Wednesday, April 7, 2021

08 April 2021 Foreign

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


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E-Mini Dow


Major averages hovered near unchanged on Wednesday, with the S&P 500 and Dow closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the U.S. central bank's position to remain patient before raising rates.

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Plan A : Remain buy as long as market trades firmly above 33252. Targets are 33559 and 33939. 

Plan B : Consider short if market surges but fails to breach above 33559. Targets are 33406 and 33252.



E-Mini S&P 500

The S&P 500 gained slightly to hit a record high on Wednesday as minutes from the Federal Reserve’s last meeting showed the central bank’s commitment to accommodative policy in order to support a full economic recovery.

The broad equity benchmark rose 0.1% to 4,079.95, a new closing high. 

Fed officials indicated at their last meeting that the pace of asset purchases will stay the same for some time while the central bank pursues its economic goals.

The policymakers expected the economy to rebound substantially in 2021 amid the historic economic reopening, and they believe stronger-than-average growth in the following years will continue to facilitate the labor-market recovery.

On Thursday, investors will pore over the Labor Department’s latest update on the number of Americans filing for unemployment benefits for the first time. Economists polled by Dow Jones expect first-time claims to total 694,000 during the week ended April 3.

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Plan A : Long if market supported firm above 4077. Targets are 4092, 4106 and 4122.

Plan B : Short if market failed to support above 4077. Targets are 4052, 4029 and 4001.


E-Mini Nasdaq

Futures contracts tied to the major U.S. stock indexes ticked higher at the start of the overnight session Wednesday evening, suggesting that Wall Street could extend gains that have propelled the S&P 500 to record levels this week.

The tech-heavy Nasdaq Composite dipped 0.1% to 13,688.84 even as Big Tech stocks registered solid gains. Amazon, Apple and Alphabet all climbed more than 1%, while Facebook jumped 2.2%.

President Joe Biden spoke on Wednesday from Washington about his administration’s $2 trillion infrastructure plan that includes a corporate tax rate hike to 28% and noted that he is willing to negotiate on the proposed tax increase.

The proposed increase to the corporate tax is thought to be a key source of tax revenue for the White House infrastructure plan and is a non-starter for Republicans, who say they are concerned about tax increases as the U.S. economy emerges from the Covid-19 pandemic.

Separately, the Treasury Department said that Biden’s tax proposals would generate about $2.5 trillion over 15 years in an effort to pay for eight years of spending on roads, bridges, transit, broadband and other projects.

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Plan A : Long if market market retraced but supported firm above 13640. Targets are 13671, 13701 and 13733.

Plan B : Short if market failed to support above 13640. Targets are 13601, 13562 and 13518.


HSI

Hong Kong's Hang Send index fell on Wednesday in its first trading session after an extended holiday as tech heavyweights and financials dragged it lower.

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Plan A : Attempt sell if market continue to stay trading below 28639. Targets are 28366 and 28168.


Plan B : Consider long only if market able to hold firm above 28366 and rebound. Targets are 28594 and 28639.



WTI Crude

Global benchmark Brent crude inched higher on Wednesday on improving global economic outlook, but U.S. crude fell on rising gasoline inventories amid fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.

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Plan A : Remain short as long as oil price stays below 59.8. Targets are 58.8 and 57.6.

Plan B : Consider long only if oil price able to trade firmly above 58.8 and rebound. Targets are 59.8 and 60.2.




Gold

Gold prices fell on Wednesday a day after hitting a more than one-week peak, as strong economic data from the United States bolstered hopes of a swift recovery dimming the precious metal's appeal.

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Plan A : Remain buy as long as gold price trades firmly above 1714.2. Targets are 1729 and 1752.4.

Plan B : Consider short only if gold price surges but fails to breach above 1752.4. Targets are 1728.2 and 1714.2.





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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                WTI Crude, Gold, HSI, Dow,  S&P 500 and Nasdaq If you like what we are doing, kindly like and share our page on FB. Foll...