Market News
- A late rally helped the S&P 500 snap a four-session losing skid on Thursday with investor focus turning to a key report on the labour market on Friday. Dow Jones rose 145 points but Nasdaq Composite lost 31 points.
- Economists predict that 318,000 jobs were added in August, fewer than the 528,000 jobs added in July, according to Dow Jones. Unemployment is forecast to be unchanged at 3.5%.
- Investors will be focus on today Payrolls later tonight where the number is for a stronger than expected print, which would add to the argument for a 75bp hike in September, said Tapas Strickland, an economist at the National Australia Bank
Market Views
- Asia-Pacific shares declined on Friday morning as investors look ahead to the U.S. jobs report for August, a key indicator before the Federal Reserve’s next interest rate decision later this month. Hang Seng index lost 115 points and Nikkei 225 index fell 57 points.
- Despite prices in South Korea growing at a slower pace in August, inflation is still elevated and will not derail the Bank of Korea’s narrowing path to hike policy rates further. The central bank recently upgraded its forecasts to 5.2% in 2022 and 3.7% in 2023
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 31,611
Target price:
Protective stop:
Outlook
Price has been falling to its key Fibonacci 62% correction point. A potential hammer candlestick pattern was formed at this support zone yesterday. If there is a follow through candle that surpasses 31,672, we are likely to see price rebounding to 32,500. Stochastic is at the oversold region.
Trading Idea
Buy 31,550 for 32,300 with a stop below 31,200.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 19,453
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 falling and MACD remains bearish.
Trading Idea.
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 12,269
Target price:
Protective stop:
Outlook
A hammer candlestick pattern was formed last night after hitting the Fibonacci 62% correction point, which is also the resistance-turned-support zone. Stochastic is rising from the oversold region. We could see price rebounding to test the 20EMA at 12,745.
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3963
Target price:
Protective stop:
Outlook
Price hit its Fibonacci 62% correction point last night and closed with a potential hammer candlestick pattern that hints for possible reversal ahead. Stochastic is at the oversold region. We could see price rebounding to 4080 if there is a follow through candlestick today,
Trading Idea
Buy 3950 with a stop below 3895 for 4060
