Market News
- S&P 500 and Nasdaq closed at record highs and the global equity index advanced on Thursday after a much anticipated U.S. inflation reading provided little surprise for relieved investors and helped push U.S. Treasury yields lower.
- The PCE data, which is the Fed’s preferred inflation gauge, showed the smallest annual increase in inflation in nearly three years, keeping the possibility of a June interest rate cut from the Fed on the table.
- The approval and launch of spot bitcoin exchange-traded funds in the U.S. this year has opened the asset class to new investors and re-ignited the excitement that was sapped when prices collapsed in the “crypto winter” of 2022.
Market Views
- Stock in Asia Pacific traded mixed Friday as investors digested manufacturing data from the mainland, while Japan’s Nikkei 225 index hit a fresh record high. Nikkei 225 index surged 721 points and Hang Seng index rose 124 points.
- China’s manufacturing activity contracted for a fifth straight month in February, official figures on Friday showed, which were at odds with a private survey that signaled factory activity expanded.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation: Long @38,815
Last: 39,014
Target price: 39,014 filled
Protective stop: 38,700
Outlook
Price rebounded from the resistance-turned-support zone at 38,800. It moved and closed above the 20EMA. MACD has turned bullish and Stochastic is rising. We could see price moving higher if it manage to stay above 38,800.
Trading Idea
Buy 38,815 for 39,200 with a stop below 38,700. Entry was filled on 28 Feb. Close order with 200 pips profit now.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 16,569
Target price:
Protective stop:
Outlook
Price rebounded from the rising trendline that formed since 22 Jan. It closed above the resistance-turned-support zone despite the intraday violation. MACD has turned bearish but Stochastic is rising. We are likely to see price moving higher if it stay above 16,400.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation: Long @17,870
Last: 18,078
Target price: 18,000 filled
Protective stop: 17,780
Outlook
Price broke out from a pennant continuation pattern as expected last night, suggesting that the upward movement to be continued. The 20EMA is rising. MACD is bullish and Stochastic is rising. Price has to further penetrate its recent price high to move higher.
Trading Idea
Buy 17,870 for 18,000 with a stop below 17,780. Entry was filled on 29 Feb and profit target was filled today.
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation:
Last: 17,782
Target price:
Protective stop:
Outlook
Price further broke out a flag pattern and has created a new high at 17,786. MACD remains bullish with both of its lines far above the zero line. Stochastic is bullish too. Wait for a price correction for a buy setup entry.
Trading Idea
Wait for better trading idea
