U.S. states to emerge from the shutdown in a staggered, three-stage approach meant to revive the economy even as the country continues to fight the pandemic.
Market Views
- Asian stocks edged higher on Friday morning to recover towards a one-month high as investors, following Wall Street’s lead overnight, sought silver linings in a run of data that showed the world is in its worst recession in decades. Hang Seng index jumped 560 points and Nikkei 225 index rose 492 points.
- However, investors may stay on the sidelines before a spate of Chinese data that due on Friday, which will likely show the world’s No. 2 economy shrinking for the first time on record between January and March.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 24,339
Target price:
Protective stop:
Outlook
Price broke above the price resistance of 24,080 today with a gap up. Let’s see if this index can remain and close above this price resistance today. If so, we are likely to see price moving further up and the next resistance lies at 25,225. A failure to close above this price resistance will likely pull price lower to 22,530 and a correction could be seen in the near term. Stochastic is at the overbought region and is likely to turn down. MACD has turned bullish.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,557
Target price:
Protective stop:
Outlook
Price gapped up today and again tested the gap resistance zone that range from 24,700 to 25,010. This could be a strong resistance zone as it also coincided with the Fibonacci 38% correction point of the decline. If this index cannot surpass this resistance zone, we are likely to see price moving lower towards 22,820. Stochastic is turning down at the moment. MACD has turned bullish
Trading Idea
Sell 24,750 with a stop at 25,100 for 23,850
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8916
Target price :
Protective stop:
Outlook
This index remains strong as it continued to move higher after breaking out from the triangle consolidation pattern. It is now testing the support-turned-resistance zone at 9000. Price will need to break above this resistance zone for further upside at 9750. A failure moves to penetrate this zone is likely to cap price rally and we could see a price correction to 8193 again. Stochastic is at the overbought region. MACD has turned bullish with both its lines above the zero line.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 2882
Target price:
Protective stop:
Outlook
Price gapped up and moved above the support-turned-resistance level at 2853 today. We would like to see a firm close above 2853 for further upside. If price close below 2853 today, we could see price moving lower towards 2647. Stochastic is at the overbought region and is turning down. MACD has turned bullish and both lines are above the zero line.
Trading Idea
Our sell idea was stopped out overnight. Wait for better trading Idea
