Market News
- Wall Street ended higher after a choppy session on Tuesday, lifted by Apple and energy stocks but limited by declines in AIG and Microsoft while investors awaited more U.S. government stimulus to fight economic fallout from the COVID-19 pandemic.
- Apple climbed 0.7%, up for a fifth straight session as investors cheered the iPhone maker’s blowout quarterly report last week, whereas Microsoft fell 1.5% as White House officials could not say how the U.S. government would receive a portion of the proceeds from any sale of TikTok’s U.S. operations, one day after Trump called for a cut of the money.
- White House negotiators late Tuesday vowed to work “around the clock” to reach a spending deal by the end of the week as they missed a deadline last week to extend the $600 per week enhanced unemployment payments.
Market Views
- Asia markets were mixed on Wednesday morning, following a choppy trading session on Wall Street and losses in Europe. Nikkei 225 index was down 142 points while Hang Seng index was up 52 points.
- China will not accept the “theft” of a Chinese technology company and is able to respond to Washington’s move to push ByteDance to sell short-video app TikTok’s U.S. operations to Microsoft, the China Daily newspaper said on Tuesday.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,849
Target price:
Protective stop:
Outlook
This index is still moving within a triangle pattern that started since 20 June. The 20EMA is currently flat, confirming the sideways movement as well. It is also providing the first layer of support to the price, where we have seen two Hammer candlestick patterns. Stochastic could be turning up and MACD is still bullish at the moment. We could see price breaking above the triangle to move higher towards its previous high at 27,608.
Trading Idea
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Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 25,088
Target price:
Protective stop:
Outlook
This index has been declining after reaching a high of 26,818 on 7th July. This decline was halted by the key Fibonacci 62% correction point of the rally that started from May to Jul 20. Price is now moving above the 20EMA. As long as this key support holds, there is chance for this index to rebound to 25,760. Stochastic is turning up from the oversold region. MACD is bearish but just had a bullish crossover.
Trading Idea
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Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 11,101
Target price :
Protective stop:
Outlook
Price has been moving higher along with the rising 20EMA support. Last night, this index surpassed its previous high and created another new all-time high at 11,107. The next resistance lies at 11,680. Stochastic is still rising at the moment. MACD is still bullish and there is a bullish crossover, but could form a potential divergence warning.
Trading Idea
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S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3306
Target price:
Protective stop:
Outlook
This index has been climbing higher along with the rising 20EMA which is acting as first layer of support at 3238 at the moment. It created a new all-time high at 3307 last night and is still moving higher. The next resistance lies at 3416. Stochastic is still rising at the moment. MACD is still bullish and there is a bullish crossover.
Trading Idea
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