- Three major U.S. stock indexes rallied more than 1% on Thursday, extending the market’s recent rebound, as investors snapped up beaten-down shares of chipmakers and big growth names and as oil prices dropped.
- Data earlier showed the number of Americans filing new claims for jobless benefits dropped to a 52-1/2-year low last week, while unemployment rolls continued to shrink. Fed’s steps to contain inflation are what ultimately will drive a more aggressive inversion of the curve.
- Western leaders have agreed to increase military aid to Ukraine and tighten sanctions on Russia whose invasion of its neighbour entered a second month. U.S. warned Russian President Putin could resort to dangerous methods as his military campaign struggles.
- Asian stocks fell on Friday morning, with investors continuing to calculate the resilience of the global economic recovery to risks from both a tighter U.S. Fed monetary policy and the conflict in Ukraine. Hang Seng index slid 390 points and Nikkei 225 index dropped 108 points.
- Chinese vice Premier Liu He said Beijing would roll out support for the Chinese economy, sending Chinese and Hong Kong stocks higher initially. Investors were also watching to see whether the Bank of Japan would intervene to buy Japanese government bonds as its yield target came under pressure.
Dow Jones Index
(CFD Symbol: US30)
This index has turned bullish as price is trading above the 20EMA. 20EMA is rising as well, confirming the bullish price trend. MACD has turned bullish and Stochastic is at the oversold region. A correction towards the 20EMA is likely for an entry opportunity
Buy 34,175 for 35,000 with a stop below 33,800.
Hang Seng Index
(CFD Symbol: HK50)
This index rebounded strongly after forming a bullish Hammer. It is currently hovering around the 20EMA. A correction is likely to occur and this may provide a buying opportunity. Both MACD and Stochastic are rising and bullish.
Buy at 20,300 with a stop below 19,800 for 22,400.
Nasdaq 100 Index
(CFD Symbol: USTec)
Price has formed a base low at 12,945 as it has tested this support zone for third occasions. It moved above the 20EMA and is going to test 15,540 resistance point. Stochastic and MACD are bullish and are rising.
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Recommendation: Long @ 4460
Price has formed a base low at 4106 as it has tested this support zone for third occasions. It is going to test its overhead price resistance point at 4580. Both Stochastic and MACD are rising and bullish.
Buy 4460 with a stop below 4370 for 4590. Entry order was filled on 23 Mar. Raise stop to 4450 on 25 Mar.