Market News
S&P 500 closed at an all-time high for a fifth straight session on Thursday after data showing strong U.S. economic growth in the fourth quarter boosted sentiment, while Tesla tumbled following a disappointing sales forecast.
Tesla slumped 12% to its lowest since May 2023 after CEO Elon Musk warned sales growth would slow this year despite price cuts that have hurt its margins. That left the car maker’s stock market value at about $580 billion.
Caution before key U.S. inflation data due later in the day, and an upcoming Fed meeting next week also kept investors on edge over risk-driven assets. This saw regional markets largely shrug off positive cues from a record-high overnight finish on Wall Street.
Market Views
Asian stocks retreated on Friday as a stimulus-driven rebound in Chinese shares stalled, while Japan’s Nikkei 225 slumped 509 points, sliding further away from 34-year highs as growing bets on a Bank of Japan pivot spurred more profit-taking. Hang Seng index dropped 151 points.
Weakness in Japanese shares came following somewhat hawkish signals from the BOJ, specifically Governor Kazuo Ueda. Ueda said that while the bank will maintain its ultra-dovish policy in the nearterm, an end to the bank’s ultra-low interest rates was in sight, especially as inflation moved closer to the bank’s 2% annual target.
Dow Jones Index(CFD Symbol: US30)
Trend:
Recommendation:
Last: 37,935
Target price:
Protective stop:
OutlookPrice managed to stay above the resistance-turned-support zone. It could be forming a potential flag pattern and once it breakout from the flag, we are likely to see price moving higher. MACD remains bullish and Stochastic is rising.
Trading IdeaWait for better trading idea
Hang Seng Index(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 16,090
Target price:
Protective stop:
OutlookPrice has been moving higher after rebounding from its previous low support zone. The 20EMA is rising, suggesting the bullish price trend. MACD remains bullish and Stochastic is at the overbought zone.We are likely to see price continuing to move higher if it rebound at 15,670.
Trading IdeaBuy 15,670 for 16,700 with a stop below 15,300
Nasdaq 100 Index(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 17,401
Target price:
Protective stop:
OutlookThis index could have formed a possible price top at 17,665. There is potential divergence warning given from the MACD and Stochastic that hints at potentialreversal ahead. We are likely to see price falling if it violates its previous low support at 17,279.
Trading IdeaSell 17,530 for 17,100 with a stop above 17,660
DAX Index(CFD Symbol: GER40)Trend:
Recommendation:
Last: 16,878
Target price:
Protective stop:
OutlookPrice rebounded from its resistance-turned-support zone, coinciding with the 20EMA support. As long as price stay above the 20EMA, we see price moving higher to 16,970. MACD and Stochastic are rising.
Trading IdeaWait for better trading idea
