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Nasdaq Ends Sharply Lower, Hong Kong Stocks Fluctuate

US Stocks 

Fundamental Analysis: 

The U.S. stock market ended sharply lower on Monday, 4 October 2021, as investors dumped Big Tech and other growth stocks in the face of rising Treasury yields, while concerns about a potential U.S. government debt default also fed caution. 

Apple, Microsoft, Amazon, and Alphabet, the U.S. stock market’s four most valuable companies, each dropped more than 2%. 

Facebook, the fifth most valuable company, slumped almost 5%. Meanwhile, U.S. Treasury yields rose as investors fretted about the lack of a debt ceiling fix in the U.S. Congress and looked ahead to the release of September employment data this week, which could pave the way for the tapering of the Federal Reserve asset purchases. 

U.S. President Joe Biden said that he cannot guarantee the government will not breach its USD28.4 trillion debt limit unless Republicans join Democrats in voting to raise it, as the United States faces the risk of a historic default in just two weeks. 

Recent data showing increased consumer spending, accelerated factory activity, and elevated inflation growth have fueled bets that the Federal Reserve could start tightening its accommodative monetary policy sooner than expected. 

The S&P 500 and Nasdaq’s closes were their lowest since July. 

Technical Analysis:

(Dow30,1-hour chart) 

Execution Insight:

Today, we pay attention to the 33811 line. Above this line, focus on the suppression strength of the 34477 line. Once the Dow falls below the 33811 line, it will open up further downward revision. At that time, shift your attention to the support of the two positions of 33584 and 33390.

Hong Kong Stocks 

Fundamental Analysis: 

Hong Kong stocks opened lower and moved higher. The Hang Seng Index switched its gear and moved up, while the Hang Seng Technology Index narrowed its decline to 0.53%. 

Among the constituent stocks of the Hang Seng Index, Li-Ning rose by nearly 3%, while WuXi Biologics rose by more than 2%. As international oil prices rebounded and market demand picked up, Sinopec, PetroChina, and China National Offshore Oil Corporation (the “three barrels of oil”) rose intraday, with PetroChina shares rose by more than 5%, leading the rise of the constituent stocks of the Hang Seng Index. Subsequently, Sinopec and China National Offshore Oil Corporation both rose by more than 2%. The increase in “three barrels of oil” caused the Hang Seng Index to narrow its decline to 0.36%.

On the other hand, OPEC+ reiterated its decision in its July statement and does not expect to increase production in November. Overnight, U.S. oil rose to USD78.38, a new high since 2014, while Brent rose to USD82, a new high since 2018.

Technical Analysis: 

(HK50,1-hour chart)

Execution Insight: 

On HK50 today, we pay attention to the breakthrough direction of the bottom shock range from 23832 to 24670. If it breaks through the 24670 line, it will open up further upward revision. At that time, focus on the suppression strength of the 25160 line. If it falls below the 23832 line, it will open up further downward revision. Then, divert your attention to the support of the 23294 line.

FTSE China A50 Index 

Technical Analysis: 

(A50,1-hour chart)

Execution Insight: 

On A50, pay attention to the 15184 line today. If A50 is above the 15184 line, it will remain as a bullish trend. Then, pay attention to the support of the 14669 line below. 

While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision. 

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