Market News
- Nasdaq scaled a new closing high on Tuesday, but the broad market barely missed eking out a seventh day of gains as investors rotated out of large-cap tech names into other sectors expected to benefit from a proposed $1.9 trillion U.S. stimulus bill.
- Democrats in the U.S. Senate continue to try to find a way to include a minimum wage increase in a comprehensive COVID-19 relief bill they aim to advance in the coming weeks, Senate Majority Leader Chuck Schumer said on Tuesday.
- Bitcoin fast approached the $50,000-mark as the afterglow of Elon Musk-led Tesla’s investment in the cryptocurrency had investors reckoning it may become a mainstream asset class for both corporations and money managers.
Market Views
- Stocks in Asia Pacific inched higher on Wednesday morning as upbeat Wall Street earnings and optimism about a global recovery supported sentiment, although concerns about the sustainability of a recent risk rally are likely to cap gains. Hang Seng index surged 515 points and Nikkei 225 index rose 25 points.
- Brent oil rose on Tuesday to $61.06 in the seventh straight session of gains, touching 13-month highs. Investors are betting that fuel demand will rise while OPEC and allied producers keep a lid on supply.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 31,462
Target price:
Protective stop:
Outlook
Price has been moving higher after rebounding near to its previous low support zone. It created a new all-time high at 31,434 last night. The 20EMA is still rising, confirming the bullish trend. The next resistance lies at 32,290. Stochastic is rising now. MACD is bullish and there is a bullish MACD crossover.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 29,916
Target price:
Protective stop:
Outlook
This index rebounded after being supported by the 20EMA support. The 20EMA is rising at the moment, suggesting the bullish price trend now. We could see price moving higher towards the resistance zone at 30,180 again. Stochastic is moving up now. MACD is also bullish at the moment. A bullish MACD crossover is likely.
Trading Idea
Buy 29,700 for 30,150 with a stop below 29,500.
Nasdaq 100 Index
(CFD Symbol: USTEC)
Trend :
Recommendation :
Last : 13,750
Target price :
Protective stop:
Outlook
Price rebounded from the 20EMA support zone after forming a Bullish Engulfing candlestick pattern on 1 Feb. A new all-time high was created last night at 13,741. The 20EMA is still rising, suggesting the trend is still bullish. Stochastic is rising and MACD remains bullish. Price could head higher towards 14,480.
Trading Idea
Buy 13,600 for 13,900 with a stop below 13,450
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3926
Target price:
Protective stop:
Outlook
This index rebounded after slightly violating the 20EMA support. It is now trading above the 20EMA and has created a new all-time high resistance at 3919 during the last trading session. The 20EMA is still rising, hinting at the bullish trend now. Stochastic is rising at the moment and MACD is still bullish.
Trading Idea
Wait for better trading idea
