The S&P 500 and Nasdaq eked out record finishes on Thursday, 2 September 2021, rising 0.28% and 0.14%, respectively; while the Dow rose by 0.37%, as higher commodity prices helped energy stocks recover lost ground and the latest jobs data left investors unfazed about existing positions.
The energy sector rose by 2.5%, reversing much of the loss suffered during the first three days of the week. Thursday’s performance was fueled by U.S. crude prices jumping 2% on a sharp decline in U.S. inventories and a weaker dollar.
Cabot Oil & Gas Corporation and Occidental Petroleum Corp. were the largest risers, up by 6.7% and 6%, respectively, with oil majors ExxonMobil and Chevron Corp. both advancing more than 2%. The technology index slipped into negative territory, as some of the industry’s largest companies had their recent upward momentum stalled.
Amazon.com Inc., Microsoft Corp., Facebook Inc., and Google-owner Alphabet Inc. all fell between 0.2% and 1.8%. A notable exception was Netflix Inc., which advanced 1.1% to close at an all-time high.
U.S. stocks have regularly hit record highs over the past few weeks as a solid corporate earnings season and hopes of continued central bank support underpinned confidence.
Still, each new data set is viewed through the prism of whether the numbers might influence the Federal Reserve’s tapering timetable.
Today, continue to pay attention to the direction of the Dow’s breakthrough in the expanded shock range. If it falls below the 35166 line, it will open up further downward revision. Then focus on the support of the 34990 line, if it breaks through the 35512 range, it will open up further upward revision. At that time, shift your attention to the suppression strength of the 35610 line.
Hong Kong Stocks
The Hang Seng Index fell by 67.76 points, down 0.26%, sitting at 26,022.67; Hang Seng China Enterprises Index fell by 21.67 points, down 0.23%, maintaining at 9,319.63; the red chip index rose by 3.53 points, up 0.09%, settling at 3,977.99.
The Hang Seng Technology Index slid 0.34%. Most of the technology stocks fell, with Kuaishou Technology dropped by more than 2%, Alibaba Group Holding, Baidu, Bilibili, and Meituan fell by more than 1%. Chinese brokerage stocks collectively opened high, Shenwan Hongyuan rose by 9.6%, CSC Financial increased by more than 6%, China International Capital Corporation surged by more than 5%, CITIC Securities, China Galaxy Securities, and GF Securities all rose by more than 3%. Real estate stocks strengthened, Longfor Group rose by nearly 3%.
Today, on HK50, pay attention to the support of the 25816 line. If HK50 runs above the 25816 line, it will maintain a bullish trend. On that note, focus on the suppression strength of the two positions of 26535 and 26951 above. If HK50 falls below the 25816 line, then it will test the support of the 25160 line again.
FTSE China A50 Index
Today, we focus on whether A50 will be able to cross the 15298 line and create a further upward trend. If it can break the 15298 line, then pay attention to the suppression strength of the two positions 15612 and 15779. If it is suppressed by the 15298 line and turns to the downside, it will enter the shock collation again. At that time, divert your attention to the breakthrough direction of the 14669–15298 range.
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