- A broad rally sent Wall Street to a sharply higher close on Thursday, recovering ground lost over recent sessions due to rate hike fear and the omicron variant as market participants snapped up bargains while digesting the implications of a shifting pandemic.
- The Dow gained the most, notching up 617 points, which was its highest one-day percentage gain since March 5. The S&P 500 index 64 points, while the Nasdaq Composite index was up by 127 points in Thursday trading.
- Jobless claims and planned layoffs data provided further evidence that employers are increasingly disinclined to hand out pink slips amid a tight labour market, the result of booming demand colliding with worker scarcity and low labour market participation.
- Stocks fell on Friday after Chinese ride-hailing giant Didi said it would delist in New York, renewing concern about U.S.-China tensions and tech regulation, while oil headed for a sixth consecutive weekly drop on Omicron and rate hike worries. Hang Seng index slipped 16 points but Nikkei gained 198 points.
- Chinese ride-hailing giant Didi said it would delist in New York and seek a listing in Hong Kong, succumbing to pressure from Chinese regulators concerned about data security and renewing concern about U.S.-China tensions and tech regulation.
Dow Jones Index
(CFD Symbol: US30)
Last : 34,678
This index has dropped below the 20EMA, turning the trend bearish. This index has to move above 35,300 to re-gain its bullish impetus. Else, we could see this index declining to 33,526. Stochastic is in the oversold zone but is struggling to move higher. 20EMA is bearish. MACD is bearish and is hinting at a bearish price trend.
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Last : 23,596
This index has continued to move lower after being capped by the 20EMA. This index has also broken below its previous low at 23,730. A break of this support is hinting at a test to 22,500. 20EMA is bearish and hinting at a bearish price trend. Stochastic is in the oversold zone and has a bullish crossover. MACD is bearish and is hinting at a bearish price trend.
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTEC)
Recommendation : Long @ 16,170
Last : 15,976
Target price : 16,750
Protective stop: 15,950 Triggered
This index has broken below the 20EMA at 16,150, hinting at a new bearish price trend. Stochastic is declining after a bearish crossover but is near to the oversold zone. MACD remains bullish but there was a divergence warning of a possible price high. 20EMA is bearish.
Buy 16,170 for 16,750 with a stop below 15,950. Entry and stop were triggered on 1 Dec.
S&P 500 Index
(CFD Symbol: US500)
Recommendation: Long @ 4620
Target price: 4740
Protective stop: 4550 Triggered
This index has been declining after creating a new all-time high at 4744. This index has fallen below its 20EMA, which is currently hinting at a bearish price trend. Stochastic is near to the oversold zone. MACD remains bullish but has given a divergence of a possible price high.
Buy 4620 for 4740 with a stop below 4550. Entry order was filled on 26 Nov. Stop was triggered on 1 Dec.