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Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

Margaret Yang, CFA, Strategist

HANG SENG, ASX 200, DOW JONES INDEX OUTLOOK:

  • US existing homes sales registered 6.85 million in October, marking a fifteen-year high
  • Asia-Pacific equities may open higher as technology shares led a rebound on Wall Street
  • Mnuchin’s request for the Fed to return unused stimulus fundsmay dent sentiment
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US Data, Virus Counts, Asia-Pacific at Open:

Energy and technology sectors led a mild rebound on Wall Street, with the Dow Jones, S&P 500 and Nasdaq indices closing 0.15%, 0.39% and 0.87% higher respectively. Climbing virus counts and more lockdown measures remain the focal point, which may have re-ignited a “stay at home’ trade setup that tends to favor of tech stocks. A much stronger-than-expected US existing home sale figure boosted market confidence. The data came in at 6.85 million, marking its highest reading seen since 2005. This reflects a strong rebound in housing turnover after lockdown measures were eased during the summer.

Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

Source: Bloomberg, DailyFX

US initial weekly jobless claimsregistered 742k in the week ending November 13th, compared to 711k in the week before. The reading also came above market expectations of a 707k increase, reflecting weaker job market sentiment as another pandemic wave hits the economy.

Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

Source: Bloomberg, DailyFX

Asia-Pacific markets are positioned to open mildly higher following a positive US lead, with equity futures in Japan, Hong Kong, Australia and Singapore edging higher.

US Treasury Secretary StevenMnuchin said on Thursday that he won’t extend several emergency lending programs, which were run by the Federal Reserve, beyond this year. The Treasury Department also asked the Fed to return unused funds, which could hinder Biden’s new secretary from restarting the lending facilities. This could serve as a negative catalyst for risk assets as support for corporate bonds and loans to mid-sized businesses are still likely needed to weather the economy through virus’ impacts.

Sector-wise, 6 out of 9 Dow Jones sectors ended in the green, with 60% of the index’s constituents closing higher. Energy (+1.72%), information technology (+1.00%) and consumer staples (+0.79%) were among the best performers, whereas healthcare (-1.34%) and communication services (-1.12%) were lagging behind.

Dow Jones Sector Performance 19-11-2020

Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

Source: Bloomberg, DailyFX

On the macro front, UK retail sales and Eurozone consumer confidence index are among the top events today. Find out more on the DailyFX economic calendar.

Dow Jones Index Technical Analysis:

Technically, the Dow Jones Index came off from a key resistance level at 29,850 – the 76.4% Fibonacci extension – and entered into a technical correction. An immediate support level can be found at 29,220 – the 61.8% Fibonacci extension. Breaking this support may open the door for further losses with an eye on 28,710. The MACD indicator is likely to form a “Death Cross”, which suggests that downward momentum might be prevailing.

Dow Jones IndexDaily Chart

Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

Hang Seng Index Technical Analysis:

The Hang Seng Index (HSI)appears have entered a period of consolidation since November 9th, when the prices hit a 4-month high. The overall trend remains bullish-biased although some short-term pullback may be seen before prices attempt higher highs. An immediate resistance level can be found at 26,840 – which is the 161.8% Fibonacci extension level. An immediate support level can be found at around 25,740 – the 100% Fibonacci extension.

Hang Seng IndexDaily Chart

Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

ASX 200 Index Technical Analysis:

Technically, the ASX 200 index has likely broken above an immediate resistance level at 6,530 – the 76.4% Fibonacci retracement – and thus opened the room for further upside potential. The overall trend remains bullish-biased, although some near-term consolidation can still be seen at around 6,530.

ASX 200 Index Daily Chart

Hang Seng, ASX 200 May Rebound with Dow Jones as Housing Data Beats

--- 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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