Thursday, January 28, 2021

29 January 2021 Foreign

         WTI Crude, Gold, HSI, Dow,          S&P 500 and Nasdaq


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E-Mini Dow

U.S. stocks closed higher on Thursday, bouncing from sharp losses in the prior session, thanks to a broadly rally as earnings season got off to a strong start and fears lessened around hedge funds selling long positions to cover shorts.

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Plan A : Remain sell as long as market trades below 30746. Targets are 30473 and 30253.

Plan B : Consider long only if market supports firmly above 30473 and rebound. Targets are 30660 and 30746.



E-Mini S&P 500

U.S. stocks jumped on Thursday, roaring back from a sharp sell-off on Wall Street that saw the S&P 500 and the Dow Jones Industrial Average suffer their worst drop in three months.

The S&P 500 rose 0.98%, while the blue-chip Dow gained 300.19 points, or 0.99%, boosted by Disney, Intel and American Express. The tech-heavy Nasdaq Composite climbed 0.5%.

All 11 S&P 500 sectors closed in the green amid the broad market rally. Financials and materials — cyclical sectors sensitive to an economic recovery — jumped 1.9% and 1.8%, respectively. Industrials and health care also led the strong gains.

The market suffered steep declines in the previous session, with the S&P 500 and the Dow posting their biggest one-day decline since October, as the speculative buying frenzy in heavily shorted stocks kept investors on edge. Some feared that hedge funds being squeezed could be forced to reduce their equity holdings to raise cash. Others called it a sign of a bubble forming in the market.

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Plan A : Short if market failed to support above 3729. Targets are 3701, 3672 and 3648.

Plan B : Long only if market supported firm above 3729. Targets are 3745, 3761 and 3779.

E-Mini Nasdaq

U.S. stock futures moved lower in early morning trading on Friday, as Wall Street’s volatile week continued.

On Thursday, the Nasdaq Composite closed up 0.50% on Thursday.

Apple turned in its largest revenue on record at $111.4 billion in its fiscal first-quarter earnings report for fiscal 2021. Sales for every product category rose by double-digit percentage points. Shares of the tech giant, however, dipped 3.5%.

On the data front, gross domestic product increased at a 4.0% pace in the fourth quarter, slightly below the 4.3% expectation from economists surveyed by Dow Jones.

The number of first-time filers for unemployment benefits rose less than expected last week. Jobless claims totaled 847,000 for the week ended Jan. 23, the labour Department reported Thursday. Economists polled by Dow Jones had expected first-time claims to total 875,000.

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Plan A : Short if market failed to support above 13017. Targets are 12978, 12930 and 12889.

Plan B : Long only if market supported firm above 13017. Targets are 13044, 13072 and 13105.

HSI

Hong Kong stocks posted their biggest drop in more than eight months on Thursday, pressured by an overnight Wall Street sell-off, while tighter onshore liquidity also dampened market sentiment.

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Plan A : Attempt buy if market supported firmly above 28765. Targets are 28980 and 29135.

Plan B : Consider short only if market recovers but fails to breach above 29135. Targets are 28980 and 28765.



WTI Crude

Oil slid on Thursday as the impact of a weaker dollar and big U.S. crude inventory couldn't offset concerns that delays to vaccine rollouts and fresh travel curbs to prevent new coronavirus outbreaks could depress demand.

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Plan A : Remain buy as long as oil price trades firmly above 52.0. Targets are 52.8 and 53.6.

Plan B : Consider short if oil price fails to breach above 52.8. Targets are 52.2 and 51.5.



Gold

Gold eased on Thursday after the U.S. Federal Reserve expressed worries over the slow pace of economic recovery.

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Plan A : Long if gold price trades firmly above 1836.6. Targets are 1850.5 and 1860.6.

Plan B : Consider short if gold price trades below 1860.6. Targets are 1836.6 and 1806.8.



Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com, mining.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.

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