Market News
- S&P 500 and Nasdaq closed at record highs on Friday, with both lifted by Apple which rallied over 5% as its market value continued to swell after the most valuable publicly listed company in the world crossed the $2 trillion milestone this week.
- U.S. business activity snapped back to the highest since early 2019 in August, according to IHS Markit surveys, as companies in both manufacturing and services sectors saw resurgence in new orders. Another report showed U.S. home sales rose at a record pace for a second straight month in July and home prices hit all-time highs.
- British finance minister Rishi Sunak plans to drop a tax on technology companies such as Facebook and Google because it does not raise much money and could hurt a push for a U.S. trade deal, the Mail on Sunday newspaper said.
Market Views
- Stocks in Asia Pacific were higher on Monday morning, underpinned by coronavirus hopes after the U.S. Food & Drug Administration (FDA) authorized the use of blood plasma from recovered patients as a treatment option. Hang Seng index advanced 379 points and Nikkei 225 index rose 76 points.
- Sentiment was supported by a Financial Times report that the Trump administration is considering by-passing normal U.S. regulatory standards to fast-track an experimental coronavirus vaccine from the UK for use in America ahead of the presidential election.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 27,995
Target price:
Protective stop:
Outlook
This index closed with a Hammer candlestick pattern and rebounded after being supported by the rising 20EMA on Thursday. There is high chance for price to test its previous high of 28,155, as the momentum indicator, the Stochastic is still strong and a bullish crossover is likely. MACD is also bullish at the moment. A penetration of previous high will target the triangle target at 29,480.
Trading Idea
Buy 27,900 for 28,240 with a stop below 27,680.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 25,556
Target price:
Protective stop:
Outlook
A Hammer candlestick pattern was formed on Thursday at the key rising trendline support that formed since Mar 20, and we have seen a followed-through bullish candle. Price gapped up today and is moving higher. There is a gap resistance, which is also the Fibonacci 62% retracement point at 25,830. If price can surpass this resistance, we will peg the next target at the high at 26,818. Stochastic is falling but still look strong and MACD has turned bullish.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 11,610
Target price :
Protective stop:
Outlook
This index has been rising steadily along with the rising 20EMA which is acting as support at the moment. A new all-time high of 11,578 was created last night, where we have seen price penetrated above its previous high. The next resistance lies at 11,680 and 12,870. Stochastic is still strong and is rising at the moment. MACD is bullish and had a bullish crossover.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3405
Target price:
Protective stop:
Outlook
Price has been rising steadily along with the rising 20EMA which is acting as support at 3342. It is trading near to its overhead resistance point of 3416. A move above this resistance will target for 3529. Stochastic is still strong at the overbought region. MACD is also bullish and a bullish crossover is likely.
Trading Idea
Wait for better trading idea
