Market News
U.S. stocks vacillated on Thursday, swinging from red to green and back as investors contended with the push-pull of a strong economy and restrictive Federal Reserve policy, with weakness in the chip sector weighing the Nasdaq down the most.
Economic data released on Thursday painted a mixed picture, with low jobless claims and solid factory data versus weaker-than-expected home sales and leading economic index readings.
A slew of hawkish comments from Federal Reserve officials also weighed on risk appetite, especially as Atlanta Fed President Raphael Bostic warned that the bank could even hike interest rates if inflation remained sticky.
Market Views
Asian stocks slumped on Friday morning after reports of Israeli strikes on Iran further ramped up concerns over worsening geopolitical conditions in the Middle East, while persistent warnings on U.S. interest rates also battered sentiment. Hang Seng index slipped 201 points and Nikkei 225 index tumbled 894 points.
Israel had struck back against Tehran over an attack last week. Iranian news reports also said the explosions were close to Iran’s nuclear facilities in Isfahan, which could mark a severe escalation in the Middle East conflict.
Dow Jones Index(CFD Symbol: US30)
Trend:
Recommendation: Long @ 37,660
Last: 37,472
Target price: 38,250
Protective stop: 37,540 triggered
OutlookPrice further violated its support zone today with bearish candles. We are likely to see its bearish momentum to be continued until price forms higher highs and higher lows for corrective rebound. MACD remains bearish and Stochastic is at the oversold zone.
Trading IdeaBuy 37,660 for 38,250 with a stop below 37,540. Entry and stop orders were filled on 18 Apr
Hang Seng Index(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 16,197
Target price:
Protective stop:
OutlookPrice rebounded from its previous low support zone with a doji candlestick pattern. There is potential divergence warning given from the MACD that hints at potential upside ahead. We could see price rebounding from this support zone to move higher.
Trading IdeaBuy 16,080 for 16,380 with a stop below 16,000
Nasdaq 100 Index(CFD Symbol: USTec)
Trend:
Recommendation: Short @ 17,790
Last: 17,211
Target price: 17,635 filled
Protective stop: 17,830
OutlookPrice further violated its previous low support zone. A potential morning doji star was formed, hinting at potential corrective rebound ahead. Stochastic is at the oversold zone and MACD remains bearish.
Trading IdeaSell 17,790 for 17,635 with a stop above 17,830. Entry and profit orders were filled on 17 Apr
DAX Index(CFD Symbol: GER40)Trend:
Recommendation:
Last: 17,614
Target price:
Protective stop:
OutlookPrice rebounded from its support zone, hinting at possible corrective rebound ahead. We could see price rebounding to test its previous price high at 17,840. Stochastic is rising but MACD remains bearish.
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