Market News
- Wall Street’s three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve’s policy meeting conclusion on Wednesday for clues on interest rate policy.
- Investors were preparing a day ahead of the Fed’s policy update, including a press conference from Chair Jerome Powell. Robust inflation data has pulled back bets for the first rate cut in June to about 59% from about 69% at the start of last week, according to the CME FedWatch Tool.
- The central bank is expected to keep rates unchanged Wednesday. However, a recent slate of worrying inflation reports has investors concerned that the central bank could signal interest rates will remain higher for longer than expected.
Market Views
- Asian stocks were higher on Wednesday as markets awaited more cues on U.S. interest rates from the conclusion of a Federal Reserve meeting later in the day. Hang Seng index rose 34 points and Nikkei 225 index advanced 263 points.
- The BOJ on Tuesday raised interest rates for the first time in 17 years and scrapped its yield curve control policy, sending the Nikkei beyond the 40,000 mark for the first time in almost two weeks.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation: Short @ 38,930
Last: 39,090
Target price: 38,670 filled
Protective stop: 39,020
Outlook
Price rebounded near its previous low support zone of 38,610. It moved and closed above the 20EMA. This index is likely to move higher to 39,230 if it stay above 39,050. MACD is bullish and Stochastic is at the overbought zone.
Trading Idea
Sell 38,930 for 38,670 with a stop above 39,020. Entry and profit orders were filled on 15 Mar.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 16,526
Target price:
Protective stop:
Outlook
Price was capped by the falling 20EMA that hints at more downside ahead. It is currently sitting at resistance-turned-support zone, and once this zone is violated, we see price testing 16,150. MACD remains bearish and Stochastic is weak too.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 17,984
Target price:
Protective stop:
Outlook
Price was capped by its declining trendline resistance. It has to penetrate 18,040 for more upside ahead, else, price could move lower to 17,800. MACD is still bullish but Stochastic remains weak at the moment.
Trading Idea
Wait for better trading idea
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation: Short @ 17,970
Last: 17,965
Target price: 17,800
Protective stop: 18,010 triggered
Outlook
Price is currently trading within a range between 17,860 and 18,040. As long as price stay above 17,860, we see price moving higher to its upper boundary again. MACD remains bullish and Stochastic is rising too.
Trading Idea
Sell 17,970 for 17,800 with a stop above 18,010. Entry and stop orders were filled on 15 Mar
