Market News
- U.S. stocks rebounded on Thursday, with the technology heavyweights rallying ahead of major earnings reports and upbeat domestic economic data, underscoring heightened market volatility ahead of the presidential election next week and growing fears of another COVID slowdown.
- Sentiment also got a boost from data showing the U.S. economy grew at a record pace in the third quarter after the government poured out more than $3 trillion of pandemic aid. A separate report showed weekly unemployment claims fell last week.
- Democratic challenger Joe Biden holds a comfortable lead over President Donald Trump in national polls, but the race in battleground states that will likely decide the election are tighter than the national surveys. Trump and Biden will rally supporters in the battleground of Florida, visiting the same city hours apart to offer their contrasting approaches to the resurgent coronavirus pandemic.
Market Views
- Asian shares faltered on Friday morning as jitters over upcoming U.S. presidential elections and fears that the global economic downturn will persist enveloped markets, though the index was still set to end the month higher. Hang Seng index fell 22 points while Nikkei 225 index slid 185 points.
- Crude oil fell again on Thursday as lockdowns in Europe and rising cases elsewhere clouded the energy demand outlook. U.S. crude recently fell 2.97% to $36.28 per barrel and Brent was at $37.77, down 3.45% on the day.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 26,465
Target price:
Protective stop:
Outlook
This index violated the rising channel that was formed since Jun 20 with a long bearish candle on Wednesday. It broke below its previous low of 26,533 last night as well. The next support comes in at 25,870, which is the Fibonacci 127% correction point. Price is likely to test this support level given the current downward momentum. Stochastic is moving lower and near to the oversold region. MACD is bullish but the slow line is at the zero line now.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation : Long
Last : 24,533
Target price: 25,250
Protective stop: 24,530 Triggered
Outlook
Price was capped by the Fibonacci 62% correction zone of the Aug-Sept’s decline for the third occasions. It is now hovering at the 20EMA, which is still flat at the moment. As long as price can hold above 24,080, there is chance for this index moving higher again. Stochastic is turning down now but MACD has turned bullish.
Trading Idea
Buy 24,800 for 25,250 with a stop below 24,530. Buy order was filled on 22 Oct. Stop was triggered on 29 Oct.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 11,218
Target price :
Protective stop:
Outlook
Price has been correcting and has fallen below the 20EMA support. The 20EMA is now suggesting a bearish trend. Price violated the Fibonacci 62% correction point at 11,280 as well. There is no sign of reversal as yet, we are likely to see price moving lower towards the previous low support at 10,680. Stochastic is still moving lower. MACD is bullish now.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3281
Target price:
Protective stop:
Outlook
Price has been moving lower after breaking below the 20EMA support. The 20EMA is now falling, suggesting a bearish trend for now. It violated the Fibonacci 62% correction point of Sep-Oct 20’s rally at 3340 as well. The next support lies at 3210. A spinning top candlestick was formed last night, but we will need a confirmation candle to confirm the reversal. Stochastic is falling and is at the oversold region. MACD is still bullish.
Trading Idea
Buy 3240 for 3340 with a stop below 3200
