Thursday, February 18, 2021

19 February 2021 Foreign

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


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E-Mini Dow


Stocks on Wall Street closed lower on Thursday as investors shifted out of big technology names, while an unexpected rise in weekly U.S. jobless claims pointed to a fragile recovery in the labor market.

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Plan A : Attempt buy if market trades firmly above 31422. Targets are 31622 and 31863.

Plan B : Consider short only if market fails to hold above 31422. Targets are 31339 and 31228.



E-Mini S&P 500

Overnight on Wall Street, the S&P 500 declined 0.44% to finish its trading day at 3,913.97.

The declines stateside came after first-time fillings for jobless claims totaled 861,000 last week, the highest in a month and above the Dow Jones estimate of 773,000, the Labor Department reported Thursday.

Shares of Apple Inc, Tesla Inc and Facebook Inc weighed the most on both the benchmark S&P 500 and the tech-heavy Nasdaq.

Concerns over a rising inflation outlook have pushed investors to book profits on stocks with high valuations in the S&P 500 technology and communications services sectors, which have underpinned a 76% rise in the S&P 500 since its March 2020 lows.

Of the 11 major S&P 500 sectors, only utilities and consumer discretionary rose, while real estate barely fell, off 0.02%.

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Plan A : Short if market failed to support above 3905. Targets are 3882, 3857 and 3833.

Plan B : Long only if market doesn't retrace much and supported firm above 3905. Targets are 3920, 3938 and 3852.



E-Mini Nasdaq

Stock futures were flat in overnight trading on Thursday after Treasury Secretary Janet Yellen said a large Covid relief package is still needed for a full recovery in the U.S.

The Nasdaq Composite shed 0.72% to about 13,865.36.

Yellen told CNBC Thursday after the bell that more stimulus is necessary even as some economic data suggested a swift rebound. She added a $1.9 trillion stimulus deal could help the U.S. get back to full employment in a year.

The stock market’s rally to records seems to have fizzled as fears of rising rates and higher inflation crept in.

Many on Wall Street believe that in order for the market to extend its march higher, expectations for further fiscal stimulus and a smooth reopening need to become reality.

The Nasdaq Composite are down 1.6% this week, on track to break its two-week winning streak. 

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Plan A : Long if market doesn't retrace much and supported firm above 13622. Targets are 13655, 13682 and 13711.

Plan B : Short if market failed to support above 13622. Targets are 13582, 13544 and 13500.



HSI

Hong Kong stocks retreated from a 32-month high to close lower on Thursday, snapping a seven-day winning streak, as signs of policy tightening dampened risk appetite.

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Plan A : Attempt short if market remain trading below 30648. Targets are 30331 and 30170. 

Plan B : Consider long only if market able to hold above 30331 and rebounds. Targets are 30543 and 30756.


WTI Crude

Oil prices fell more than 1% on Thursday despite a sharp drop in U.S. crude inventories, as market participants took profits following days of buying spurred by a cold snap in the largest U.S. energy-producing state.

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Plan A : Remain buy as long as oil price trades firmly above 59.4. Targets are 60.0 and 61.3.


Plan B : Consider selling only if oil price fails to hold above 59.4. Targets are 58.3 and 57.6.


Gold

Gold lingered near 11-week lows in choppy trading on Thursday as investor optimism for a global economic recovery raised U.S. Treasury yields and made the precious metal less attractive.

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Plan A : Attempt long only if gold price able to climb back and stays strong above 1776. Targets are 1795.1 and 1814.1.

Plan B : Consider short if market rebounds but fails to breach above 1795.1. Targets are 1776 and 1752.4.



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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