Wednesday, February 3, 2021

4 February 2021 Foreign

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


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E-Mini Dow


The Dow and S&P 500 rose slightly on Wednesday, registering a third straight session of gains, with Alphabet Inc's shares hitting a record high following its strong quarterly results.

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Plan A : Attempt buy if market trades firmly above 30473. Targets are 30746 and 30845.

Plan B : Consider short only if market recovers but fail to breach above 30746. Targets are 30570 and 30473.



E-Mini S&P 500

The S&P 500 climbed slightly on Wednesday, rising for a third straight day as investors digested a wave of corporate earnings.

The broad equity benchmark rose 0.1% to 3,830.17, supported by energy and communication services. 

Shares of Google’s parent Alphabet jumped 7.3% after the technology giant reported 23% revenue growth and topped estimates for earnings, boosted by Google’s recovering advertising business.

Amazon reported earnings that nearly doubled Wall Street estimates, while delivering its biggest revenue of all time at $125.56 billion, pushing it past the symbolic $100 billion mark for the first time. The ecommerce leader also announced that Jeff Bezos is stepping down as CEO. Amazon’s stock fell 2%.

Investors cheered a rebound in U.S. employment last month. A report Wednesday from payroll processing firm ADP showed private firms added 174,000 jobs in January, above the 50,000 Dow Jones estimate.

Earnings season continues on Wednesday with chipmaker Qualcomm, eBay, Paypal and Yum China reporting after the closing bell.

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Plan A : Long only if market supported firm above 3819. Targets are 3834, 3849 and 3867.

Plan B : Short if market failed to support above 3819. Targets are 3794, 3767 and 3740.



E-Mini Nasdaq

Futures contracts tied to the major U.S. stock indexes were slightly lower during the overnight session Wednesday evening as Wall Street attempted to continue the S&P 500′s winning streak on Thursday.

The tech-heavy Nasdaq Composite dipped less than 0.1% to 13,610.54 amid a drop in Amazon shares.

The macroeconomic outlook remained in focus as traders prepared for the latest iteration of the Labor Department’s jobless claims report, due Thursday at 8:30 a.m. ET. Economists polled by Dow Jones expect first-time claims to total 830,000 for the week that ended Jan. 30.

If claims were to come in as expected, it would mark a slight reduction from the prior week's 847,000 initial claims.

The yield on the benchmark U.S. 10-year Treasury note rose about 3 basis points on Wednesday to 1.14%.

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Plan A : Long only if market supported firm above 13425. Targets are 13455, 13490 and 13518.

Plan B : Short if market failed to support above 13425. Targets are 13380, 13344 and 13308.



HSI

Hong Kong shares reversed earlier losses to close higher on Wednesday, helped by tech and energy firms following continuous demand from mainland investors seeking lower-valued stocks.

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Plan A : Attempt buy if market supported firmly above 29135. Targets are 29320 and 29640.

Plan B : Consider short only if market recovers but fails to breach above 29440. Targets are 29249 and 29135.



WTI Crude

Oil prices rose almost 2% on Wednesday and hovered near their highest levels in about a year, after government data showed U.S. crude stockpiles fell to their lowest since March, while OPEC+ maintained its supply cut agreement.

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Plan A : Remain buy as long as oil price trades firmly above 55.5. Targets are 56.5 and 57.6.

Plan B : Consider short if oil price fails to breach above 56.5 and retrace. Targets are 55.5 and 54.6.



Gold

Spot gold fell 0.14% to $1,834.86 per ounce. U.S. gold futures added 0.2% to $1,836  while silver rose more than 2% on Wednesday on bets for a pick-up industrial demand, regaining some ground following a sharp retreat from a near eight-year peak scaled with the help of a social media-inspired buying frenzy.

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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 1836.6. Targets are 1830.6 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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