Tick Insights

Market News

• S&P 500 cut losses to close higher Tuesday, as a climb in tech helped offset weakness in energy and financials a day ahead of an important inflation report. Dow Jones slid 92 points while Nasdaq Composite gained 141 points.
  
• Focus was on the first debate between Vice President Kamala Harris and former President Donald Trump, who are set for a hotly contested 2024 presidential election. Futures deepened losses as Harris and Trump traded barbs during the debate.
  
• OPEC said now now expects demand to increase by roughly 2 million barrels per day this year, down from its prior projection of 2.1 million in August. It was the second consecutive month that the producer group has made a downward adjustment to the forecast.

Market Views

• Asia-Pacific markets slumped on Wednesday morning despite key Wall Street benchmarks rose ahead of the U.S. August consumer inflation report due Wednesday. Hang Seng index slid 242 points and Nikkei 225 index dropped 291 points.
  
• The Federal Trade Commission has warned Japanese retail company Seven & i that it may probe its potential deal with Canada’s Alimentation Couche-Tard, Reuters reported, citing two sources.

Dow Jones Index
(CFD Symbol: US30)

Trend:

Recommendation:

Last: 40,589

Target price:

Protective stop:

Outlook
Price has been capped at 40,980 resistance zone for a third occasion. The 20EMA is falling, hinting at potential downside ahead. MACD has turned bearish and Stochastic is falling. We see price continuing to move lower if it stay below 40,730.

Trading Idea
Sell 40,730 for 40,260 with a stop above 40,800

Hang Seng Index
(CFD Symbol: HK50)

Trend:

Recommendation:

Last: 16,955

Target price:

Protective stop:

Outlook
Price has been on a decline after creating a falling window on 9 September. The 20EMA is falling, hinting at more downside ahead. Stochastic is falling and MACD remains bearish. We could see price continuing to move lower.

Trading Idea
Wait for better trading idea

Nasdaq 100 Index
(CFD Symbol: USTec)

Trend:

Recommendation:

Last: 18,710

Target price:

Protective stop:

Outlook
The chart outlook of Nasdaq is bearish as price formed lower highs and lower lows. Price was capped by its support-turned-resistance zone, coinciding with the Fibonacci 62% correction point. We are likely to see price continuing to move lower.

Trading Idea
Sell 18,770 for 18,390 with a stop above 18,870

DAX Index
(CFD Symbol: GER40)

Trend:

Recommendation:

Last: 18,281

Target price:

Protective stop:

Outlook
Price has been on a decline after forming a price top at 18,997. The 20EMA is falling and is acting as resistance. MACD remains bearish and Stochastic is falling. We will see more downside if price break below its recent price low of 18,200.

Trading Idea
Wait for better trading idea