Market News
- Wall Street charged ahead on Thursday, with the S&P 500 rising 1% to a record closing high while the Nasdaq composite finished up 1.5%, with the biggest boosts from technology and growth stocks on increasing investor optimism about prospects for Fed rate cuts this year.
- The Philadelphia Semiconductor index outperformed the broader market to finish up 3.36% at a record closing high as investors piled into chip companies, which they see as key beneficiaries to artificial intelligence related demand.
- Fed Chair Jerome Powell told a U.S. Senate committee that the U.S. central bank is “not far” from being confident inflation is declining toward the 2% target, which would make rate cuts possible.
Market Views
- Asia-Pacific markets rose after comments from U.S. Fed Chair Powell hinted that interest rate cuts may not be too distant if inflation signals support. Hang Seng index rose 171 points and Nikkei 225 index rose 77 points.
- U.S. crude and the global benchmark gained more than 1% on Wednesday after Fed Chair Powell told Congress that interest rates have likely peaked and are expected to come down this year, although the central bank is taking a cautious approach given an uncertain economic outlook.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation: Short @ 38,810
Last: 38,766
Target price: 38,600 reached
Protective stop: 38,910
Outlook
Price rebounded after trading near to 38,470 support zone. It has to penetrate 39,000 for further upside ahead, else, we are likely to see price falling down again. MACD has turned bullish and Stochastic is rising.
Trading Idea
Sell 38,810 for 38,600 with a stop above 38,910. Entry and target were filled on 6 Mar.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 16,445
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: Short @ 18,110
Last: 18,265
Target price: 17,840
Protective stop: 18,170 triggered
Outlook
Price retested its recent price high resistance at 18,337. It has to further penetrate this high for more upside ahead, else, price could continue to drop again. MACD is bullish and Stochastic is at the overbought region.
Trading Idea
Sell 18,110 for 17,840 with a stop above 18,170. Entry was filled on 6 Mar and stop was triggered on 7 Mar.
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation:
Last: 17,894
Target price:
Protective stop:
Outlook
Price created a new high at 17,904 after rebounding from its previous low support zone for a third time. We are likely to see price continuing to move higher as long as it stay above 17,630. MACD is bullish and Stochastic is at the overbought zone.
Trading Idea
Wait for better trading idea
