Market News
- Wall Street’s three major indexes advanced on Thursday, with the S&P 500 and Nasdaq recording their fourth successive higher closes, as traders leaned in to U.S. equities after Fed hinted at a more tempered program of interest rate hikes.
- Ukraine opposes Canada handing over a turbine to Russia’s state-controlled Gazprom for natural gas supplies to Germany as the move would contravene sanctions on Russia, a Ukrainian energy ministry source told Reuters on Thursday.
- A report on Thursday showed the number of Americans filing new claims for unemployment benefits unexpectedly rose last week and demand for labour is slowing with layoffs surging to a 16-month high in June.
Market Views
- Asia Pacific stocks following overnight Wall Street’s gains to rise on Friday morning, sparked by hopes that policymakers can tackle inflation without causing a recession. Hang Seng index gained 83 points and Nikkei 225 index surged 229 points.
- Japan’s stocks gave up some gains and the yen rose on local media reports that former Japanese Prime Minister Shinzo Abe was taken to hospital after an apparent shooting.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 31,286
Target price:
Protective stop:
Outlook
Price managed to break above the 20EMA resistance point but the rally appears to be capped by the Fibonacci 62% correction point at 31,306. It has to break above 31,306 or a test of 31,883, else, a correction to 30,353 is likely. Stochastic is going to cross down soon and MACD is hovering at the zero line.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 21,659
Target price:
Protective stop:
Outlook
Price was resisted by its previous resistance price zone, which is also the Fibonacci 62% correction point. It is hovering around the 20EMA and we could see price moving to 31,335 again. Stochastic is falling and MACD is bullish.
Trading Idea.
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation: Short @ 11,900
Last: 12,051
Target price: 11,150
Protective stop: 12,260
Outlook
Price rebounded after retesting its previous low support zone. It managed to close above the 20EMA which has now become a support level at 11,833. This index has to break above its recent high of 12,227 for more upside. Stochastic is rising and MACD is bullish.
Trading Idea
Sell 11,900 with a stop above 12,260 for 11,150. Entry order was filled on 7 July.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3886
Target price:
Protective stop:
Outlook
Price closed above the 20EMA which has now become a support level at 3859. It has to penetrate above its recent high of 3945 for more upside. Stochastic is rising and MACD is bullish.
Trading Idea
Wait for better trading idea.
