Market News
- U.S. stocks ended lower, with the Nasdaq Composite losing more than 1%, on Tuesday as investors grew more cautious after Iran fired missiles at Israel. Dow Jones slid 173 points and S&P 500 lost 53 points.
- Iran launched the salvo of ballistic missiles in retaliation for Israel’s campaign against Tehran’s Hezbollah allies. In response, U.S. President Joe Biden directed the U.S. military to aid Israel’s defense and shoot down missiles aimed at Israel, the White House National Security Council said.
- Data released early on Tuesday showed U.S. job openings rebounded in August, while the Institute for Management Supply’s (ISM) report showed manufacturing activity stood at 47.2 in September, versus estimates of 47.5.
Market Views
- Asia-Pacific markets were mixed Wednesday morning, following a poor start to the trading month on Wall Street that saw major indexes fall amid rising Middle East tensions. Hang Seng index surged 1,250 points while Nikkei 225 index dropped 638 points.
- On Tuesday, new Japanese Prime Minister Shigeru Ishiba took office following his election as head of the country’s ruling Liberal Democratic Party last week. He succeeded Prime Minister Fumio Kishida who formally stepped down earlier in the day.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation:
Last: 42,049
Target price:
Protective stop:
Outlook
Price is going to test its support zone at 41,900. The 20EMA has turned bearish, hinting at potential downside ahead. MACD has turned bearish and Stochastic is falling. We are likely to see price violating 41,900 support and to move lower.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 22,632
Target price:
Protective stop:
Outlook
Price is going to test its overhead resistance of 22,750. It could have a minor correction before its next rally. Stochastic and MACD remains strong and bullish.
Trading Idea
Buy 21,460 for 22,650 with a stop below 21,000
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 19,699
Target price:
Protective stop:
Outlook
Price has created a price high at 20,310. The 20EMA is falling, hinting at more downside ahead. We are likely to see price violating its recent price low to move lower to 19,120. Stochastic is falling and MACD is bearish.
Trading Idea
Wait for better trading idea
DAX Index
(CFD Symbol: GER40)
Trend:
Recommendation:
Last: 19,212
Target price:
Protective stop:
Outlook
Price has been moving lower after forming a double top reversal pattern. It is currently forming a bearish flag, hinting at more downside ahead. MACD is bearish and Stochastic is weak. We are likely to see price continuing to move lower.
Trading Idea
Sell 19,300 for 19,000 with a stop above 19,400
