Market News
- U.S. stocks were mixed after the close on Friday, as gains in the Oil & Gas, Consumer Services and Financials sectors led shares higher while losses in the Healthcare, Telecoms and Utilities sectors led shares lower. Salesforce, Visa and American Express are the best performers on the Dow.
- European Central Bank (ECB) President Christine Lagarde will speak on Tuesday, and will be joined by Bank of England (BOE) Governor Andrew Bailey, Bank of Japan Governor Haruhiko Kuroda and U.S. Federal Reserve Chairman Jerome Powell at an ECB forum panel a day later.
- Powell will also be joined by U.S. Treasury Secretary Janet Yellen to testify at a Senate Banking Committee hearing on Tuesday. The House Financial Services Committee hearing will follow on Thursday.
Market Views
- Asian shares got off to a cautious start on Monday morning as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks. Hang Seng index gained 274 points and Nikkei 225 index rose 109 points.
Oil pushed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 34,977
Target price:
Protective stop:
Outlook
This index rebounded strongly after hitting the support zone of 33,736. It has now moved above the 20EMA. If price can sustain above the 20EMA at 34,770. We are likely to see price testing its high at 35,628. Stochastic is rising now. MACD is still bearish but had a bullish crossover.
Trading Idea
Buy 34,770 with a stop below 34,450 for 35,600
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,462
Target price:
Protective stop:
Outlook
Price violated the previous low support zone on 20 Sep with a bearish long candle. It is now struggling to move back inside the consolidation zone again. The 20EMA comes in as a resistance at 25,060 as well. Stochastic is at the oversold region. MACD remains bearish.
Trading Idea
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTEC)
Trend :
Recommendation :
Last : 15,400
Target price :
Protective stop:
Outlook
This index has been moving within a rising channel since Sep 2020. It rebounded after being supported by the Triangle rising trendline support. It has now moved above the 20EMA resistance. Should price manage to stay above the 20EMA, it could head higher towards 15,707. Stochastic is rising now. MACD is trading at the zero line and a bullish crossover is likely.
Trading Idea
Buy 15,300 for 15,690 with a stop below 15,100.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4476
Target price:
Protective stop:
Outlook
Price rebounded on 22 Sep with a bullish long candlestick. It has now moved above the 20EMA resistance at 4451 and is trading near to the lower boundary of the rising channel. Price has to move back inside the channel to be bullish again. Stochastic is rising now. MACD has turned bearish but there is a bullish crossover.
Trading Idea
Buy 4455 with a stop below 4410 for 4540.
