Market News
- Wall Street closed higher on Thursday, lifted by gained in Nvidia and other technology-related stocks. Nvidia jumped 4% after the graphics chipmaker gave a weaker-than-expected quarterly forecast that many investors viewed as signaling the worst of a sales downturn may be over.
- Investors will be watching closely on the Fed’s Jackson Hole conference that is due on Friday for indications of how aggressively the Fed may move to raise interest rates as it battles decades-high inflation.
- U.S. government said on Thursday it will suspend 26 China-bound flights from U.S. by four Chinese carriers in response to the Chinese government’s decision to suspend some U.S. carrier flights over COVID-19 cases.
Market Views
- Asian shares rose on Friday as investors look ahead to Fed Chair Jerome Powell’s speech at Jackson Hole later in the global day. Hang Seng index rose 144 points and Nikkei 225 index gained 230 points.
- Core CPI in Japan’s capital rose 2.6% compared to the same period last year, slightly higher than the 2.5% increase predicted in a Reuters poll. That’s the fastest pace of increase since October 2014, according to Eikon data.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation: Short @ 33,150
Last: 33,284
Target price: 32,250
Protective stop: 33,650
Outlook
Price rebounded from the Fibonacci 38% correction point. A potential morning star candlestick pattern was formed last night at this support zone. We are likely to see price rebounding to 33,700 or its previous high at 34,280. Stochastic is near to the oversold region but MACD remains bullish
Trading Idea
Sell 33,150 for 32,250 with a stop above 33,650. Entry was filled on 25 Aug.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 20,105
Target price:
Protective stop:
Outlook
Price rebounded strongly yesterday, creating a long bullish candle that covered previous 7 days’ losses. It moved above the 20EMA as well. We could see price correcting to 19,820 before moving higher again. Stochastic is rising but MACD remains bearish.
Trading Idea.
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 13,140
Target price:
Protective stop:
Outlook
Price rebounded after retracing to the Fibonacci 38% correction point, hinting that the uptrend is still strong and the correction may have over. We could see price moving higher to 13,370. Stochastic is near to the oversold region and MACD remains bullish
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4197
Target price:
Protective stop:
Outlook
Price rebounded from the Fibonacci 38% correction point. It moved above the 20EMA and we are likely to see price testing 4240. Stochastic is near to the oversold region but MACD remains bullish.
Trading Idea
Wait for better trading idea.
