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Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed

Margaret Yang, CFA, Strategist

NASDAQ, HANG SENG, ASX 200 INDEX OUTLOOK:

  • The Nasdaq Composite climbed to a new high following an upbeat Markit US manufacturing PMI report
  • Hong Kong’s Hang Seng Index is set to open slightly higher, challenging a resistance at 25,200
  • The ASX 200 may open lower today, facing a resistance at 6,100

Nasdaq Index Outlook:

The release of an upbeat Markit US manufacturing data sent US indices higher on Friday, with Nasdaq and the S&P 500 index both hitting their record highs. The August Manufacturing PMI came in at 53.6, smashing the market forecast of 51.9 and marking its highest reading seen in more than 12 months. A reading above 50.0 indicates an expansion of the manufacturing sector and the distance above this midline indicates the pace of growth, so the numbers suggested a stronger recovery in the US factory sector than markets anticipated.

A decent manufacturing reading may provide cushion for the US job market, which has recently showed sign of weakness amidst a second viral wave. The US Dollar index rebounded to 93.16 from 92.66.

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed

Source: DailyFX

It is worth noting that the rally in the US stock market is extremely unbalanced – around 72% of the S&P 500 companies closed lower on Friday despite of a 0.34% climb in the S&P 500 index.

Sector-wise, technology (+ 1.41%), consumer staples (0.24%) and industrials (+0.23%) were doing the heavy lifting, whereas materials (-0.38%), communication services (-0.24%) and financials (-0.12%) were lagging.

S&P 500 Index Sector performance 21-8-2020

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed

Source: Bloomberg, DailyFX

Technically, the index is riding an ascending trend (chart below), with its 20-, 50- and 100-Day Simple Moving Average (SMA) lines trending upward. The RSI indicator has further stretched beyond the overbought level of 70, suggesting strong upward momentum. Immediate support levels in the Nasdaq could be found at around 11,225 -the 20-Day Simple Moving Average (SMA).

Nasdaq IndexDaily Chart

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed

Hang Seng Index Outlook:

Hong Kong’s Hang Seng Index (HSI)is set to open higher following the tailwind of the US markets. Similar to the US stock market, technology shares are leading the Hong Kong stock market rally. However, as Alibaba, JD.com and Xiaomi are not included in the Hang Seng index, the later was underperforming the US benchmarks.

Technically, the HSI is facing an immediate resistance level at 25,200 – the 38.2% Fibonacci retracement level. Breaking this level could potentially open room for more upside towards the next resistance level at 25,850 – the 23.6% Fibonacci retracement.

Hang Seng Index Daily Chart

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed

ASX 200 Index Outlook:

Australia’s ASX 200 stock benchmark is likely to open slightly lower on Monday, according to the future markets. This is despite of a solid US session. There are total 216 new Covid-19 cases in Australia in the past 24 hours, of which 208 cases were found in the state of Victoria.

Technically, the ASX 200 index has retraced back to the ‘ascending triangle’ as shown in the chart below. It is now facing an immediate resistance level at 6,100 – the upper bound of the triangle. ‘Range-bound’ might be the status quo for now.

ASX 200 Index Daily Chart

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed
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--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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