CFD Indices – Wall Street Ended Lower As Investor Weigh Development in Ukraine.

Market News

  • U.S. three stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as U.S. banned Russian oil and other energy imports over the invasion
  • President Joe Biden announced the ban on Russian oil and other energy imports, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices, while Britain said it would phase out imports of Russian oil and oil products by the end of 2022.
  • Ukraine’s government accused Russian forces of shelling a humanitarian corridor that Moscow, which describes its actions as a “special operation”, had promised to open to let residents flee the besieged port of Mariupol.

Market Views

  • Asia Pacific stocks were mixed on Wednesday morning, with China releasing factory-gate data and the U.S. as well as the U.K., banning on Russian oil. Hang Seng index slid 424 points while Nikkei 225 index rose 90 points.
  • The rally in oil and other commodities has heightened investor fears about global inflation. Data this week is expected to show the U.S. consumer price index climbed a stratospheric 7.9% on a year-on-year basis in February, up from 7.5% in January

Dow Jones Index

(CFD Symbol: US30)

Trend:

Recommendation: Long @32,710

Last: 32,680

Target price: 33,740

Protective stop: 32,230

Outlook

This index retested its low last night and formed a potential Spinning Top candlestick pattern. Both Stochastic and MACD are giving potential divergence warning that warns of possible bottom. We are likely to see price rebound to test its overhead 20EMA resistance at 33,740.

Trading Idea

Buy 32,710 with a stop below 32,230 for 33,740. Entry order was filled on 8 Mar.


Hang Seng Index

(CFD Symbol: HK50)

Trend:

Recommendation:

Last: 20,305

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: 13,296

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. Both Stochastic and MACD are giving potential divergence warning. We could see a technical rebound towards the 20EMA at 13,970

Trading Idea
Wait for better trading idea



S&P 500 Index

(CFD Symbol: US500)

Trend:

Recommendation: Long @ 4180

Last: 4182

Target price:4325

Protective stop:4106

Outlook
Price retested its previous low last night and formed an inverted Hammer candlestick pattern. Stochastic is giving a potential divergence warning that hints at possible bottom. We could see price having a technical rebound towards the 20EMA at 4325.

Trading Idea
Buy 4180 with a stop below 4106 for 4325. Entry order was filled on 8 Mar.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.