WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Dow Jones Industrial Average dropped 559.85 points, or 1.8%, to 31,402.01, slipping from a record high.
The momentum that carried stocks to all-time highs earlier this month has met resistance amid a sudden and pronounced rise in bond yields. The rate on the U.S. 10-year Treasury note briefly soared as high as 1.6% on Thursday before simmering back down to around 1.52%, its highest level since February 2020.
Economists and investment managers say the rise in rates is an appropriate reaction by the bond market to positive economics as vaccines are rolled out and GDP forecasts improve, which should benefit corporate profits.
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Plan A : Remain buy as long as market trades firmly above 31351. Targets are 31391 and 31415.
Plan B : Consider short only if market surges but fails to breach above 31351. Targets are 31310 and 31256.
E-Mini S&P 500
U.S. stocks fell sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names.
The S&P 500 lost 2.5% to 3,829.34 in its worst day since Jan. 27.
The major averages tumbled in a rapid fashion as the 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a “flash” spike. The yield later settled back down to around 1.52%, its highest level since February 2020.
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Plan A : Long if market supported firm above 3830. Targets are 3846, 3861 and 3880.
Plan B : Short if market failed to support above 3830. Targets are 3807, 3779 and 3754.
E-Mini Nasdaq
Futures contracts tied to the major U.S. stock indexes fell during the overnight session Thursday evening after a pop in interest rates earlier in the day helped push the Nasdaq Composite to its worst session since October.
The tech-heavy Nasdaq Composite slid 3.5% to 13,119.43, posting its biggest sell-off since Oct. 28.
Popular big-tech stocks like Alphabet, Facebook and Tesla, all of which began the year on strong footing, dropped 3.2%, 3.6% and 8% on Thursday. Apple, one of the largest, cash-heavy companies in the world, has seen its stock slide more than 15% over the last month.
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Plan A : Long if market supported firm above 12799. Targets are 12830, 12861 and 12895.
Plan B : Short if market failed to support above 12799. Targets are 12761, 12715 and 12650.
HSI
China and Hong Kong stocks fell sharply on Friday, in line with broader markets, as a rout in global bonds sent yields flying and dampened appetite for risky assets.
The Hang Seng index dropped 2.4% to 29,342.49 points, while the Hong Kong China Enterprises Index lost 2.7% to 11,404.68.
Yields on the 10-year Treasury note eased back to 1.494% from a one-year high of 1.614%, but were still up a startling 40 basis points for the month in the biggest move since 2016.
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Plan A : Attempt short if market rebounds but fails to breach above 29400. Targets are 29312 and 29180.
Plan B : Consider long only if market trades firmly above 29400. Targets are 29510 and 29620.
WTI Crude
Oil prices fell on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to come back to the market.
U.S. WTI crude futures dropped 36 cents, or 0.6%, to $63.17 a barrel at 0241 GMT, giving up all of Thursday’s gains.
Despite the drop in prices on Friday, both Brent and WTI are on track for gains of about 20% this month, as markets have grappled with supply disruptions in the United States, while optimism has built for demand to improve with vaccine rollouts.
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Plan A : Remain buy as long as oil price trades firmly above 62.4. Targets are 63.7 and 64.2.
Plan B : Consider selling only if oil price surges but fails to breach above 62.4. Targets are 61.8 and 61.2.
Gold
Gold inched higher after hitting a one-week low on Friday, but headed for a second straight weekly and monthly decline as brighter economic outlook and inflation fears propped up U.S. Treasury yields.
Spot gold was up 0.2% to $1,773.06 per ounce by 0303 GMT, having earlier fallen to its lowest since Feb. 19 at $1,764.90. Prices were down 0.6% for the week and 4% for the month so far.
U.S. gold futures fell 0.2% to $1,771.80 on Friday.
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Plan A : Long if gold price stays firm above 1760.1. Targets are 1768.2 and 1775.8.
Plan B : Consider short if market rebounds but fails to breach above 1760.1. Targets are 1752.5 and 1744.1.
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.
