Market Updates
After the close on Thursday, US equities were mixed, with gains in the Utilities, Financials, and Telecoms sectors leading to higher stock prices, while losses in the Oil & Gas, Technology, and Consumer Services sectors resulted to lower stock prices.
Although he has acknowledged the U.S. economic recovery is far from over, Fed Chair Jerome Powell has maintained his conviction that uncomfortably high inflation will be temporary, with the Fed closing its eyes on inflation before beginning asset cutting.
Global stock markets remained near record highs, but concerns include the Fed’s impending asset withdrawal, persistent COVID-19 outbreaks including the Delta variety, signs of a weakening economic recovery, and slowing corporate earnings momentum.
Market Opinions
Despite record profits, profit-taking at Taiwanese semiconductor giant TSMC dragged on other tech businesses and broader risk sentiment on Friday morning, while a more dovish U.S. rate outlook kept bond yields near multi-month lows. The Hang Seng index dropped 64 points, while the Nikkei 225 index dropped 304 points. After a compromise arrangement between key OPEC members and a surprise dismal weekly data on US fuel demand, oil prices remained under pressure and look headed for their greatest weekly loss. The Dow Jones Industrial Average is a stock market index that measures (CFD Symbol: US30) Recommendation : Recommendation : Recommendation : Recommendation 34,955 people have viewed this page in the last 24 hours. Price to aim for: Outlook for a protective halt The price is approaching its recent high of 35,092. If price cannot reach its high, a fall towards the 20EMA support at 34,570 is expected. It needs to break past its high in order to see more upside. Stochastic is currently in the overbought zone. The MACD indicator has shifted from bearish to bullish.
Trading Concept
With a stop below 34,350, buy 34,600 for 35,080.
The Hang Seng Index (HSI) is a stock market index (CFD Symbol: HK50) Last : 27,924 Trend : Recommendation Outlook: Protective stop: Target price After violating it on July 8, this index was able to re-enter the rectangular consolidation zone that has been in place since March 2021. Yesterday, price met its first 20EMA resistance. For more upside towards the upper end of the consolidation zone, it has to break through the 20EMA. Although the stochastic is now climbing, the MACD has turned bearish.
Trading Concept Wait for a better trading opportunity.
Trend : Recommendation : Last : 14,761 Nasdaq 100 Index (CFD Symbol: USTEC)
Protective stop: Target price: Outlook
On July 14, the price reached a high of 15,003, forming a probable Tweezer top pattern. The price of this index is projected to drop towards the 20EMA support level of 14,600. A breach of the 20EMA would indicate a more significant correction. The stochastic is presently decreasing from the overbought area. The MACD is still positive, but it has crossed over to the negative side.
Trading Concept
Wait for a better trading opportunity.
The S&P 500 Index (CFD Symbol: US500)
Last: 435 Trend:Recommendation
Outlook: Protective stop: Target price
On June 25, price broke out of the Triangle chart pattern. It bounced back after finding support from the upper edge of the triangle’s trend line as well as the 20EMA. It will likely hit the 20EMA level at 4323, and if this support holds, we may expect upward momentum to resume. Stochastic is now decreasing. Although the MACD remains bullish, it has issued a divergence warning.
Buy 4325 for 4390 with a stop below 4285 as a trading idea.
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