CFD Indices – S&P 500 & NASDAQ Set Record Closing Highs Again

Market News

  • The S&P 500 and NASDAQ set record closing highs on Friday as investors bought energy, financial and materials shares and sold big tech stocks in anticipation of new fiscal aid from Washington to help the U.S. economy recover.
  • A sharp drop in new COVID-19 cases and hospitalizations in recent weeks have helped drive markets to new highs, though a near-term pullback could occur from the new coronavirus variants and potential snags in vaccine distributions.
  • U.S. President Joe Biden turned to a bipartisan group of local officials for support on his US$1.9 trillion coronavirus relief plan to help millions of unemployed workers and for schools to reopen. A Reuters poll showed the U.S. economy is expected to reach pre-COVID-19 levels within a year.

Market Views

  • Asian shares advanced to record highs on Monday as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington. Nikkei 225 index surged 347 points while Hong Kong markets are closed for Lunar New Year holiday.
  • Oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions.

Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 31,589
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 31,544 on 10 Feb. The 20EMA is still rising, confirming the bullish trend. The next resistance lies at 32,290. Stochastic is at the overbought region 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 : 30,081
Target price:
Protective stop:

Outlook
This index rebounded after being supported by the 20EMA support. The 20EMA is rising at the moment, suggesting a bullish price trend now. It is heading towards the resistance zone at 30,180. Stochastic is rising now. MACD is also bullish and there is a bullish MACD crossover.

Trading Idea
Wait for better trading idea as the HK market is closed for a holiday.

Nasdaq 100 Index
(CFD Symbol: USTEC)
Trend :
Recommendation :
Last : 13,856
Target price :
Protective stop:

Outlook
Price has been moving higher and created an all-time high at 13,827 on 12 Feb. The 20EMA is still rising, suggesting the trend is still bullish. It could be heading towards the next resistance at 14,480. Stochastic is at the overbought region and MACD remains bullish.

Trading Idea
Buy 13,650 for 13,900 with a stop below 13,500.

S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3950
Target price:
Protective stop:

Outlook
This index has been moving higher along with the rising 20EMA that confirms the bullish price trend. It created an all-time high at 3941 on 12 Feb. The next target lies at 4075. Stochastic is at the overbought region and MACD is still bullish

Trading Idea
Buy 3920 for 3990 with a stop below 3885.

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