Market News
- Wall Street lost ground on Tuesday, dragged by tech stocks as investors moved out of market-leading growth stocks, though a rotation into cyclical value stocks indicated hopes of economic revival as states began to relax restrictions enacted to fight the deadly COVID-19 pandemic.
- Investors have regained some confidence as parts of U.S., Europe and Australia are gradually easing restrictions while New Zealand this week allowed some businesses to open.
- Fed is widely expected on Wednesday to lift the interest rates that influence its fed funds target, a technical move that could keep interbank lending running smoothly and help prevent financial market disruption should the benchmark rate fall below zero.
Market Views
- Asia Pacific markets eked out a small gain on Wednesday morning as investors took heart from easing coronavirus lockdowns in some parts of the world while oil prices jumped on hopes demand will pick up. Hang Seng rose 41 points while Japan’s markets were closed for a public holiday.
- Trump said in a press conference Tuesday the U.S. will “very soon” run five million coronavirus tests per day. The lack of testing remains an obstacle for many states anxious to reopen for business.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 24,408
Target price:
Protective stop:
Outlook
Price has been moving along with the rising 20EMA support for the past few days. It is going to test its recent price resistance high at 24,450. This index can move towards 25,230 if it is able to surpass 24,450. However, we are seeing smaller candlesticks which are a sign of indecision. Inability to move higher could result in a test of the low at 22,540 again. Stochastic is turning up at the moment. MACD is bullish and a bullish crossover could be likely in the coming session
Trading Idea
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Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,681
Target price:
Protective stop:
Outlook
This index hit the gap resistance zone that range from 24,700 to 25,010 again today. This could be a strong resistance zone as it also coincided with the Fibonacci 38% correction point of the decline. Above 25,010 would call for a test of 25,975. This index is likely to range unless it can break through its resistance or violate its support. Stochastic could be turning up and a bullish MACD crossover is likely
Trading Idea
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Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8865
Target price :
Protective stop:
Outlook
The 20EMA has provided a support to price and we have seen price moved along with the 20EMA for the past few days. This index is going to test its overhead support-turned-resistance zone at 9000 again. Once this resistance is penetrated, we are likely to see price testing its all-time high at 9753. Stochastic is near to overbought zone but is moving up. MACD has turned bullish as well.
Trading Idea
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S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 2910
Target price:
Protective stop:
Outlook
Price was supported by the rising 20EMA for the past few days. It has surpassed its recent peak of 2893 and we are likely to see price moving towards 3130. A movement above the Fibonacci 62% correction point would be the first confirmation of a move to 3130. Stochastic is turning up at the moment and a bullish crossover was seen. MACD has turned bullish but has not moved above its recent high.
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