Market News
- U.S. stocks rose on Friday and Dow Jones surged 369 points, as a positive analysis on Gilead Sciences Inc’s antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States, and as financial shares surged.
- The United States registered the largest single-day increase in new COVID-19 infections globally for the second day in a row on Thursday, forcing Americans to take new precautions. Several states have already backpedalled on reopening plans.
- Gilead’s remdesivir significantly improved clinical recovery and reduced the risk of death in COVID-19 patients, additional data from a late-stage study showed. The drug maker’s shares climbed 2.2% as it said the finding required confirmation in clinical trials.
Market Views
- Asia Pacific stocks were higher to kickstart the week on Monday morning as investors wagered U.S. earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns. Nikkei 225 index gained 386 points and Hang Seng index rose 129 points.
- Oil prices fell in the morning of Asian trading hours, with international benchmark Brent crude futures down 0.72% to $42.93 per barrel. U.S. crude futures also declined 0.76% to $40.24 per barrel.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,251
Target price:
Protective stop:
Outlook
This index has rebounded from the Fibonacci 62% correction point, which is also the previous low support zone. It is now hovering around the flat 20EMA, and as long as price stay above the 20EMA at 25,888, there is higher chance that this index will test its all-time high at 27,608. 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 : Long
Last : 26,015
Target price: 26,570
Protective stop: 25,230
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. It is now staying above the gap support that was created on 6 Jul, and as long as price stay above this support, we are likely to see price moving higher towards 27,140. Stochastic is turning down at the moment. MACD is still bullish and there is also a bullish MACD crossover.
Trading Idea
Buy at 25,630 for 26,570 with a stop below 25,230. Order was filled on 10 July.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 10,893
Target price :
Protective stop:
Outlook
This index created a new all-time high at 10,860 on Friday after rebounding from the 20EMA support on 29 June. The next resistance lies at the Fibonacci 127% projection level at 11,300. The 20EMA at 10,340 will be acting as support. Stochastic is now at the overbought region but is still rising at the moment. 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: 3201
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. The 20EMA is providing support to the price, and is moving higher together with the price. It is approaching its all-time high and we are likely to see price moving towards 3232. Stochastic could be turning down. MACD is bullish and there was a bullish crossover.
Trading Idea
Wait for better trading idea
