Market News
- Walt Disney shares were the biggest boost to the Dow on Friday; surging 13.59% after the media company announced a heavy slate of new shows for its streaming services and said it expects as many as 350 million global subscribers by the end of fiscal 2024. Nasdaq and S&P 500 closed with modest declines.
- The U.S. Senate, facing a midnight deadline on Friday, unanimously approved a one-week extension of federal funding to avoid a government shutdown and to provide more time for separate negotiations on COVID-19 relief and an overarching spending bill.
- Progress on coronavirus vaccines cheered risk sentiment, with the first shipments speeding across the United States as part of an historic mission to inoculate more than 100 million people by the end of March.
Market Views
- Asia Pacific markets were mixed on Monday morning as investors gauged the chance of added U.S. fiscal and monetary stimulus, while the British pound rose in relief as a last-gasp extension to Brexit talks dodged a hard divorce. Hang Seng index fell 29 points while Nikkei 225 index gained 170 points.
- An added hurdle for the dollar will be the Fed’s policy meeting on Dec. 15-16. The market is assuming the central bank will merely refine its forward guidance on policy rather than buying more bonds or “twisting” its portfolio to add more longer-dated debt.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation : Long @ 31,150
Last : 30,222
Target price: 30,500
Protective stop: 29,850 Triggered
Outlook
This index has been moving higher steadily along with the rising 20EMA, after breaking above the resistance high at 29,195. A Hammer candlestick was seen last Friday after hitting the 20EMA support. We could see price continuing its upward momentum for further upside towards 31,130, as long as it stays above the 20EMA at 29,770. Stochastic is still strong at the overbought region. MACD remains bullish at the moment
Trading Idea
Buy 30,150 for 30,500 with a stop below 29,850. Entry order was filled on 10 Dec. Stop was triggered on 11 Dec.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 26,453
Target price:
Protective stop:
Outlook
This index is still moving within a consolidation range. It is being resisted at 27,070 for the fifth times, and it will need to break above this resistance for more upside. Price is fluctuating around the 20EMA at the moment, but as long as it can stay above the lower boundary of 25,900, it will continue ranging. A violation of 25,900 would see downside at 25,150. Stochastic is falling, but could turning around soon as it approaches the oversold region. MACD is still bullish.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 12,420
Target price :
Protective stop:
Outlook
This index has created an all-time high at 12,673 on 9 Dec, but ended the day with a big Bearish Engulfing candlestick pattern. It tested and managed to maintain above the 20EMA, which is acting as support at 12,270. As long as this support holds, there is chance for price to retest its high again. Stochastic is falling at the moment. MACD is still bullish but there is a bearish crossover
Trading Idea
Buy 12,300 for 12,650 with a stop below 12,195.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3681
Target price:
Protective stop:
Outlook
This index managed to stay above the rising 20EMA, which is acting as support at the moment at 3635. As long as this support holds, the bullish trend remains intact, and there is chance for price moving higher towards 3734. Stochastic is still strong and could be turning up again. MACD is still bullish.
Trading Idea
Buy 3660 for 3710 with a stop below 3620.
