Market News
- Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors. Down Jones slid 597 points, S&P 500 fell 218 points and S&P 500 was down 67 points.
- Russia warned Kyiv residents to flee their homes and rained rockets on the city of Kharkiv as Russian commanders intensified their bombardment of Ukrainian urban areas in a shift of tactics after their six-day assault stalled.
- Data showed U.S. manufacturing activity picked up more than expected in February as COVID-19 infections subsided, while construction spending surged in January.
Market Views
- Asian stocks came under renewed pressure on Wednesday as investors fretted about the impact of aggressive sanctions against Russia over its invasion of Ukraine. Hang Seng index slid 262 points and Nikkei 225 index plunged 514 points.
- U.S. President Joe Biden announced the ban during his State of the Union speech on Tuesday, in which he also said Russian President Vladimir Putin would “pay a continuing high price over the long run” for the invasion of Ukraine.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 33,378
Target price:
Protective stop:
Outlook
A long legged Doji candlestick pattern was formed on 24 Feb, hinting at a possible price low. We are likely to see a price rebound if price penetrate above the 20EMA at 34,170. Stochastic is rising and MACD could be giving potential divergence warning.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 22,532
Target price:
Protective stop:
Outlook
This index is currently trading at its previous low support zone. Stochastic is at the oversold region and a bullish crossover is likely. As long as the low at 22,421 holds, a possible price rebound towards 23,300 is likely.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 14,042
Target price:
Protective stop:
Outlook
This index remains bearish as it has been capped by the falling 20EMA which is acting as resistance currently. A possible price low has been formed at 13,032. Price has to surpass the 20EMA for more upside ahead. Stochastic is rising and MACD could be giving potential divergence warning.
Trading Idea
Sell 14,250 for 13,650 with a stop above 14,450.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4316
Target price:
Protective stop:
Outlook
Price rebounded after forming a possible price low at 4106. The 20EMA is capping price rally at 4387. Price has to penetrate above the 20EMA for more upside ahead. Stochastic is rising and MACD could be giving potential divergence warning
Trading Idea
Buy 4210 with a stow below 4110 for 4360.
