CFD Indices – Wall Street Rallied On Best Buy Corporate Result

Market News

    • U.S. stocks rallied on Tuesday, with the S&P 500 closing at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift energy shares.
    • Saudi Arabia said OPEC+ was sticking with outputs cuts, shooting down a report on Monday that said the alliance was considering increasing output which sent crude prices sharply lower, providing support to the energy sectors.
    • Kansas City President Esther George said the central bank may need to boost interest rates to a higher level and hold them there for longer to temper consumer demand and cool inflation. Investors were awaiting remarks by St. Louis Fed Reserve President James Bullard on Tuesday ahead of the minutes from the Fed’s November meeting scheduled for Wednesday.

    Market Views

    • Shares in the Asia-Pacific were mixed on Wednesday morning after overnight rally in U.S. stocks and New Zealand’s central bank delivered a 75 basis point hike, the biggest rate hike ever in the central bank’s history. Hang Seng index fell 12 points while Nikkei 225 index rose 170 points.
    • Singapore’s economy is projected to grow around 3.5% in 2022, according to forecasts from the Ministry of Trade and Industry, citing a softening external demand outlook following Europe’s energy crunch and China’s continued Covid-related restrictions.



    Dow Jones Index

    (CFD Symbol: US30)

    Trend:

    Recommendation: Short @ 33,700

    Last: 34,090

    Target price: 33,050

    Protective stop: 34,000 Triggered

    Outlook
    This index is currently trading near its previous price high resistance zone. There is potential divergence warning given from MACD. We could see price falling to 20EMA if it forms a rejection candle at this resistance zone.

    Trading Idea
    Sell 33,700 with a stop above 34,000 for 33,050. Entry and Stop were triggered on 22 Nov.


    Hang Seng Index

    (CFD Symbol: HK50)

    Trend:

    Recommendation:

    Last: 18,116

    Target price:

    Protective stop:

    Outlook
    This index has been undergone a price correction. It is currently being supported by the 20EMA support at 17,160. As long as this support holds, we see price rebounding to retest its high again. Stochastic is still strong and MACD is bullish.

    Trading Idea.
    Buy 17,350 for 18,350 with a stop below 16,600.


    Nasdaq 100 Index

    (CFD Symbol: USTec)

    Trend:

    Recommendation:

    Last: 11,698

    Target price:

    Protective stop:

    Outlook
    This index has been undergone a price correction. It is currently being supported by the 20EMA support at 17,160. As long as this support holds, we see price rebounding to retest its high again. Stochastic is still strong and MACD is bullish.

    Trading Idea
    Wait for better trading idea.



    Nikkei 225 Index

    (CFD Symbol: JP225)

    Trend:

    Recommendation:

    Last: 28,368

    Target price:

    Protective stop:

    Outlook
    This index rebounded from the rising 20EMA that is acting as support at the moment. It is testing its previous price high resistance zone. MACD is giving potential divergence warning. We are likely to see price correction if it unable to surpass this resistance zone.

    Trading Idea
    Wait for better trading idea.

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