S&P 500, HANG SENG, ASX 200 INDEX OUTLOOK:S&P 500 index climbed 0.27% to a key resistance at 3,360. Futures dropped barel
S&P 500, HANG SENG, ASX 200 INDEX OUTLOOK:
- S&P 500 index climbed 0.27% to a key resistance at 3,360. Futures dropped barely
- Grasp Seng index prolonged its consolidation as Tencent fell, eyeing key help at 24,400
- ASX 200 index challenges key resistance at 6,100 – the higher sure of ‘ascending triangle’
S&P 500 Index Outlook:
The S&P 500 index inventory benchmark ended larger on Monday, lifted by cyclical-delicatepower(+3.08%), industrials (+2.43%) and supplies (+0.99%) sectors, whereas communication providers (-0.46%), healthcare (-0.34%) and knowledge expertise (-0.33%) had been lagging behind.
Boeing surged 5.52% final evening to US$ 179.41, sending Dow Jones 1.3% larger. Boeing alone contributed 1% of Dow’s complete acquire. The US Transportation Safety Administration introduced that over 831ok vacationers had been handed by way of US airports on Sunday – practically a tenfold in comparison with the April stage. Airline firms and power companies had been largely underpinned by favorable information.
TheKnow-how sector, nonetheless, struggled to remain buoyant as Microsoft’s bid for TikTok’s US operations appeared to have stalled. Microsoft fell 1.99% to US$ 208.25, dragging the Nasdaq index 0.39% decrease.
At this time’s key financial information contains Japan’s present account stability, Australia’s enterprise confidence studying and Singapore’s 2Q ultimate GDP determine.
S&P 500 Sector efficiency 11-8-2020
Technically, the S&P 500 index has reached a key resistance at 3,360 – the 200% Fibonacci extension. This stage can also be beneath its all-time excessive of three,390 seen in mid-February this yr. The index is trending up in a ‘ascending channel’ as plotted within the graph beneath, and its total development stays bullish.
S&P 500 Index – Each day Chart
Grasp Seng Index Outlook:
Hong Kong’s Grasp Seng Index inventory benchmark (HSI) prolonged its consolidation on Monday, falling 0.63% as Tencent plunged 4.83% on potential US sanctions. Different Chinese language expertise companies together with Alibaba, Xiaomi and JD.COM additionally fell by a lesser extent.
Grasp Seng’s efficiency has diverged from the Shanghai Composite nowadays, dragged by a poor home financial system and ongoing US-China tensions. The Shanghai Composite has climbed to three,379.25, which is simply 2% beneath its excessive seen in early July. The general development stays bullish for the Shanghai Composite.
Grasp Seng Index Sector efficiency 11-8-2020
Technically, Grasp Seng is discovering help at 24,400, breaking which is able to in all probability open room to extra draw back in direction of the 61.8% Fibonacci retracement at 24,130. The general development stays bearish within the close to time period as its 20-Day Easy Shifting Common (SMA) has crossed beneath the 50-Day SMA.
Grasp Seng Index – Each day Chart
ASX 200 Outlook:
Technically, Australia’s ASX 200 index is making an attempt to interrupt a key resistance stage at 6,100 – the higher sure of its ‘ascending triangle’ as drawn within the graph beneath. The index has tried this just a few instances with no significant breakout. Buyers are eyeing the approval of the US stimulus bundle for some constructive catalysts. Rising commodity costs may additionally present ASX with some stable help.
ASX 200 Index – Each day Chart
Advisable by Margaret Yang
Don’t give into despair, make a recreation plan
— Written by Margaret Yang, Strategist for DailyFX.com
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