Hong Kong: HANG SENG INDEX (.HSI) slowdown in growth
In Hong Kong, the Hang Seng index was up 0.3 per cent at 26,183.53 on Friday, and up 2.3 per cent for the week. The Hang Seng China Enterprises index rose 0.3 per cent on Friday, and was up 1.5 per cent for the week.
Hang Seng’s hardware index jumped 2.8 per cent. The index was led higher by a 6.4 per cent gain in ZTE, which has been caught in the Sino-US trade conflict. The stock also received a boost from local media reports, citing the company, that it will launch a 5G phone in the first half of 2019.
The Shanghai Composite index ended 0.4 per cent higher at 2679.11, gaining 3.1 per cent for the week. The blue-chip CSI300 index was up 0.5 per cent, posting a weekly gain of 2.8 per cent.
President Donald Trump said on Friday that China had sent a list of things it was willing to do to resolve trade tensions with the United States and his administration may not have to impose further tariffs, but he added the situation was still not acceptable to him.
“China wants to make a deal. They sent a list of things that they’re willing to do, which was a large list, and it’s just not acceptable to me yet,” Trump told reporters at the White House. He said the list of 142 items was “pretty complete” but “there are four or five big things left off”. He added: “I think we’ll probably get them too.”
US-China deal could prime global growth: Veteran macro investor Scott Bessent says global growth could be ignited if China agrees to a trade deal with the United States and then stimulates its economy.
Japan’s Nikkei fell on Friday as a drop in semiconductor-related stocks weighed after US chip designer Nvidia disappointed the market with worse-than-expected earnings, while Nintendo also fell sharply.
Gaming giant Nintendo, which uses Nvidia’s Tegra processors for its Switch consoles, stumbled 9.1 per cent to post its biggest daily drop since July 2016. Traders said Nvidia’s results raised concerns about Switch’s potentially weak sales.
Nintendo was the most-traded stock by turnover and closed at 31,860, its lowest closing level since May 2017.
The Nikkei share average ended 0.6 per cent lower at 21,680.34.
The Nikkei fell 2.6 per cent on the week, hit mostly by a drop in oil prices and weakness in Apple suppliers and other tech shares.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 27,334.09.
The projected lower bound is: 24,961.38.
The projected closing price is: 26,147.73.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 75.2906. This is not an overbought or oversold reading. The last signal was a sell 7 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 53.63. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 24 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 60. This is not a topping or bottoming area. The last signal was a sell 6 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 11 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 80.189 at 26,183.529. Volume was 25% below average (neutral) and Bollinger Bands were 6% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 25,940.00 26,273.31 29,016.17
Volatility: 23 29 24
Volume: 1,605,425,152 1,969,467,520 2,074,027,264
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
HANG SENG INDEX is currently 9.8% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .HSI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .HSI and have had this outlook for the last 1 periods.
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