Market News
- The benchmark S&P 500 index and the Dow ended lower in choppy trading on Thursday after a short-lived boost from a string of economic reports faded and investors eyed key jobs data due on Friday. The Nasdaq finished slightly higher.
- In August, U.S. private employers hired the fewest workers since January 2021 and data for the prior month was revised lower, potentially hinting at a sharp labor market slowdown, according to the ADP National Employment Report.
- September has been historically weak for U.S. equities, with the S&P 500 down about 1.2% for the month on average since 1928. The index is down more than 2.5% so far this week and tech stocks have fallen about 4.8%.
Market Views
- Asia-Pacific markets mostly fell on Friday morning as investors brace for a crucial jobs report from the U.S. and digest household spending data from Japan. Nikkei 225 index fell 192 points, while Hong Kong market was shut today due to Super Typhoon Yagi.
- Oil is facing the worst week since October 2023 as demand worries weighed against a big withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 40,782
Target price:
Protective stop:
Outlook
Price was capped by the support-turned-resistance zone, coinciding with the falling 20EMA. Stochastic remains weak and MACD is bearish with both of its lines below the zero line. It has to penetrate 41,130 for more upside.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 17,444
Target price:
Protective stop:
Outlook
Price rebounded from its previous low support zone. There is potential divergence warning given from the MACD that hints at more upside ahead. Stochastic is rising too. We could see price penetrating its recent low to move higher.
Trading Idea
Buy 17,360 for 17,770 with a stop below 17,160
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation: Short @17,090
Last: 18,839
Target price: 18,700 filled
Protective stop: 20,070
Outlook
Price was capped by its resistance, coinciding with the falling 20EMA. It could be forming a bearish flag, hinting at more downside ahead. Stochastic is weak and MACD remains bearish.
Trading Idea
Sell 19,070 for 18,700 with a stop above 20,070. Entry and profit orders were filled on 5 Sept.
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation:
Last: 18,588
Target price:
Protective stop:
Outlook
Price has been moving lower after forming a price top at 18,997. It is currently capped by its resistance zone that coincides with the falling 20EMA. Stochastic is weak and MACD is bearish. We could see price continuing to move lower.
Trading Idea
Sell 18,630 for 18,380 with a stop above 18,720
