Market News
- S&P 500 and Nasdaq surged on Thursday to close at their highest in 14 months, as investors cheered economic data that fueled bets that the U.S. Federal Reserve is nearing the end of its aggressive interest-rate hike campaign.
- Data showed U.S. retail sales unexpectedly rose in May as consumers spent on a range of goods including vehicles. Another data set showed jobless claims were unchanged at a seasonally adjusted 262,0000 for the week ended June 10, but were above economists’ forecast of 249,000 claims.
- Import prices fell in May and the annual decrease was the sharpest in three years. That followed a report on Tuesday showing April headline inflation increased by less than expected.
Market Views
- Asia-Pacific markets were higher on Friday, while the Bank of Japan’s again left its benchmark interest rate unchanged at -0.1%. Hang Seng index was up 136 points and Nikkei 225 index gained 69 points.
- More countries are reducing their reliance on China, and India could be the next best bet for nations looking to move their manufacturing operations, said Matthew Culley, portfolio manager at Janus Henderson Investors.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 34,393
Target price:
Protective stop:
Outlook
Price broke and closed above its recent price high resistance zone last night with a strong bullish candle. The 20EMA is rising and is hinting at the possible upside ahead. Stochastic is at the overbought zone and MACD remains bullish.
Trading Idea
Wait for better trading idea.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 19,953
Target price:
Protective stop:
Outlook
Price is trading above the rising 20EMA that hints at the bullish price trend. It managed to penetrate above its support-turned-resistance zone and we are likely to see price testing 20,311. Stochastic is at the overbought zone and MACD remains bullish.
Trading Idea.
Wait for better trading idea.
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 15,158
Target price:
Protective stop:
Outlook
Price created a price high at 15,246 last night. It is testing its Fibonacci 200% projection level at 15,130. We could see price correcting to the 20EMA at 14,500 if it unable to penetrate its high. Stochastic is at the overbought zone and MACD remains bullish.
Trading Idea
Wait for better trading idea.
FTSE 100 Index
(CFD Symbol: UK100)
Trend:
Recommendation:
Last: 7580
Target price:
Protective stop:
Outlook
Price is penetrating the 20EMA resistance point that capped price since 5 June. It looks like a pennant breakout and we are likely to see price moving higher to 7788. Stochastic is rising and MACD is moving higher
Trading Idea
Buy 7636 for 7780 with a stop below 7450.
