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Nasdaq 100 Falls Post-Fed Meeting, Hang Seng and Nikkei Eye BOJ, BoE

Nasdaq 100 Falls Post-Fed Meeting, Hang Seng and Nikkei Eye BOJ, BoE

Margaret Yang, CFA, Strategist

NASDAQ 100, HANG SENG, NIKKEI 225 INDEX OUTLOOK:

  • Nasdaq 100 index slumped post-Fed meeting, dollar ranged, crude oil climbed
  • Hong Kong’s Hang Seng Index (HSI) may open lower, futures markets suggest
  • Japan’s Nikkei 225 index fell 0.23% at open. BOJ, BoE rate decisions in focus

Nasdaq 100 Index Outlook:

Nasdaq 100 index futures rebounded mildly after falling over 1.2% on Wednesday. This may set a mixed tone for Asia-Pacific open. The FOMC meeting was largely within expectations. The central bank signaled that it is likely keep the policy rate unchanged until at least 2023, without promising any further easing measures this time. The conditions for the Fed to raise interest rates include inflation stabilizing at the 2% long-term goal, and jobs market achieving full employment status – both are unlikely to take place in the near term.

Fed members have revised up this year’s median US GDP growth forecast to -3.7% from June’s forecast of -6.5%. Meanwhile, the growth forecasts for year 2021 and 2022 have been slightly revised down to 4.0% and 3.0% respectively.

Economic projection of Fed Board members and Fed Bank presidents, Sep 2020

Nasdaq 100 Falls Post-Fed Meeting, Hang Seng and Nikkei Eye BOJ, BoE

Source: federalreserve.gov

Market reactions were mixed on the Fed meeting: the US Dollar index registered a 0.5% intraday swing, crude oil prices advanced more than 3%, while tech stocks dragged the stock markets lower.

Asia-Pacific markets embrace a busy calendar day with the BOJ and BoE meetings in the spotlight – both are expected to stay par. Besides, Singapore’s Non-Oil Domestic Export (NODX), Australia’s unemployment rate, Bank of Indonesia’s interest rate decision and EU core inflation data will also be closely watched out for. Read more on our economic calendar website.

Sectoral performance was pretty mixed overnight. Energy (+4.05%), financials (+1.10%) and industrials (+0.99%) were among the leading sectors, whereas information technology (-1.56%), communication services (-1.2%) and consumer discretionary (-1.02%) were lagging ones.

S&P 500 Index Sector performance 16-9-2020

Nasdaq 100 Falls Post-Fed Meeting, Hang Seng and Nikkei Eye BOJ, BoE

Source: Bloomberg, DailyFX

Technically,the Nasdaq 100 found a strong support at 11,070 - the 23.6% Fibonacci retracement - and has since rebounded (chart below). Holding above this level may pave way for further upside towards the immediate resistance level of 11,630 – the 20-Day Simple Moving Average (SMA). The RSI indicator has retraced back to neutral levels from an overbought territory above 70.0. The index may range between 11,070 to 11,560 waiting for fresh catalysts.

Nasdaq 100IndexDaily Chart

Nasdaq 100 Falls Post-Fed Meeting, Hang Seng and Nikkei Eye BOJ, BoE

Hang Seng Index Outlook:

Hong Kong’s Hang Seng Index (HSI) looks set to open lower on Thursday, as traders digest mixed sentiment from the US trading session. The index was consolidating at above 24,120 – the

38.2% Fibonacci retracement level – in the past two months. An immediate resistance level can be found at 24,800, a level where its 20- and 100-Day Simple Moving Average (SMA) lines cross. The MACD indicator is about to form a “Bullish Crossover”.

Hang Seng Index – Daily Chart

Nasdaq 100 Falls Post-Fed Meeting, Hang Seng and Nikkei Eye BOJ, BoE

Nikkei 225 Index Outlook:

The Nikkei 225 index seems to have taken little clues from the FOMC meeting last night. The index opened mildly lower and looks well supported at above 23,300 – a key resistance level that now became a key support level after a meaningful breakout.

Nikkei 225 Index Daily Chart

Nasdaq 100 Falls Post-Fed Meeting, Hang Seng and Nikkei Eye BOJ, BoE

--- 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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