Market News
- Wall Street ended higher in a late-summer, light volume rally on Tuesday as the FDA’s full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium.
- Investors continue to fret over spiking COVID-19 infections caused by the highly contagious Delta variant, but the U.S. Food and Drug Administration granted full approval on Monday to the COVID-19 vaccine developed by Pfizer, raising hopes inoculations could accelerate.
- Fed Chair Jerome Powell is due to meet with other world bank leaders when the Jackson Hole Symposium convenes later this week, and his remarks will be closely parsed for any clues regarding the Fed’s tapering of asset purchases and hiking key interest rates.
Market Views
- Asian shares were mixed on Wednesday morning as global equities rebounded thanks to a combination of positive COVID-19 vaccine news and easing worries over tapering of Fed stimulus. Hang Seng index slid 100 points while Nikkei 225 index advanced 1 point.
- As China continues to tighten regulations on various sectors, the U.S. Securities and Exchange Commission said it will issue expanded disclosure requirements for the more than 250 Chinese companies currently trading on U.S. stock exchanges.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 35,331
Target price:
Protective stop:
Outlook
Price tested the rising trendline support for the fifth time on 19 Aug. It rebounded from this trendline thereafter on a follow-through candle following the Doji that confirmed the bottom. We are likely to see price test the high of 35,628 again. Stochastic is rising now. MACD remains bullish.
Trading Idea
Buy 35,000 for 35,600 with a stop below 34,800
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 25,581
Target price:
Protective stop:
Outlook
Price tested its previous low support zone last Friday. It could be forming a potential Double Bottoms chart pattern. There is also divergence warning given from the MACD that hint for possible low. Price has to surpass 20EMA at 26,030 for more upside. Stochastic is rising now. MACD is still bearish.
Trading Idea
Buy 25,000 with a stop below 24,600 for 26,000.
Nasdaq 100 Index
(CFD Symbol: USTEC)
Trend :
Recommendation :
Last : 15,360
Target price :
Protective stop:
Outlook
This index has been moving within a rising channel since Sep 2020. It broke out from a Triangle pattern two days ago with the rising 20EMA. We are likely to see more upsides towards 15,570. Stochastic is moving higher. MACD is still bullish and there is a bullish crossover.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4483
Target price:
Protective stop:
Outlook
Price rebounded after being supported by the rising trendline support that formed since Sept 2020. A new high was formed at 4495 last night. The next target lies at 4540. Stochastic is rising now. MACD is still bullish and had a bullish crossover.
Trading Idea
Wait for better trading idea
