Market News
- U.S. stocks closed lower for a third straight session on Tuesday as a rise in job openings fueled fears the U.S. Federal Reserve has another reason to maintain its aggressive path of interest rate hikes to combat inflation.
- Amazon and Alphabet unit Google criticised Microsoft’s cloud computing changes on Tuesday, saying they limit competition and discourage customers from switching to rival cloud service providers.
- U.S. government expects its supply of COVID-19 vaccines and antiviral treatments to run out over the next year and is preparing for them to be sold via the commercial market, the Department of Health and Human Services said on Tuesday.
Market Views
- Shares in the Asia-Pacific fell on Wednesday morning following a negative lead from Wall Street, and as investors digest China’s factory activity data. Hang Seng index fell 94 points and Nikkei 225 index slid 100 points.
- China’s official manufacturing Purchasing Managers’ Index for August stood at 49.4, showing the second monthly contraction, but is better than the 49.2 that analysts expected, according to a Reuters poll. The PMI in July was at 49.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation: Short @ 33,150
Last: 31,945
Target price: 32,250 Filled
Protective stop: 33,650
Outlook
Price plummeted after there was no confirmation follow-through after the Morning Star candlestick pattern. Price retraced to the Fibonacci 62% correction point. Stochastic is at the oversold region. We could see price rebounding from this Fibonacci support zone if it able to maintain above 31,720.
Trading Idea
Sell 33,150 for 32,250 with a stop above 33,650. Entry was filled on 25 Aug. Profit order was filled on 26 Aug.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 19,845
Target price:
Protective stop:
Outlook
Price is currently moving inside a sideways consolidation zone. It is likely to move inside the range between 19,165 and 20,385, until either ends break for directional movement. Stochastic is rising but MACD is still bearish
Trading Idea.
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 12,426
Target price:
Protective stop:
Outlook
Price formed lower highs and lower lows, which is a characteristics of a bearish price trend. It is currently sitting at the Fibonacci 62% correction point. We could see price rebounding from this support zone if it able to maintain above 12,318. Stochastic is at the oversold region but MACD is bearish.
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4009
Target price:
Protective stop:
Outlook
Price has been falling after reaching its resistance zone at 4325. It is currently sitting at the Fibonacci 62% correction point. We could see price rebounding from this support zone if it able to sustain above 3951. Stochastic is at the oversold zone but MACD is bearish.
Trading Idea
Wait for better trading idea.
