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Nasdaq 100 Futures Extend Gains, Hang Seng and Nifty 50 May Rebound

Nasdaq 100 Futures Extend Gains, Hang Seng and Nifty 50 May Rebound

Margaret Yang, CFA, Strategist

NASDAQ, HANG SENG, NIFTY 50 INDEX OUTLOOK:

  • Nasdaq 100 faces an immediate resistance at the 20-Day SMA (11,170) after a decent rebound
  • “AB=CD” pattern suggests Hong Kong’s Hang Seng Index (HSI) may rise after a heavy-selling week
  • India’s Nifty 50 index looks well 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 set a positive tone for Asia-Pacific markets amid a relatively quiet calendar day. Investors are eyeing several key events this week, including the final round of Brexit talks on Monday in Brussels and the first US presidential election debate on Tuesday.

Futures in Asia-Pacific look set to edge higher following positive leads during Wall Street trade. The US Dollar, a haven-linked asset, has retraced slightly from its two-month high. A weaker US Dollar may point to a relief rebound in risk assets and commodity prices today.

Ten out of eleven S&P 500 sectors ended higher on Friday, with half of the companies in the green. Information technology (+1.63%), consumer discretionary (+1.44%), utilities (+1.12%) were among the best performing ones, whereas energy (-0.26%), consumer staples (+0.26%) and materials (+0.52%) lagged.

S&P 500 Index Sector performance 25-9-2020

Nasdaq 100 Futures Extend Gains, Hang Seng and Nifty 50 May Rebound

Source: Bloomberg, DailyFX

From a technical standpoint,the Nasdaq 100 index has rebounded from a key support level at 10,800 – the 100 Day Simple Moving Average (SMA) line. It may attempt to challenge immediate resistance at 11,170 - the middle line of its Bollinger Band. The Nasdaq 100 has mostly been consolidating within the lower Bollinger Band since early September, with momentum appearing to be biased towards the downside. A firm break above the middle line may signal a potential trend reversal.

Nasdaq 100 IndexDaily Chart

Nasdaq 100 Futures Extend Gains, Hang Seng and Nifty 50 May Rebound

Hang Seng Index Outlook:

Hong Kong’s Hang Seng Index (HSI) has fallen 7.7% so far this month, making it one of the worst performing equity indices in Asia. If a slowing domestic economy and an ongoing spat between Beijing and Washington were not enough, one of China’s largest property developers is facing trouble. Evergrande (3333 HK) was reportedly facing the prospect of a liquidity crunch if an IPO approval is not obtained by the end of January. Many Chinese property developers are highly leveraged, and thus vulnerable against the tightening of regulatory measures.

The HSI has likely formed a bullish “AB=CD” pattern, with the “D” point found at around 23,080. A rebound from the “D” point may lead to more gains with an eye at 23,760 and then 24,200.

Hang Seng Index – Daily Chart

Nasdaq 100 Futures Extend Gains, Hang Seng and Nifty 50 May Rebound

Nifty 50 Index Outlook:

India’s Nifty 50 index has recently entered a mild consolidation phase, breaking below its upward trendline (chart below). It has found some support at around 10,900 – the 200-Day SMA line. The next support level can be found at 10,730 – the 23.6% Fibonacci retracement. A deeper correction may see the index testing its 38.2% Fibonacci retracement at 10,090.

Nifty 50 Index Daily Chart

Nasdaq 100 Futures Extend Gains, Hang Seng and Nifty 50 May Rebound

--- 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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