Market News
- U.S stocks rose on Wednesday and the Nasdaq hit a record closing high, supported by technology shares such as Apple and Amazon, as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country.
- The number of confirmed U.S. coronavirus cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.
- St. Louis Federal Reserve President James Bullard told CNBC that unemployment stateside could fall to as low as 7% this year. The current jobless level in the U.S. is at a post-World War II high of 11.1%.
Market Views
- Asian stocks were higher on Thursday morning, as hopes of a robust economic recovery offset concerns over flare-ups in the coronavirus pandemic, and as investors looked ahead to earnings season. Hang Seng index rose 91 points and Nikkei 225 index gained 47 points.
- Concerns over the pandemic and the extraordinary amounts of fiscal and monetary stimulus unleashed around the world to counteract its economic impact led some investors to seek safety in the yellow metal, which soared past the $1,800, its highest level since September 2011.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,054
Target price:
Protective stop:
Outlook
This index appears to have found a support ground at the Fibonacci 62% correction point, which is also the previous low support zone. It has rebounded from there and has been staying above the 20EMA. There is a chance for this index to retest its all-time high of 27,608 as long as this support holds. Below the 20EMA, there is a possibility of this index going lower to 24,890. Stochastic is moving up at the moment. MACD is bullish and there is a bullish crossover.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,290
Target price:
Protective stop:
Outlook
This index has finally broken out of the consolidation zone that ranged from 23,400 to 25,000 that lasted for almost 3 months. Price managed to stay above the gap that created on Monday, and as long as this gap at 25,340 is not closed, we are likely to see price testing the next resistance zone at 27,140. Stochastic is turning up and MACD is bullish. There is also a bullish MACD crossover.
Trading Idea
Buy at 25,630 for 26,570 with a stop below 25,230.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 10,676
Target price :
Protective stop:
Outlook
This index created a new all-time high at 10,705 on Tuesday after rebounding from the 20EMA support. The next resistance lies at the Fibonacci 127% projection level at 11,300. The 20EMA at 10,210 will be acting as support. Stochastic is now at the overbought region and could be turning down. MACD is still bullish and there is also a bullish crossover.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3170
Target price:
Protective stop:
Outlook
This index has been rising after rebounding from the key resistance-turned-support zone, which is also the previous low support since 29 June. Price has been rising gradually and there is high chance for price to retest its all-time high of 3232 again. Stochastic is moving up at the moment. MACD is bullish and there was a bullish crossover.
Trading Idea
Wait for better trading idea
