Market News
- U.S. stocks ended lower on Thursday, with growth stocks including Tesla and Amazon denting the Nasdaq, as the Ukraine crisis kept investors on edge. Reflecting a defensive mood on Wall Street, the S&P 500 utilities index rallied 1.7% and real estate climbed 1.1%.
- RIA News agency cited the Ukrainian atomic energy ministry as saying that a generating unit at the Zaporizhzhia nuclear power plant, the largest of its kind in Europe, had been hit during an attack by Russian troops.
- Wall Street surged in the previous session after Fed Chair Jerome Powell said he would back a quarter point rate increase at the March 15-16 meeting, assuaging some fears of a more aggressive hike.
Market Views
- Asia Pacific stocks were down on Friday morning, with investors weighing the escalating Russian invasion of Ukraine and the global growth risks from soaring costs of commodities including oil. Hang Seng index plunged 599 points and Nikkei 225 index slumped 680 points.
- Oil prices jumped on Friday after ending steady a day earlier, with the market also focused on whether the OPEC+ producers, including Saudi Arabia and Russia, would increase output from January.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 33,501
Target price:
Protective stop:
Outlook
A long leg Doji candlestick pattern was formed on 24 Feb, forming a possible price low. We are likely to see a price rebound if price penetrate above the 20EMA at 33,110. 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: 21,872
Target price:
Protective stop:
Outlook
This index has been declining after violating the neckline of a Double Top chart pattern. It further violated its previous low support zone as well. Price is likely to head lower towards the Double Top’s price target at 21,465. Stochastic is falling and MACD remains bearish.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 13,897
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 of 14,230 for more upside ahead. Stochastic is likely to turn down. MACD remains bearish but could be giving potential divergence warning.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4321
Target price:
Protective stop:
Outlook
Price rebounded after forming a possible price low at 4106. The 20EMA is capping price rally at 4384. 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
