Market News
- Last night, U.S. markets were closed for Thanksgiving holiday. The U.S. recovery from the pandemic has been remarkably uneven, with some Americans working from home, saving money, and spending lavishly online with others struggling to pay for rent and groceries after their jobs evaporated.
- British drugmaker AstraZeneca’s coronavirus drug was touted as a “vaccine for the world” due to its inexpensive cost, but the efficacy of the vaccine is now facing more intense scrutiny, which experts say could delay its approval.
- Doubts about the distribution of a coronavirus vaccine have placed renewed focus on the current state of the pandemic, which looks grim for many places. Several scientists have raised doubts about the robustness of results showing the shot was 90% effective in a sub-group of trial participants who, by error initially, received a half dose followed by a full dose.
Market Views
- Asian shares fell slightly on Friday morning, pulling back from a record high hit earlier this week, amid renewed doubts about a highly-anticipated coronavirus vaccine and concern about the economic impact from the pandemic. Hang Seng index fell 40 points and Nikkei 225 index slipped 30 points.
- Fuel demand is falling due to renewed coronavirus lockdowns, but some oil producers are not complying with agreed production cuts, which raise concerns about oversupply, resulting in the U.S. crude dipping 1.71% to $44.93 a barrel.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation : Short @30,170
Last : 29,762
Target price: 29,600
Protective stop: 30,170
Outlook
Price is now trading within the zone of 29,160-30,090, which is the 20EMA and the resistance-turned-support zone. There is potential divergence warning given from the MACD that warned for potential top. If price breaks below 29,160, we could see price moving lower towards 28,550. Stochastic is still strong but is at the overbought region. MACD remains bullish and there is a bullish crossover.
Trading Idea
Trading sell at 30,170 for 29,600 with a stop above 30,270. Entry was filled on 25 Nov. Shift stop lower to cost at 30,170
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,751
Target price:
Protective stop:
Outlook
Price is still trading within a range of 25,890 to 26,870, which is where the gap support and the Jul 20’s resistance high lie. It is testing the upper boundary and if a breakout occurs, we could see price moving higher towards 27,920. Stochastic is falling from the overbought region but MACD is still strong and bullish now.
Trading Idea
Buy 26,200 for 27,100 with a stop below 25,900.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 12,143
Target price :
Protective stop:
Outlook
The rising 20EMA has been acting as support at the moment, where we have seen price moving higher along with the 20EMA. As long as price stays above the 20EMA at 11,910, the uptrend remains intact, and there is chance for this index moving higher again. Stochastic is relatively weak at the moment, and there is a bullish crossover. MACD is still bullish but is also relatively weak.
Trading Idea
Trading sell 12,175 for 12,070 with a stop above 12,230.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3617
Target price:
Protective stop:
Outlook
This index has been maintaining above the gap support that was created on 9 Nov. The 20EMA is now acting as support at 3555. There could be divergence warning given from the MACD histogram that warned for potential top. A violation of the 20EMA would hint for correction towards 2453. Stochastic is moving up now and MACD is still bullish.
Trading Idea
Wait for better trading idea
