Tag: US500

CFD Indices – Hang Seng Index Slipped On Concerns Over COVID-19 In China.

Shueh Ting Wong

Market News

    • U.S. stock futures were tracking in a tight range during Thursday’s evening deals, with markets remaining closed for the Thanksgiving public holiday. European markets remained upbeat on Thursday as investors assessed the latest meeting minutes from the U.S. Fed.
    • Tokyo’s core consumer price index rose 3.6% in November on an annualized basis, more than the 3.5% expected in a Reuters poll, marking the fastest annual pace Japan’s capital has seen since April 1982, and significantly above the Bank of Japan’s inflation target of 2%.
    • Oil prices fell Thursday as the market digests the possibility of a higher-than-expected price cap on Russian crude. European Union governments have not yet agreed and are currently discussing the proposal, but a price cap at this level would likely mean that Russia will continue to sell its oil, reducing the risk of a supply shortage in global oil markets.

    Market Views

    • Shares in the Asia-Pacific were mostly lower on Friday as markets in the U.S. were closed for the Thanksgiving holiday. Hang Seng index slid 169 points and Nikkei 225 index dropped 112 points.
    • China’s reported Covid cases continued to rise Thursday. Zhengzhou, where protests took place at Apple supplier Foxconn’s iPhone factory, said it would conduct mass testing, resulting in more than 2% losses in Hang Seng Tech index.



    Dow Jones Index

    (CFD Symbol: US30)

    Trend:

    Recommendation:

    Last: 34,204

    Target price:

    Protective stop:

    Outlook
    This index is currently trading near its previous price high resistance zone. There is potential divergence warning given from MACD. We could see price falling to 20EMA at 33,270 if it unable to surpass this resistance zone.

    Trading Idea
    Wait for better trading idea


    Hang Seng Index

    (CFD Symbol: HK50)

    Trend:

    Recommendation:

    Last: 17,469

    Target price:

    Protective stop:

    Outlook
    This index has been undergone a price correction. It is currently being supported by the 20EMA support at 17,250. As long as this support holds, we see price rebounding to retest its high again. Stochastic is still strong and MACD is bullish.

    Trading Idea.
    Buy 17,300 for 18,350 with a stop below 16,600.


    Nasdaq 100 Index

    (CFD Symbol: USTec)

    Trend:

    Recommendation:

    Last: 11,698

    Target price:

    Protective stop:

    Outlook
    Price rebounded after being supported by the 20EMA three nights ago. It is currently trading near to its previous high resistance zone. We could see price retracing to the 20EMA at 11,565 if it unable to surpass this resistance zone.

    Trading Idea
    Wait for better trading idea.



    Nikkei 225 Index

    (CFD Symbol: JP225)

    Trend:

    Recommendation:

    Last: 28,288

    Target price:

    Protective stop:

    Outlook
    This index is trading near to its previous high resistance zone. A shooting star candlestick pattern was formed yesterday and a confirmation candle is in the process of making. We are likely to see price retracing to the 20EMA at 27,920. Stochastic is at the overbought zone and MACD is giving potential divergence warning.

    Trading Idea
    Wait for better trading idea.

    CFD Indices – Wall Street Rallied On Best Buy Corporate Result

    Shueh Ting Wong

    Market News

      • U.S. stocks rallied on Tuesday, with the S&P 500 closing at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift energy shares.
      • Saudi Arabia said OPEC+ was sticking with outputs cuts, shooting down a report on Monday that said the alliance was considering increasing output which sent crude prices sharply lower, providing support to the energy sectors.
      • Kansas City President Esther George said the central bank may need to boost interest rates to a higher level and hold them there for longer to temper consumer demand and cool inflation. Investors were awaiting remarks by St. Louis Fed Reserve President James Bullard on Tuesday ahead of the minutes from the Fed’s November meeting scheduled for Wednesday.

      Market Views

      • Shares in the Asia-Pacific were mixed on Wednesday morning after overnight rally in U.S. stocks and New Zealand’s central bank delivered a 75 basis point hike, the biggest rate hike ever in the central bank’s history. Hang Seng index fell 12 points while Nikkei 225 index rose 170 points.
      • Singapore’s economy is projected to grow around 3.5% in 2022, according to forecasts from the Ministry of Trade and Industry, citing a softening external demand outlook following Europe’s energy crunch and China’s continued Covid-related restrictions.



      Dow Jones Index

      (CFD Symbol: US30)

      Trend:

      Recommendation: Short @ 33,700

      Last: 34,090

      Target price: 33,050

      Protective stop: 34,000 Triggered

      Outlook
      This index is currently trading near its previous price high resistance zone. There is potential divergence warning given from MACD. We could see price falling to 20EMA if it forms a rejection candle at this resistance zone.

      Trading Idea
      Sell 33,700 with a stop above 34,000 for 33,050. Entry and Stop were triggered on 22 Nov.


      Hang Seng Index

      (CFD Symbol: HK50)

      Trend:

      Recommendation:

      Last: 18,116

      Target price:

      Protective stop:

      Outlook
      This index has been undergone a price correction. It is currently being supported by the 20EMA support at 17,160. As long as this support holds, we see price rebounding to retest its high again. Stochastic is still strong and MACD is bullish.

      Trading Idea.
      Buy 17,350 for 18,350 with a stop below 16,600.


      Nasdaq 100 Index

      (CFD Symbol: USTec)

      Trend:

      Recommendation:

      Last: 11,698

      Target price:

      Protective stop:

      Outlook
      This index has been undergone a price correction. It is currently being supported by the 20EMA support at 17,160. As long as this support holds, we see price rebounding to retest its high again. Stochastic is still strong and MACD is bullish.

      Trading Idea
      Wait for better trading idea.



      Nikkei 225 Index

      (CFD Symbol: JP225)

      Trend:

      Recommendation:

      Last: 28,368

      Target price:

      Protective stop:

      Outlook
      This index rebounded from the rising 20EMA that is acting as support at the moment. It is testing its previous price high resistance zone. MACD is giving potential divergence warning. We are likely to see price correction if it unable to surpass this resistance zone.

      Trading Idea
      Wait for better trading idea.

      CFD Indices – Wall Street Closed Lower On Hawkish Comments From Fed Officials.

      Shueh Ting Wong

      Market News

      • Wall Street’s three major indexes ended modestly lower on Thursday in a choppy session as hawkish comments from a U.S. Fed official and data showing the labour market remained tight led some investors to worry about more aggressive interest rate hikes ahead.
      • Data showed the number of Americans filing new claims for unemployment benefits fell last week, suggesting the labour market remained tight. A report on Wednesday detailed strong retail sales growth last month, indicating the economy has weathered rate hikes.
      • St. Louis Federal Reserve President James Bullard said more tightening may be needed for the central bank to tame inflation as inflation remains unacceptably high, noting that policy isn’t “sufficiently restrictive” at current levels.

        Market Views

        • Asia Pacific markets inched higher as Japan’s core consumer price index for October rose 3.6% compared to a year ago, higher than expected and at the fastest pace in 40 years. Hang Seng index surged 275 points and Nikkei 225 index rose 47 points.
        • Travel in Asia resumes and continues to gain momentum, especially after China’s recent announcement to reduce quarantine time for international travellers, JPMorgan says it remains bullish on the region’s travel industry.



        Dow Jones Index

        (CFD Symbol: US30)

        Trend:

        Recommendation:

        Last: 33,482

        Target price:

        Protective stop:

        Outlook
        This index is currently trading near its previous price high resistance zone. Price formed indecision candlestick patterns at this zone for the past few days. We are likely to see price retracting to the 20EMA at 32,715. Stochastic is in the overbought region and MACD is bullish.

        Trading Idea
        Sell 33,700 with a stop above 34,000 for 33,050.


        Hang Seng Index

        (CFD Symbol: HK50)

        Trend:

        Recommendation:

        Last: 18,116

        Target price:

        Protective stop:

        Outlook
        This index has reached its support-turned-resistance price zone, coinciding with the Fibonacci 161% projection level. Price may retrace to 20EMA at 16,790 if it unable to break through this resistance zone. Stochastic is at the overbought zone and MACD is bullish.

        Trading Idea.
        Sell 18,250 for 16,850 with a stop above 18,550.


        Nasdaq 100 Index

        (CFD Symbol: USTec)

        Trend:

        Recommendation:

        Last: 11,685

        Target price:

        Protective stop:

        Outlook
        Price managed to stay at its resistance-turned-support zone during this round of price correction. The 20EMA is acting as support at 11,420. If price able to sustain above the 20EMA, we see price moving higher again. Stochastic is still strong and MACD is bullish.

        Trading Idea
        Wait for better trading idea.



        FTSE 100 Index

        (CFD Symbol: UK100)

        Trend:

        Recommendation:

        Last: 7363

        Target price:

        Protective stop:

        Outlook
        This index is currently consolidating within a flag pattern. Price reached its upper boundary of the flag pattern and we are likely to see price moving lower to the lower boundary at 7290. Stochastic is still strong and MACD is bullish.

        Trading Idea
        Wait for better trading idea.

        CFD Indices – Wall Street Jumped On Signs of Slowing Inflation

        Shueh Ting Wong

        Market News

        • S&P 500 and Nasdaq jumped on Thursday, racking up their biggest daily percentage gains in over 2-1/2 years as a sign of slowing inflation in October sparked speculation the Fed might become less aggressive with interest rate hikes.
        • The Labour Department’s data showed the annual CPI number below 8% for the first time in eight months. Chief strategist at Baker Avenue Asset Management claimed this as a big deal as a peak In inflation has actually shown up in the data.  
        • The inflation data prompted traders to adjust rate hike bets, with odds of a 50-basis point rate hike in December, rather than a 75-basis point hike, jumping to about 85% from 52% before the data was released.

          Market Views

          • Asian markets surged on Friday morning, following the overnight Wall Street’s strong rally, after the release of U.S. inflation data in October raised investor hopes that inflation has peaked. Hang Seng index jumped 908 points and Nikkei 225 index rose 747 points.
          • President Joe Biden is expected to discuss Russia’s war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting, which will take place ahead of the G-20 Summit in Bali, Indonesia.



          Dow Jones Index

          (CFD Symbol: US30)

          Trend:

          Recommendation:

          Last: 33,670

          Target price:

          Protective stop:

          Outlook
          Dow Jones rebounded strongly last night after being supported by the rising 20EMA support. We think this index is likely to be capped at 34,110, the resistance zone as well as the Fibonacci 300% projection level. MACD could be losing momentum and is giving potential divergence warning.

          Trading Idea
          Wait for better trading idea


          China A50 Index

          (CFD Symbol: CNA50)

          Trend:

          Recommendation:

          Last: 12,142

          Target price:

          Protective stop:

          Outlook
          This index is declining after being capped by the support-turned-resistance level, which is also near to the Fibonacci 62% correction point. It is going to test the 20EMA support at 12,050. Stochastic is declining but MACD remains bullish.

          Trading Idea.
          Buy 12,050 for 12,350 with a stop below 11,950.


          Nasdaq 100 Index

          (CFD Symbol: USTec)

          Trend:

          Recommendation:

          Last: 11,581

          Target price:

          Protective stop:

          Outlook
          Price hit its previous price high resistance zone of 11,685. It has to penetrate above this resistance zone for more upside, else, we are likely to see price retracing to 10,780 again. Stochastic is rising and MACD is bullish.

          Trading Idea
          Wait for better trading idea.



          S&P 500 Index

          (CFD Symbol: US500)

          Trend:

          Recommendation: Long @ 3770

          Last: 3950

          Target price: 3830 Filled

          Protective stop: 3730

          Outlook
          This index broke and closed above its recent price high resistance level. The next resistance lies at 4054. The 20EMA is rising, suggesting the bullish price trend. Stochastic is rising and MACD is strong and bullish.

          Trading Idea
          Buy 3770 with a stop below 3730 for 3830. Entry and profit order was filled on 10 Nov.

          CFD Indices – Wall Street Ended Higher During Midterm Voting

          Shueh Ting Wong

          Market News

            • Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the U.S. Congress, with investors betting on a political stalemate that could prevent major policy changes. The drugmaker Amgen was one of the contributors to Dow Jones, rallying almost 6% to a record high after the company reported positive data related to its cholesterol drug and obesity treatment.
            • All 435 House of Representative seats and some 35 seats in the Senate are on the ballot. Results of the U.S. midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden’s term, with investors expecting Republican gains.
            • U.S inflation data scheduled for release on Thursday will also be on investors’ mind, with economists forecasting a decline in both the monthly and yearly core numbers to 0.5% and 6.5%, respectively

            Market Views

            • Asian markets slid on Wednesday morning as investors awaited U.S. inflation data as well as the results of the U.S. midterm elections that could signify a power shift in Washington. Hang Seng index slipped 257 points and Nikkei 225 index dropped 119 points.
            • Bitcoin fell nearly 1% on Wednesday after sliding 10% following crypto exchange Binance’s announcement that it had signed a nonbinding agreement on Tuesday to acquire rival exchange FTX in the face of an apparent liquidity crunch.



            Dow Jones Index

            (CFD Symbol: US30)

            Trend:

            Recommendation:

            Last: 33,091

            Target price:

            Protective stop:

            Outlook
            This index is going to test its overhead resistance point at 33,415. This resistance is also near to its previous high resistance point. There is potential divergence warning given from MACD. If price unable to penetrate this resistance zone, we are likely to see price retracing to the 20EMA again.

            Trading Idea
            Wait for better trading idea


            Hang Seng Index

            (CFD Symbol: HK50)

            Trend:

            Recommendation:

            Last: 16,290

            Target price:

            Protective stop:

            Outlook
            Price was capped by the key Fibonacci 62% correction point. It is forming a potential bearish engulfing candlestick pattern and we are likely to see price falling to 15,700. Stochastic is near to overbought zone and MACD is bullish.

            Trading Idea.
            Sell 16,400 with a stop above 16,800 for 15,700.


            Nasdaq 100 Index

            (CFD Symbol: USTec)

            Trend:

            Recommendation:

            Last: 11,039

            Target price:

            Protective stop:

            Outlook
            Price is resisted by the falling 20EMA resistance point. If this index unable to penetrate the 20EMA, we are likely to see price testing its low at 10,605 again. Stochastic is still weak and MACD remains bearish.

            Trading Idea
            Wait for better trading idea.



            S&P 500 Index

            (CFD Symbol: US500)

            Trend:

            Recommendation:

            Last: 3815

            Target price:

            Protective stop:

            Outlook
            The price rally was capped by the Fibonacci 62% correction point at 3832. If price unable to penetrate this resistance, we are likely to see price testing its low at 3694 again. Stochastic is falling now.

            Trading Idea
            Buy 3770 with a stop below 3730 for 3830