Tick Insights

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

Market News

• S&P 500 and Dow ended at record highs on Tuesday, shrugging off weak consumer confidence data, as mining stocks surged following China’s announcement of a sweeping stimulus package. Nasdaq Composite gained 100 points.
  
• The indexes initially trimmed gains after a report from the Conference Board revealed an unexpected decline in U.S. consumer confidence in September, driven by growing concerns about the labor market’s health.
  
• Federal Reserve Governor Michelle Bowman cautioned that key inflation measures remained “uncomfortably above” the Fed’s 2% target, warranting caution as the Fed proceeds with cutting interest rates.

Market Views

• Asia Pacific stocks rose on Wednesday morning, with Chinese markets seeing outsized gains after Beijing unveiled a string of new stimulus measures aimed at shoring up economic growth. Hang Seng index advanced 381 points and Nikkei 225 index rose 36 points.
  
• The Reserve Bank of Australia’s stance was driven chiefly by sticky inflation, although data on Wednesday showed consumer price index inflation eased substantially in August. But core CPI inflation still remained sticky and above the RBA’s target.

Dow Jones Index
(CFD Symbol: US30)

Trend:

Recommendation:

Last: 42,136

Target price:

Protective stop:

Outlook
Price has created an all-time high at 42,288. As long as it stay above the 20EMA at 42,000, we see price moving higher again. A violation of 42,000 will bring price lower to 41,830. MACD and Stochastic remain bullish.

Trading Idea
Wait for better trading idea

Hang Seng Index
(CFD Symbol: HK50)

Trend:

Recommendation:

Last: 18,370

Target price:

Protective stop:

Outlook
Price has tested its previous price high resistance zone. It has to penetrate above this zone for more upside, else, we are likely to see price retracing to 18,380. MACD and Stochastic remain strong and bullish.

Trading Idea
Buy 18,360 for 19,700 with a stop below 18,150

Nasdaq 100 Index
(CFD Symbol: USTec)

Trend:

Recommendation:

Last: 19,904

Target price:

Protective stop:

Outlook
Price has been testing its previous price high resistance zone for a fourth occasion. There is high chance that price would penetrate this resistance zone for more upside. MACD and Stochastic remain bullish.

Trading Idea
Wait for better trading idea

DAX Index
(CFD Symbol: GER40)

Trend:

Recommendation:

Last: 18,916

Target price:

Protective stop:

Outlook
Price was capped by its previous price high resistance. We are likely to see price moving lower to 18,690. Stochastic is falling while MACD remains bullish.

Trading Idea
Wait for better trading idea