- Both the S&P 500 and the Nasdaq eked out record closing highs after a topsy-turvy Thursday on Wall Street, as investors focused on upbeat retail and technology earnings which outshone hawkish inflation comments from a Federal Reserve policymaker.
- The S&P 500 and Nasdaq closed at 4,704 and 15,993 respectively. By contrast, the Dow continued to play the laggard, losing 60 points and registering its third decline this week, as Cisco Systems Inc weighed on the index.
- Global shares remain near record levels, as corporate earnings were strong in the U.S. particularly. The strong growth also continues to ease concerns about inflation, monetary policy tightening, and an economic recovery from COVID-19 that is slowing down in China.
- Asian shares were mixed on Friday as disappointing earnings from Chinese e-commerce giant Alibaba heightened worries about Beijing’s broad regulatory crackdown and slowing growth in the world’s second-biggest economy. The Hang Seng Index was down 445 points but Nikkei 225 index was up 143 points.
- Alibaba’s shares tumbled over 10% after its second-quarter results missed expectations due to slowing consumption, increasing competition and a regulatory crackdown amid a broad months-long regulatory crackdown by Beijing.
Dow Jones Index
(CFD Symbol: US30)
Recommendation : Short @ 36,400 Closed
Last : 35,990
Target price: 35,650
Protective stop: 36,450
This index reached a low of 35,656 overnight. The price correction was supported by the 20EMA. Stochastic is hinting of a possible reversal in price trend. MACD remains bullish and is hinting at a bullish price trend. This index may have reached a low and a reversal in price trend to test the high at 36,565 is likely in the next couple of weeks.
Sell 36,400 with a stop above 36,600 for 35,650. Entry order was filled on 9 Nov. Lower stop-loss to 36,450 on 17 Nov. Close position at 35,990 on 19 Nov as the index almost hit the target price.
Hang Seng Index
(CFD Symbol: HK50)
Last : 24,908
This index has continued to move lower after hitting the high at 25,819. We are likely to see a test of the previous low at 24,515 in the coming days. 20EMA has turned bearish. Stochastic continues to rise and is hinting at a price rally. MACD is neutral at the moment.
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTEC)
Last : 16,573
Target price :
This index continues to rise and has set a new high this morning. The rising 20EMA is hinting at a bullish price trend. We foresee this index continuing to make new record highs in the coming days. Stochastic is near the overbought zone but has shown no sign of declining at the moment. MACD remains bullish and is hinting at a bullish price trend ahead.
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
This index has moved above its previous all-time high at 4718. We are likely to see this index continuing its rally as technical indicators are pointing to a bullish price trend. The 20EMA remains bullish. Stochastic is in the overbought region but could remain in the overbought zone if the trend remains strong. MACD remains bullish and is hinting at a price rally.
Wait for better trading idea.