Wednesday, September 22, 2021

23 September 2021 Foreign

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


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E-Mini Dow


U.S. stocks ended sharply higher on Wednesday as investors took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.

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Plan A : Attempt buy if market trades firmly above 34142. Targets are 34438 and 34526.

Plan B : Consider short if market rebounds but fails to breach above 34438. Targets are 34249 and 34142.



E-Mini S&P 500

The S&P 500 climbed Wednesday, led by energy and financials as the broader market took the Fed's signal of a potential November taper in its stride.   

Fed chair Jerome Powell later signaled the taper could get underway in November, and end in mid-2022.  “Participants generally view, so long as the recovery remains on track, a gradual tapering process that concludes around the middle of next year is likely to be appropriate,” Powell said in a press conference that followed the monetary policy statement.  

Cyclical sectors including energy climbed more than 3%, underpinned by rising oil prices following data showing weekly U.S. oil supplies fell by a more than expected last week.

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Plan A : Long if market supported firm above 4427. Targets are 4438, 4447 and 4461.

Plan B : Short if market failed to support above 4427. Targets are 4412, 4395 and 4379. 



E-Mini Nasdaq

U.S. stock index futures were higher during early morning trading on Thursday after the Federal Reserve kept benchmark interest rates unchanged, indicating no immediate intention of removing stimulus policies.

The Nasdaq Composite finished the session 1.02% higher.

The central bank implemented a $120 billion per month bond-buying program last year as the pandemic shuttered the economy. As economic conditions improve more members of the Federal Open Market Committee now see the first rate hike happening in 2022.

On Thursday the Department of Labor will release initial jobless claims number. Flash estimates for September Manufacturing PMI and Services PMI will also be released.

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Plan A : Long if market supported firm above 15263. Targets are 15295, 15329 and 15361.

Plan B : Short if market failed to support above 15263. Targets are 15223, 15182 and 15140.



HSI

Hong Kong stocks slipped on Tuesday, a day after worries about the future of embattled developer China Evergrande Group shook global markets.

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Plan A : Remain sell as long as market trades below 24310. Targets are 24050 and 23798.

Plan B : Consider long only if market supports firmly above 23798 and rebound. Targets are 24050 and 24200.



WTI Crude

Oil prices climbed more than $1 on Wednesday after U.S. crude stocks fell to their lowest in three years as refining activity recovered from recent storms.

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Plan A : Remain buy as long as oil price trades firmly above 70.9. Targets are 72.1 and 73.1.

Plan B : Consider short only if oil price surges but fails to breach above 72.1. Targets are 71.3 and 70.9.



Gold

Gold prices slipped in volatile trade on Wednesday after the U.S. Federal Reserve signaled a sooner-than-expected interest rate hike and easing of its bond purchases by the middle of next year.


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Plan A : Attempt buy if gold price trades firmly above 1766.1. Targets are 1778.5 and 1794.8.


Plan B : Consider short only if gold price falls below 1766.1. Targets are 1747.9 and 1730.6.



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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