Market News
- U.S. stocks ended just slightly lower after bouncing off session lows on Thursday as investors awaited Friday’s monthly jobs report and further possible clues on the outlook for interest rates. Dow Jones dropped 9 points, S&P 500 fell 5 points and Nasdaq Composite slid 16 points.
- U.S. data on initial claims for state unemployment benefits pointed to still-resilient labor market conditions, a day after a report showing U.S. private payrolls increased less than expected in September.
- The sharp decline for oil prices that has brought down West Texas Intermediate futures down by more than $10 per barrel could cause a reaction from oil producing countries, according to Helima Croft, global head of commodity strategy at RBC Capital Markets.
Market Views
- Hang Seng index jumped over 2%, leading gains in the wider Asia-Pacific region as investors look ahead to U.S. jobs data that could set the tone for Fed’s next move for interest rates. Nikkei 225 index was up 2 points.
- The Reserve Bank of India is expected to maintain its hawkish stance and hold interest rates steady at 6.5% when its three-day meeting concludes Friday, a Reuters poll showed.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 33,096
Target price:
Protective stop:
Outlook
Dow Jones remains bearish. It slightly rebounded after being supported by the strong support, but it is forming a potential bearish pennant pattern. Price could continue to dive if it unable to penetrate the 20EMA.Stochastic is rising but MACD remains bearish.
Trading Idea
Sell 33,125 for 32,830 with a stop above 33,180
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 17,505
Target price:
Protective stop:
Outlook
Hang Seng managed to move back inside the channel. If it can penetrate above the 20EMA, we can expect higher upside at 18,590. Stochastic is at the oversold zone. MACD remains bearish but a bullish crossover is likely.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 14,725
Target price:
Protective stop:
Outlook
Nasdaq is currently consolidating within a sideway range. The trendline is a key resistance. If price stay below the trendline, we see price testing its low at 14,440. Stochastic is neutral and MACD is bullish.
Trading Idea
Wait for better trading idea
FTSE 100 Index
(CFD Symbol: UK100)
Trend:
Recommendation:
Last: 7479
Target price:
Protective stop:
Outlook
Price rebounded from its nearest support zone. It could be moving within a big consolidation zone. As long as this support holds, there is chance for this index moving higher to test its resistance of 7700 again. Stochastic is at the oversold zone but MACD remains bearish.
Trading Idea
Wait for better trading idea
