Market News
- Wall Street’s main indexes rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla, surging 9.8% after the electric vehicle maker late on Wednesday posted better-than-expected quarterly results.
- U.S. Federal Reserve meeting next week will be closely watched by investors where policymakers are expected to raise interest rates by 75 basis points to curb runaway inflation. The European Central Bank delivered a 50 basis points rate hike to tame inflation in its first rate increase since 2011.
- Treasurer of Australia Jim Chalmers said on Friday that Australia will double the fees for foreign investors looking to buy assets in the country.
Market Views
- Asian stocks advanced on Friday morning although investors were worried about the economic outlook led by disappointing technology earnings. Hang Seng index rose 67 points and Nikkei 225 index gained 67 points.
- Oil prices were roughly unchanged in early trading on Friday after sliding around 3% in the previous session on weakened demand in the United States, the world’s top oil consumer, and a pick-up in supply from Libya.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 31,979
Target price:
Protective stop:
Outlook
Price continued to move higher after rebounding from the 20EMA support. The 20EMA is currently rising, hinting at the bullish trend ahead. It broke and closed above its recent price high as well. The next resistance lies at 32,965. Both Stochastic and MACD are bullish.
Trading Idea
Buy 31,900 for 32,600 with a stop below 31,450
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 20,608
Target price:
Protective stop:
Outlook
Price tested the Fibonacci 38% correction point, which is also the 20EMA resistance point. It is heading lower currently to 20,460, and if this support violates, the next support will be 20,055. Stochastic is rising but MACD is bearish.
Trading Idea.
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 12,515
Target price:
Protective stop:
Outlook
Price has been moving higher after breaking out from a triangle pattern. The 20EMA is rising, suggesting the bullish price trend. The next resistance lies at 12,890. Stochastic and MACD are bullish and rising.
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3982
Target price:
Protective stop:
Outlook
Price broke and closed above the sideways consolidation zone two days ago. The 20EMA is rising, hinting at the bullish price trend. As long as price stay above the 20EMA, we see price moving higher to 4150. Stochastic and MACD are bullish and rising.
Trading Idea
Buy 3970 for 4070 with a stop below 3895
