NASDAQ, HANG SENG, NIFTY 50 INDEX OUTLOOK:Nasdaq 100 faces a right away resistance on the 20-Day SMA (11,170) after an honest reb
NASDAQ, HANG SENG, NIFTY 50 INDEX OUTLOOK:
- Nasdaq 100 faces a right away resistance on the 20-Day SMA (11,170) after an honest rebound
- “AB=CD” sample suggests Hong Kong’s Hold Seng Index (HSI) might rise after a heavy-selling week
- India’s Nifty 50 index appears nicely supported by its 200-Day SMA at 10,900
Nasdaq 100 Index Outlook:
Nasdaq 100 index futures rose on Monday after climbing over 2% on Friday. This may occasionally set a constructive tone for Asia-Pacific markets amid a comparatively quiet calendar day. Buyers are eyeing a number of key occasions this week, together with the ultimate spherical of Brexit discusss on Monday in Brussels and the primary US presidential election debate on Tuesday.
Futures in Asia-Pacific look set to edge increased following constructive leads throughout Wall Road commerce. The US Greenback, a haven-linked asset, has retraced barely from its two-month excessive. A weaker US Greenback might level to a reduction rebound in threat belongings and commodity costs right now.
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Ten out of 11 S&P 500 sectors ended increased on Friday, with half of the businesses within the inexperienced. Info expertise (+1.63%), client discretionary (+1.44%), utilities (+1.12%) had been among the many greatest performing ones, whereas vitality (-0.26%), client staples (+0.26%) and supplies (+0.52%) lagged.
S&P 500 Index Sector efficiency 25-9-2020
Supply: Bloomberg, DailyFX
From a technical standpoint,the Nasdaq 100 index has rebounded from a key assist degree at 10,800 – the 100 Day Easy Shifting Common (SMA) line. It could try and problem fast resistance at 11,170 – the center line of its Bollinger Band. The Nasdaq 100 has largely been consolidating throughout the decrease Bollinger Band since early September, with momentum showing to be biased in the direction of the draw back. A agency break above the center line might sign a possible pattern reversal.
Nasdaq 100 Index – Each day Chart
Hold Seng Index Outlook:
Hong Kong’s Hold Seng Index (HSI) has fallen 7.7% to date this month, making it one of many worst performing fairness indices in Asia. If a slowing home economic system and an ongoing spat between Beijing and Washington weren’t sufficient, one among China’s largest property builders is dealing with hassle. Evergrande (3333 HK) was reportedly dealing with the prospect of a liquidity crunch if an IPO approval will not be obtained by the top of January. Many Chinese language property builders are extremely leveraged, and thus weak in opposition to the tightening of regulatory measures.
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The HSI has probably fashioned a bullish “AB=CD” sample, with the “D” level discovered at round 23,080. A rebound from the “D” level might result in extra beneficial properties with a watch at 23,760 after which 24,200.
Hold Seng Index – Each day Chart
Nifty 50 Index Outlook:
India’s Nifty 50 index has not too long ago entered a gentle consolidation section, breaking under its upward trendline (chart under). It has discovered some assist at round 10,900 – the 200-Day SMA line. The subsequent assist degree might be discovered at 10,730 – the 23.6% Fibonacci retracement. A deeper correction might even see the index testing its 38.2% Fibonacci retracement at 10,090.
Nifty 50 Index – Each day Chart
— Written by Margaret Yang, Strategist for DailyFX.com
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