Market News
- U.S. stock markets closed higher after a mixed trading session as investors digested negative economic data reflecting the country’s struggle to move past the COVID-19 pandemic, while yields on safe-haven assets such as U.S. Treasuries slipped.
- The number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labour Department. The jobless claims data was soft and continues to be stubbornly elevated.
- Market participants are closely watching labour market indicators for hints as to when the Fed, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.
Market Views
- Shares in Asia-Pacific were mixed in Friday morning trade as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Hang Seng index fell 238 points while Nikkei 225 index rose 159 points.
- Bloomberg News reported that Beijing is considering harsh penalties on ride-hailing giant Didi. The penalties being planned range from a fine likely bigger than the record $2.8 billion Alibaba paid earlier this year to even a forced delisting after Didi’s IPO last month.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 34,868
Target price:
Protective stop:
Outlook
Price rebounded strongly after a consecutive two days’ decline. It is now moving above the 20EMA support and is on the way to test its previous resistance high at 35,093 again. This index has to penetrate this high for more upside ahead; else, a correction is likely to follow. Stochastic is rising now. MACD has turned bullish.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 27,473
Target price:
Protective stop:
Outlook
This index rebounded after nearly hitting its previous low support at 26,847. There is divergence warning given from both the MACD and Stochastic that hint for potential low. We are likely to see price penetrating its overhead 20EMA resistance at 27,860 for more upside. Stochastic is going to have a bullish crossover. MACD is bearish now
Trading Idea
Buy 27,050 for 27,800 with a stop below 26,850
Nasdaq 100 Index
(CFD Symbol: USTEC)
Trend :
Recommendation :
Last : 14,980
Target price :
Protective stop:
Outlook
The price correction was halted as price is supported by the rising 20EMA support. This could be a sign that the rally can continue if price can hold above the 20EMA. It is testing its previous high at 15,003 and if this high can be penetrated, we could see more upside ahead. Stochastic is rising now. MACD is still bullish.
Trading Idea
Buy 14,600 for 15,000 with a stop below 14,400.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4321
Target price:
Protective stop:
Outlook
Price managed to stay above the trendline breakout level despite having a one-day violation. It is now moving above the 20EMA. We are likely to see price testing its high again. Stochastic is rising now. MACD remains bullish.
Trading Idea
Wait for better trading idea.
