Market News
Wall Street’s main stock indexes closed higher on Tuesday, boosted by gains in Tesla and megacap growth stocks, but volumes were thin ahead of the July Fourth holiday and the closely watched release of June nonfarm payrolls on Friday.
The U.S. job openings and labor turnover survey, or JOLTS, showed job openings increased in May after posting outsized declines in the prior two months, but layoffs picked up amid slowing economic activity.
The data is the first in this week’s series of U.S. job reports, particularly Friday’s release of June nonfarm payrolls, which will be crucial in assessing whether the U.S. labor market remains resilient against the backdrop of decades-high interest rates
Market Views
Asia-Pacific markets mostly rose Wednesday, after U.S. Federal Reserve Chair Jerome Powell noted there was progress on reining in inflation, while investors also assessed a slew of data from the region. Hang Seng index rose 52 points and Nikkei 225 index gained 350 points.
Chinese tech giant Alibaba announced Tuesday that it had repurchased a total of 613 million of its ordinary shares for a total of $5.8 billion in the quarter ending June. The company’s stock was up 1.7% on Wednesday.
Dow Jones Index(CFD Symbol: US30)
Trend:
Recommendation:
Last: 39,307
Target price:
Protective stop:
OutlookPrice managed to rebound from its previous low support zone, keeping the uptrend intact. MACD remains bullish and Stochastic is rising. We could see price moving higher to its overhead resistance at 39,580 in the coming session.
Trading IdeaWait for better trading idea
Hang Seng Index(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 17,935
Target price:
Protective stop:
OutlookPrice is currently sitting at its support zone. There is potential divergence warning given from both MACD and Stochastic that hints at potential upside ahead. These could increase chances of the stock price rebounding to move higher.
Trading IdeaBuy 17,930 for 18,410 with a stop below 17,650
Nasdaq 100 Index(CFD Symbol: USTec)
Trend:
Recommendation: Long @ 19,810
Last: 19,998
Target price: 19,950 filled
Protective stop: 19,720
OutlookPrice has been moving higher to its previous price high resistance zone. It is trading far above the 20EMA, and we could see a possible price correction to 19,830 before its next rally. Stochastic is rising and MACD is bullish.
Trading IdeaBuy 19,810 for 19,950 with a stop below 19,720. Entry and profit orders were filled on 28 June
DAX Index(CFD Symbol: GER40)Trend:
Recommendation:
Last: 18,202
Target price:
Protective stop:
OutlookPrice rebounded from its previous low support zone. We are likely to see price moving higher to its overhead resistance at 18,280. Stochastic is at the overbought zone and MACD remains bullish.
Trading IdeaSell 18,280 for 18,180 with a stop above 18,310
