Market News
- Wall Street advanced on Thursday, recovering from a drop earlier in the day after Fed Vice said she backs at least a couple more half percentage point interest rate hikes. The gains were led by Tesla, Nvidia and other megacap growth stocks in a choppy session ahead of a key jobs report due on Friday.
- U.S. private payrolls increased far less than expected in May as shown in ADP National Employment report, suggesting demand for labor was starting to slow amid higher interest rates and tightening financial conditions.
- Government’s nonfarm payrolls data on Friday will be the focus as investors look for fresh signs of the U.S. economy’s health and how aggressively the Fed may continue to raise interest rates. Analysts are expecting the economy to have added 325,000 jobs last month.
Market Views
- Shares in Asia-Pacific gained in Friday morning following overnight rally on Wall Street. Investors will be looking ahead to the release of U.S. jobs data for May. Nikkei 225 index were up 313 points while Hong Kong market is closed for a holiday today.
- Oil prices were lower in the morning after OPEC and its oil-producing allies agreed Thursday to hike output in July and August by a larger-than-expected amount as Russia’s invasion of Ukraine roils global energy markets.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 33,256
Target price:
Protective stop:
Outlook
This index managed to stay above the 20EMA, which is also the previous resistance price high level, showing the bullish outlook. Both MACD and Stochastic are bullish. As long as price stay above 20EMA, we see price continuing to move higher.
Trading Idea
Buy 32,670 for 33,650 with a stop below 32,150.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 21,393
Target price:
Protective stop:
Outlook
Price broke above the rectangle consolidation zone, showing the bullish outlook of this index. The 20EMA is rising, confirming the uptrend. Both MACD and Stochastic are bullish currently. We see price continuing to move higher as long as it stay above the 20EMA.
Trading Idea.
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 12,895
Target price:
Protective stop:
Outlook
This index is currently sitting at the 20EMA support, which is also the resistance-turned-support zone. Both Stochastic and MACD are bullish. As long as price stays above the 20EMA, we see price continuing to move higher.
Trading Idea
Buy 12,400 for 13,500 with a stop below 12,100.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4178
Target price:
Protective stop:
Outlook
Price rebounded after being supported by the 20EMA support, which coincides with the resistance-turned-support level. Both Stochastic and MACD are bullish. We see price continuing to move higher if it able to stay above the 20EMA.
Trading Idea
Wait for better trading idea
