Market News
- Wall Street stocks closed sharply lower on Tuesday while bitcoin and gold touched all-time highs as market participants eyed upcoming economic data and central bank actions. Dow Jones slid 404 points, S&P 500 was down 52 points and Nasdaq Composite lost 267 points.
- European shares ended lower after moves by China to stimulate its economy failed to impress investors, who grew cautious ahead of euro zone and U.S. economic data, as well as a policy decision from the European Central Bank.
- Recent data also showed that the U.S. economy remained relatively resilient, giving the Fed more headroom to keep rates higher for longer. Nonfarm payrolls data due on Friday is set to provide more cues on that front.
Market Views
- Asia-Pacific markets were mixed on Wednesday, mirroring a tech slide on Wall Street led by Apple, following a report that iPhone sales dropped in China. Hang Seng index rose 202 points while Nikkei 225 index slid 99 points.
- The 2024 National People’s Congress also failed to provide any clear cues on how Beijing planned to roll out more support for the Chinese economy, which is struggling with a post-COVID economic recovery.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 38,558
Target price:
Protective stop:
Outlook
Price broke below its resistance-turned-support zone after breaking down a bearish flag continuation pattern. The 20EMA is falling, suggesting the downside ahead. MACD and Stochastic has turned bearish. We are likely to see price retesting 38,810 before the next decline.
Trading Idea
Sell 38,810 for 38,600 with a stop above 38,910
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 16,447
Target price:
Protective stop:
Outlook
Price rebounded from the rising trendline that formed since 22 Jan. It moved above the 20EMA too. It could be forming a potential bullish flag continuation pattern. We are likely to see price testing its high at 16,800 again.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 17,935
Target price:
Protective stop:
Outlook
Price formed a recent price high at 18,337. The 20EMA is falling, suggesting the potential downside ahead. We are likely to see price forming a price correction after testing its recent price low. MACD has turned bearish and Stochastic is at the oversold zone.
Trading Idea
Sell 18,110 for 17,840 with a stop above 18,170
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation:
Last: 17,714
Target price:
Protective stop:
Outlook
Price rebounded from its previous low support zone. It could be forming a potential double bottom chart pattern. Let’s see if it can break the neckline at 17,750 to confirm the pattern. MACD is bullish and Stochastic is rising too.
Trading Idea
Wait for better trading idea
