- The S&P 500 closed little changed near its record level on Tuesday as investors braced for a big batch of tech earnings. Dow Jones has a slight gain of 3 points while Nasdaq Composite fell 48 points, led by the decline of Tesla’s shares that lost 4.5% even after posted record net income of $438 million.
- The Federal Reserve kicked off its two-day policy meeting on Tuesday; the central bank is not expected to take any action, but to defend its policy to let inflation run hot. The latest CNBC Fed Survey sees the central bank staying on hold and keeping its asset-buying program in place at the same levels for the rest of 2021, despite growing concerns about an overheating economy.
- Home prices in February registered the biggest gain in 15 years, rising 12% year over year and up from 11.2% in January, while the consumer confidence climbed sharply to hit a pandemic high with The Conference Board’s index jumping to 121.7, the highest since February 2020.
- Shares in Asia-Pacific were higher in Wednesday morning trade after a slew of economic data. Japan’s retail sales rose 5.2% in March as compared with a year ago this was higher than a median market forecast for a 4.7% gain. Hang Seng index rose 45 points and Nikkei 225 index gained 110 points.
- Oil prices edged higher on Tuesday as OPEC+ was expected to stick to existing plans to boost oil output slightly from May 1, suggesting it does not see a lasting impact on demand from India’s coronavirus crisis.
Dow Jones Index
(CFD Symbol: US30)
Last : 33,937
Price is consolidating after hitting a high at 34,253 on 16 Apr. The 20EMA will be the first layer of support at 33,690. We look forward for price surpassing its recent high for more upside towards 35,600. Stochastic is falling at the moment. MACD also remains strong at the moment.
Buy 33,655 for 34,000 with a stop below 33,500
Hang Seng Index
(CFD Symbol: HK50)
Recommendation : Long @ 28,900
Last : 28,943
Target price: 29,550
Protective stop: 28,690
Price was resisted by the price resistance of 29,180. It is currently supported by the rising 20EMA at 28,840. We look forward for price breaking above this price resistance for more upside ahead. Stochastic is still strong now and there is a bullish crossover. MACD has turned bullish as well.
Buy 28,900 for 29,550 with a stop below 28,690. Entry order was filled on 27 Apr
Nasdaq 100 Index
(CFD Symbol: USTEC)
Recommendation : Long @ 13,900
Last : 13,986
Target price : 14,300
Protective stop: 13,650
There is a slight pullback where the 20EMA is acting as support at the moment at 13,755. With the strong Stochastic and the bullish MACD indicators, we are likely to see price breaking above its recent high of 14,066 for 14,480. Stochastic is still strong now and MACD is still bullish.
Buy 13,900 for 14,300 with a stop below 13,650. Entry order was filled on 20 Apr
S&P 500 Index
(CFD Symbol: US500)
Price is testing its all-time high of 4198. It has to breakthrough this high for more upside towards 4350. The 20EMA is rising and is acting as first layer of support at 4122. Stochastic is still at the overbought region now and MACD remains bullish.
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