Market News
- U.S. stocks rallied on Thursday, as Treasury yields pulled back from earlier highs following comments from Atlanta Federal Reserve President Raphael Bostic about his favoured path of interest rate hikes for the central bank.
- The yield on 10-year Treasury notes had earlier touched a fresh four-month high of 4.091% after data showed the number of Americans filing new unemployment claims fell again last week, indicating continued strength in the labour market, while a separate report showed U.S. labour costs grew faster than initially thought in the fourth quarter.
- Japan’s services sector in February expanded at its fastest rate since June 2022, a private survey from au Jibun bank showed. Their unemployment rate for January came in at 2.4%, 0.1% lower compared to December and slightly below economists’ expectations of 2.5%
Market Views
- Asian markets rose on Friday morning, following Wall Street’s gains overnight after Atlanta Fed President Raphael Bostic said he’s firmly in favour of sticking with quarter-point hikes. Hang Seng index rose 145 points and Nikkei 225 index surged 405 points.
- China’s service sector activity expanded at the fastest rate in six months, as its services purchasing managers index for February rose to 55, sharply higher than the 52.9 recorded in January.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 32,954
Target price:
Protective stop:
Outlook
Price rebounded from its resistance-turned-support zone. We could see price rebounding to the 20EMA at 33,270, coinciding with the Fibonacci 38% correction point. Stochastic is in the oversold zone and MACD is bearish.
Trading Idea
Wait for better trading idea
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation: Short @ 15,500
Last: 15,533
Target price: 15,200 Filled
Protective stop: 15,700
Outlook
This index is currently moving inside a consolidation zone. It rebounded from the lower boundary and we could see price testing its upper boundary at 15,460 until either end breaks. Stochastic has a bullish crossover and MACD remains bullish
Trading Idea.
Sell 15,500 with a stop above 15,700 for 15,200. Entry order was filled on 14 Feb. Profit order was filled on 2 Mar
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 12,003
Target price:
Protective stop:
Outlook
Price was resisted by the 20EMA which is acting as resistance at 12,125 currently. As long as price moves below the 20EMA, we are likely to see price falling to 11,510. Stochastic is at the oversold zone and MACD is bearish.
Trading Idea
Sell 12,120 for 11,750 with a stop above 12,300.
FTSE 100 Index
(CFD Symbol: UK100)
Trend:
Recommendation:
Last: 7955
Target price:
Protective stop:
Outlook
Price managed to rebound and close above the 20EMA resistance which has now become the support. We could see price testing its previous high at 8044 again. Stochastic is turning up and MACD remains bullish.
Trading Idea
Wait for better trading idea.
