Investment 9/11/2023

Hong Kong stocks were repeatedly weak. The Hang Seng Index fell nearly 100 points in the early morning and then rebounded. In the afternoon, the selling pressure regained its strength. It fell to the 17,500-point level with support and closed at 17,568 points, down 101 points. The HS Technology Index closed at 4,020 points, down 35 points. The main board's total daily turnover was HK$94.1 billion. 

There is not much good news in the market. The Hang Seng Index has risen by thousands of points in the past few days. The recent decline is a normal correction. In addition, the recent quarterly results of some companies have been average. Mainland economic data is also slightly worse than market expectations. The market is expected to In the short term, it will remain close to the 50-DMA (17,750). If the market can stabilize the 50-DMA in the next one or two days, the short-term range is expected to be from the 20-DMA (17,490) to the 100-DMA (18,401). Otherwise, there is a chance that the market will be lowered to the 16,800-17,800 level. 

In the future, we need to pay attention to the trend of bond interest rates, as well as the quarterly results of heavyweight technology stocks and mainland economic data. The latest U.S. economic data is worse than expected, and the market hopes that interest rates will peak, supporting the upward trend of the stock market. However, at the same time, it also increases the risk of a hard landing for the economy, and we must be wary that the stock market rally may not be sustainable.

 European stock markets developed individually, with British stocks closing 0.11% lower, French stocks and German stocks rising 0.69% and 0.51% respectively. 

Markets are waiting to see more U.S. Federal Reserve officials speak this week, but Powell avoids talking about monetary policy. After rising for several days, U.S. stocks showed individual developments on Wednesday. The Dow opened 33 points higher and rose 100 points to a high of 34,252 points. It once fell 156 points to a low of 33,996 points. The S&P 500 fell as much as 0.43%; the Nasdaq once fell 0.49. %. 

The U.S. stock market closed with the Dow retreating 40 points to 34,112 points; the S&P 500 gained 4 points to 4,382 points, marking its eighth consecutive day of gains, the longest consecutive day of gains in two years; the Nasdaq gained slightly by 10 points, ending at 4,382 points. It was quoted at 13,650 points.