WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
All three major U.S. stock indexes gyrated wildly in the final minutes of a session that ended with the Dow joining the S&P in negative territory and the Nasdaq eking out a nominal gain after the U.S. Federal Reserve released its statement at the conclusion of its two-day policy meeting.
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Plan A: Remain short as long as market stays below 34316. Targets are 34000 and 33722.
Plan B: Consider long if market able to stabilize above 33722 and rebound. Targets are 34040 and 34316.
E-Mini S&P 500
The Dow Jones Industrial Average fell in volatile trading Wednesday, after Federal Reserve Chairman Jerome Powell suggested the central bank has plenty of room to raise interest rates before it would harm the economy.
The blue-chip average fell 129.64 points, or 0.4%, to 34,168.09. The Dow was up more than 500 points at one point, but rolled over after the Fed’s update. The S&P 500 fell 0.2% to 4,349.93.
The benchmark 10-year Treasury yield climbed above 1.8% after Powell’s comments as traders took them to mean the central bank may be more aggressive in tightening policy, even with the markets in turmoil during January.
The Fed also indicated in a separate statement that it would begin shrinking its balance sheet after hiking rates, a further tightening action that many traders may have hoped the central bank would have held off doing right away.
Wednesday marked the third consecutive roller-coaster trading session for markets, including a more than 1,000-point recovery for the Dow on Monday.
The S&P 500 is down more than 8% to start the year and nearly 10% off its high.
The Dow Jones Industrial Average fell in volatile trading Wednesday, after Federal Reserve Chairman Jerome Powell suggested the central bank has plenty of room to raise interest rates before it would harm the economy.
The blue-chip average fell 129.64 points, or 0.4%, to 34,168.09. The Dow was up more than 500 points at one point, but rolled over after the Fed’s update. The S&P 500 fell 0.2% to 4,349.93.
The benchmark 10-year Treasury yield climbed above 1.8% after Powell’s comments as traders took them to mean the central bank may be more aggressive in tightening policy, even with the markets in turmoil during January.
The Fed also indicated in a separate statement that it would begin shrinking its balance sheet after hiking rates, a further tightening action that many traders may have hoped the central bank would have held off doing right away.
Wednesday marked the third consecutive roller-coaster trading session for markets, including a more than 1,000-point recovery for the Dow on Monday.
The S&P 500 is down more than 8% to start the year and nearly 10% off its high.
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Plan A: Long if market supported firmly above 4282. Targets are 4296, 4309 and 4316.
Plan B: Short only if the market failed to support above 4282. Targets are 4279, 4260 and 4255.
E-Mini Nasdaq
Stock futures fell early Thursday after the Dow Jones Industrial Average and S&P 500 turned lower overnight following a Federal Reserve update by chair Jerome Powell, at the conclusion of its two-day meeting.
Some tech shares were higher in extended trading, after continued swings in the regular session. Netflix jumped more than 4% on news that Pershing’s Bill Ackman bought 3.1 million shares. Tesla gained almost 3% following a strong earnings report. Meanwhile, Intel lost 2%, despite strong earnings.
Powell said there’s “quite a bit of room” to do so before hurting the labor market. The benchmark 10-year Treasury yield climbed above 1.8% following his remarks.
Some investors have started to bet on as many as five rate hikes this year, following Powell’s press conference.
Stock futures fell early Thursday after the Dow Jones Industrial Average and S&P 500 turned lower overnight following a Federal Reserve update by chair Jerome Powell, at the conclusion of its two-day meeting.
Some tech shares were higher in extended trading, after continued swings in the regular session. Netflix jumped more than 4% on news that Pershing’s Bill Ackman bought 3.1 million shares. Tesla gained almost 3% following a strong earnings report. Meanwhile, Intel lost 2%, despite strong earnings.
Powell said there’s “quite a bit of room” to do so before hurting the labor market. The benchmark 10-year Treasury yield climbed above 1.8% following his remarks.
Some investors have started to bet on as many as five rate hikes this year, following Powell’s press conference.
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Plan A: Long if the market supported firmly above 13911. Targets are 13939, 13973 and 14005.
Plan B: Short if market failed to support above 13911. Targets are 13880, 13854 and 13820.
HSI
Hang Seng Index rose 0.16% while China's blue-chip stocks fell on Wednesday as the launch of the latest round of centralized pharmaceutical procurement weighed on healthcare shares, though bargain hunting following the previous session's heavy selling offered some support.
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Plan A: Remain sell as long as market trades below 24427. Targets are 24204 and 24095.
Plan B: Consider long if market supports firmly above 24095 and rebound. Targets are 24204 and 24374.
WTI Crude
WTI crude futures settled 2.04% higher at $87.35 a barrel amid growing geopolitical tensions between Russia and Ukraine, and as supply remains tight amid a rebound in demand.
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Plan A: Remain buy as long as oil price stays firm above 86.0. Targets are 87.4 and 87.9.
Plan B : Consider short if oil price surges but fails to breach above 87.9. Targets are 87.1 and 86.0.
Gold
Gold extended declines on Wednesday as the dollar and Treasury yields bounced after U.S. Federal Reserve Chairman Jerome Powell signaled a shift away from pandemic-era economic support measures, with the central bank on course for a March interest rate hike.
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Plan A: Remain short as long as gold price stays below 1832.1. Targets are 1817.7 and 1813.4.
Plan B: Consider long if gold price trades firmly above 1813.4 and rebound. Targets are 1817.7 and 1829.0
Plan B: Consider long if gold price trades firmly above 1813.4 and rebound. Targets are 1817.7 and 1829.0
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