Market News
- S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.
- Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labour market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.
- Mainland China’s recent wave of civil disobedience comes as the number of COVID cases hit record daily highs and large parts of several cities face new lockdowns, further threatening the world’s second largest economy.
Market Views
- Asia-Pacific shares were mixed on Wednesday after of the release of data on China’s November factory activity, came in lower than expected, seeing a contraction for the second month in a row. Hang Seng index rose 57 points while Nikkei 225 index dropped 169 points.
- China’s factory activity missed expectations and contracted for a second straight month as its official manufacturing Purchasing Managers’ Index for November came in at 48, below the 50-point mark that separates growth from contraction.
(CFD Symbol: US30)
Dow Jones Index
Trend:
Recommendation:
Last: 33,924
Target price:
Protective stop:
Outlook
This index declined after being resisted by the previous price high resistance zone. The first support lies at the 20EMA at 33,440. A violation of the 20EMA will hint for further downside. Stochastic is at the overbought zone and MACD remains bullish.
Trading Idea
Sell 34,100 with a stop above 34,400 for 33,450.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation: Long @ 17,300
Last: 18,285
Target price: 18,350 Filled
Protective stop: 16,600
Outlook
Trading Idea.
Buy 17,300 for 18,350 with a stop below 16,600.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 11,514
Target price:
Protective stop:
Outlook
Price retraced after being resisted by its previous price high resistance zone. It violated the 20EMA support, and if it further breaks the low of 11,484, we are likely to see price declining to 10,820. Stochastic is falling but MACD is bullish.
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 3962
Target price:
Protective stop:
Outlook
This index has been retracing after reaching its previous price high resistance zone. It is currently supported by the 20EMA support. A violation of the 20EMA will hint at further downside. Stochastic is at the overbought zone and MACD is bullish.
Trading Idea
Wait for better trading idea.
