Market News
- U.S. stocks rose on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank’s two-day meeting got under way. S&P 500 rose 0.5% and Nasdaq Composite gained 1.2%, while Dow Jones closed with no changes.
- But the market was off its session highs as Apple shares erased most of their gains from early in the day. The stock ended flat after briefly turning lower in the wake of its product event, which included the rollout of a new virtual fitness service and a bundle of all its subscriptions, Apple One.
- Following robust industrial output and retail sales data from China and higher U.S. factory production investors are focusing on the Fed’s policy statement due Wednesday, the first since Chair Jerome Powell announced an increased tolerance for higher inflation.
Market Views
- Asia Pacific markets were mixed on Wednesday morning, extending a rally driven by upbeat Chinese and U.S. economic data, but the dollar, U.S. yields and gold held steady as investors awaited the Fed’s view on the economy at its policy meeting. Hang Seng index fell 15 points while Nikkei 225 index rose 32 points.
- Separately, the World Trade Organization found on Tuesday that the United States had breached global trading rules by imposing multi-billion dollar tariffs in President Donald Trump’s trade war with China, a ruling that drew anger from Washington
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 28,070
Target price:
Protective stop:
Outlook
This index appears to have found support at the Fibonacci 38% correction point. It has rebounded from this support and has moved above the 20EMA resistance. As long as price stays above the 20EMA, we could see another move towards its all-time high of 29,195. Stochastic is rising from near the oversold region. MACD is still bullish at the moment and a bullish crossover is likely, hinting at potential increased upward momentum.
Trading Idea
Buy 28,010 for 28,600 with a stop below 27,650.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,724
Target price:
Protective stop:
Outlook
Price retested the previous low of 24,246 last Thursday, and there is a rising window created on Monday. As long as the gap of 24,406 is not closed, this could be a good sign for this index to test 25,107. It could form a potential Double Bottom if the 24,246’s low holds. Stochastic is rising from the oversold region. MACD has turned bearish but a bullish crossover is possible in the next couple of days.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 11,497
Target price :
Protective stop:
Outlook
Price managed to hold and has rebounded from the resistance-turned-support zone. As long as price holds at this support zone of 10,935, there is chance for this index to move higher to test its high at 12,467 again if it able to surpass the 20EMA resistance at 11,466. Stochastic is rising from the oversold region. MACD is bullish and a bullish crossover could happen over the next couple of days.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3411
Target price:
Protective stop:
Outlook
Price appears to be supported at the Fibonacci 38% retracement point of Jun-Sept 20’s rally. We are likely to see price moving higher to test its all-time high at 3588 once it closes above the 20EMA resistance at 3403. Stochastic is rising from near the oversold region. MACD is still bullish at the moment and a bullish crossover is possible over the next couple of days.
Trading Idea
Wait for better trading idea
