Market News
- S&P 500 and Nasdaq closed lower on Thursday, as market bellwether Nvidia retreated from earlier gains, while investors evaluated recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year.
- The number of Americans filing new claims for unemployment benefits declined last week, but the latest data showed that the overall number of people on benefits rolls reached the highest level since January, indicating that the U.S. job market continues to cool.
- Minneapolis Fed President Neel Kashkari said it would take a year or two to get inflation back to 2%, as wage growth might still be too high, spurring worries of interest rates staying elevated for longer.
Market Views
- Asia-Pacific markets were mixed on Friday morning after Japan’s May core inflation data came in slightly cooler than expected. Hang Seng index slumped 308 points while Nikkei 225 index was up 3 points.
- Japan’s chief currency diplomat, Masato Kanda, said the government was ready to make a move against the volatile currency market that has hurt the economy. The U.S. Treasury Department placed Japan on its currency “Monitoring List,” but did not classify it as a currency manipulator.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 39,142
Target price:
Protective stop:
Outlook
Price continued its upward momentum after breaking up a pennant pattern. It is currently testing its previous price high resistance zone and we are likely to see price continuing to move higher. Stochastic is rising and MACD is bullish.
Trading Idea
Buy 39,100 for 39,440 with a stop below 39,000
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 18,048
Target price:
Protective stop:
Outlook
Price rebounded from 17,710 support zone. It has to penetrate to close above 18,460 for more upside. Stochastic is rising but still weak. MACD has turned bearish. If price unable to penetrate, price is going to violate 17,710.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 19,789
Target price:
Protective stop:
Outlook
Price has created a new high at 20,094 last night. We think this index has formed a temporary high and price is likely to moving lower. The 20EMA is falling and MACD has turned bearish.
Trading Idea
Sell 19,920 for 19,530 with a stop above 19,980
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation:
Last: 18,249
Target price:
Protective stop:
Outlook
Price rebounded from its previous low support zone and formed a temporary bottom at 17,944. It is testing its recent support-turned-resistance zone. We are likely to see price moving higher to 18,410.
Trading Idea
Wait for better trading idea
