Daily Market Review (US Markets) - 26 May 2021
Well readers would have recalled that I wrote yesterday that 13,700 is an important point, which has to be breached in order for Nasdaq to move higher. Indeed, this proves like the resistance point and Nasdaq 100 futures despite moving higher during the day yesterday, reaching 13,738 (based on what I recalled) in the Asian market afternoon. It came back down gradually throughout the day and post opening of US opening, it went back up again to around 13,730 before "crashing" back down in US morning session, seeing an intraday low (before I sleep) at around 13,617....
For Dow, it closed at around 34,300 (not the precise point) but at least it is still holding around 1% above 34,000 point. For readers who follow my daily articles, you would know that I have mentioned the 34,000 point a couple of times... Let's see if this support point will be here for the couple of weeks... Well if so, I remain cautiously optimistic of Dow too and have a price forecast of it hitting 36,000 and Nasdaq 100 hitting 16,000.. Yes, its my view and I know I could be wrong.. For new readers, you would have known that I have said umpteen times that to me, having no view is not good for me. Well but at least I know I could be wrong and when I am wrong, I would cut losses. To stay in this "game" for the long time, it would be important to have more wins than losses and losing less than what you win. That I cant teach you and you have to see if you have the personality and risk profile to stay in this market. Otherwise, I have the investment mindset that I allocate a portion of my deployable capital for long term investment, stretching from a few years onwards. Tiger Brokers is one such example and indeed, its 1Q2021 results did prove decent enough for alot of investors, who added the stock to their holdings. Lets see if the price will break 20 USD tonight for Tiger Brokers. I will be writing a review of Tiger Brokers' 1Q2021 results and compare it with my forecast for 1Q2021, which I had made sometime in April 2021.
European markets came down largely yesterday except for German market, which made an intraday all time high at around 15,550 (based on what I recalled). So what can we say? Well it is still generally a postive sign with Dax making an intraday all time high and we still will have to monitor to see how it goes. Chinese markets are cautiously up today for Shanghai index whereas Shenzhen index is slightly down by 0.1%. Since day is still early, it is still too early to make the call.
In summary, I remain cautiously optimistic of Nasdaq 100 and Dow but I do expect 13,700 to be a temporary resistant point, which was exemplified by yesterday price movement. As to when can it breach this line, I can never say with accuracy though futures may still pull back from its current level of 13,707 to 13,660 before deciding what to do next... As for Dow, lets see if it can hold 34,300 this morning Asia time.
As always, the above should not be construed as any investment or trading advice.
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