CFD Indices – Stocks Slip Ahead of Key Labor Report – shareandstocks.com
Market News
S&P 500 and Nasdaq composite finished a shade lower on Thursday ahead of a key labor market report, retreating from record highs reached in the previous session. The Dow was slightly higher, closing 78 points higher at 38,886.
Investors will watch Friday’s crucial U.S. nonfarm payrolls report. The weekly jobless claims report was the latest data to indicate labor market easing, which could allow the Federal Reserve begin cutting interest rates. The European Central Bank delivered its first interest rate cut since 2019.
Traders see a 68% chance of a September rate reduction, according to the CME’s FedWatch tool, and have priced in about two cuts this year, as per data from LSEG. Forecasters polled by Reuters also expect two cuts.
Market Views
Most Asian stocks were lower on Friday with focus squarely on upcoming U.S. nonfarm payrolls data, which is expected to provide more cues on when the Federal Reserve could begin cutting interest rates. Hang Seng index slid 93 points and Nikkei 225 index fell 92 points.
Governor Kauo Ueda reiterated plans for such a moved earlier this week, while signs of a rebound in Japanese inflation and improving wages also drove up expectations of tighter policy.
Dow Jones Index(CFD Symbol: US30)
Trend:
Recommendation:
Last: 38,953
Target price:
Protective stop:
OutlookPrice penetrated and closed above its resistance zone last night. It moved above the rising 20EMA, hinting at more upside ahead. We see price moving higher to 39,150. Stochastic is rising and MACD remains bullish.
Trading IdeaBuy 38,850 for 39,140 with a stop below 38,760
Hang Seng Index(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 18,306
Target price:
Protective stop:
OutlookPrice unable to penetrate its recent high at 18,900. It is likely to test its support zone at 18,000 again. Stochastic is falling and MACD has turned bearish after a bearish crossover.
Trading IdeaWait for better trading idea
Nasdaq 100 Index(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 19,061
Target price:
Protective stop:
OutlookPrice has created an all time high at 19,080 last night. As long as this index stay above the rising 20EMA, we see price continuing to move higher. Stochastic is rising and MACD is strong and bullish.
Trading IdeaBuy 18,920 for 19,050 with a stop below 18,880
DAX Index(CFD Symbol: GER40)Trend:
Recommendation:
Last: 18,632
Target price:
Protective stop:
OutlookPrice unable to penetrate its resistance zone after an intraday penetration. We are likely to see price moving lower to its support zone at 18,390 if it violates the 20EMA. Stochastic is falling and there is a bearish MACD crossover.
Trading IdeaSell 18,620 for 18,520 with a stop above 18,660
