Wednesday, October 20, 2021

21 October 2021 Foreign

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


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E-Mini Dow


The S&P 500 and the Dow climbed on Wednesday with the Dow hitting an intraday record high as investors eyed better than expected third-quarter earnings from U.S. companies.

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Plan A : Remain buy as long as market trades firmly above 35338. Targets are 35529 and 35766.

Plan B : Consider short if market surges but fails to breach and stay firm above 35529. Targets are 35338 and 35146.



E-Mini S&P 500

The Dow Jones Industrial Average jumped to a record on Wednesday as investor sentiment was boosted by better-than-expected earnings reports and a new record for bitcoin.

The S&P 500 added 16.56 points, or 0.3%, to 4,536.19 and was less than 0.2% from its own record. 

The market climbed a wall of worries over the last two months. Fears over the delta Covid surge, supply chain hiccups, a China property crisis, the Federal Reserve signaling the removal of stimulus and surging inflation reports rattled investors.

More than 70 S&P 500 components report earnings this week and so far reports are going very well. Third-quarter earnings are on pace for a 35% increase from a year ago, according to Earnings Scout. IBM, Tesla, CSX and Las Vegas Sands are among the names set to report after the market closes.

So far investors have largely cheered results from the batch of third-quarter earnings that have hit the market since the banks kicked things off last week. Of the S&P 500 components that have reported thus far, 84% have topped expectations, according to FactSet.

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Plan A : Long if market retraced and supported firm above 4508. Targets are 4518, 4530 and 4544.

Plan B : Short if market failed to support above 4508. Targets are 4493, 4476 and 4460.


E-Mini Nasdaq

The Dow briefly touched a record high and the S&P 500 traded close to its peak on Wednesday as investors eyed better than expected third-quarter earnings from U.S. companies.

While the Nasdaq lagged as technology stocks took a breather, the S&P's utility sector was gaining sharply and the healthcare index rallied for a second day in a row after strong forecasts from Anthem and Abbott.

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Plan A : Short if market failed to support above 15323. Targets are 15281, 15242 and 15198.

Plan B : Long if market supported firm above 15323. Targets are 15354, 15385 and 15420.


HSI

Hong Kong stocks hit a near six-week high on Wednesday, driven by a sustained rebound in technology giants.

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Plan A : Remain buy as long as market stays firm above 26090. Targets are 26302 and 26529.

Plan B : Consider short if market surges but fails to breach above 26302. Targets are 26150 and 26090.



WTI Crude

Oil prices edged higher on Wednesday, rebounding from early losses after U.S. crude stockpiles unexpectedly fell and inventories at the nation's largest storage site hit their lowest level in three years.

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Plan A : Remain buy as long as oil price stays above 82.2. Targets are 83.8 and 85.0.

Plan B : Consider short if oil price fails to hold above 83.5. Targets are 82.2 and 81.4.



Gold

Gold prices edged lower on Wednesday as surging U.S. bond yields dented the metal's appeal and bets for upbeat corporate earnings lifted risk-on sentiment.

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Plan A : Remain buy as long as gold price stays firm above 1773.1. Targets are 1785 and 1793.5.


Plan B : Consider short if gold price surges but fails to breach above 1793.5. Targets are 1785 and 1776.





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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