WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks ended down sharply on Wednesday after U.S. Federal Reserve meeting minutes signaled the central bank may have to raise interest rates sooner than expected.
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Plan A: Attempt long if market trades firmly above 36284. Targets are 36471 and 36571.
Plan B: Consider short if market falls below 36284. Targets are 36120 and 35952.
E-Mini S&P 500
Stocks fell sharply Wednesday, with the Dow Jones Industrial Average suffering its first decline of 2022, as Wall Street geared up for potentially tighter U.S. monetary policy.
The S&P 500 fell 1.94% to 4,700.58.
Rates also jumped, putting pressure on equities, after the minutes from the Federal Reserve’s most recent meeting showed the central bank has discussed reducing its balance sheet shortly after it raises rates later this year.
The Fed is tapering its bond purchases now and has already indicated to the market that it will raise rates soon after it finishes that taper in March. But the market is awaiting indications from the Fed on what it will do with its nearly $9 trillion balance sheet once it’s done increasing it.
Stocks fell sharply Wednesday, with the Dow Jones Industrial Average suffering its first decline of 2022, as Wall Street geared up for potentially tighter U.S. monetary policy.
The S&P 500 fell 1.94% to 4,700.58.
Rates also jumped, putting pressure on equities, after the minutes from the Federal Reserve’s most recent meeting showed the central bank has discussed reducing its balance sheet shortly after it raises rates later this year.
The Fed is tapering its bond purchases now and has already indicated to the market that it will raise rates soon after it finishes that taper in March. But the market is awaiting indications from the Fed on what it will do with its nearly $9 trillion balance sheet once it’s done increasing it.
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Plan A: Long if market supported firmly above 4687. Targets are 4691, 4709 and 4718.
Plan B: Short only if the market failed to support above 4687. Targets are 4676, 4663 and 4659.
E-Mini Nasdaq
Stock futures were muted in overnight trading Wednesday after the major U.S. stock averages fell sharply in the first losing regular trading session of the year.
The tech-heavy Nasdaq saw its biggest one-day loss since February, losing 3.34% to end at 15,100.17.
Megacap tech stocks fell, with Netflix and Alphabet each dropping at least 4%. Meta Platforms and Microsoft both lost more than 3%, and Apple slid 2.7%.
Salesforce dropped 8.2% following a downgrade from UBS. The firm also cut Adobe, sending its shares down 7.1%. Among chipmakers, Advanced Micro Devices and Nvidia both fell about 5%.
Stock futures were muted in overnight trading Wednesday after the major U.S. stock averages fell sharply in the first losing regular trading session of the year.
The tech-heavy Nasdaq saw its biggest one-day loss since February, losing 3.34% to end at 15,100.17.
Megacap tech stocks fell, with Netflix and Alphabet each dropping at least 4%. Meta Platforms and Microsoft both lost more than 3%, and Apple slid 2.7%.
Salesforce dropped 8.2% following a downgrade from UBS. The firm also cut Adobe, sending its shares down 7.1%. Among chipmakers, Advanced Micro Devices and Nvidia both fell about 5%.
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Plan A: Long if the market supported firmly above 15695. Targets are 15729, 15754 and 15782.
Plan B: Short if market failed to support above 15695. Targets are 15663, 15638 and 15601.
HSI
Hong Kong's Hang Send Index closed lower on Wednesday, as tech shares mirrored weakness in global peers, while Chinese top market regulator's decision to impose new fines on leading technology companies also weighed on investor sentiment.
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Plan A: Remain short as long as market stays below 23154. Targets are 22850 and 22759.
Plan B: Attempt long if market trades firmly above 22962. Targets are 23154 and 23215.
WTI Crude
Oil prices rose on Wednesday, extending gains even after OPEC+ producers stuck to an agreed output target rise for February and U.S. fuel inventories surged due to sliding demand as COVID-19 cases spiked.
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Plan A: Remain long as long as oil price trades firmly above 76.4. Targets are 77.2 and 77.6.
Plan B : Consider short if oil price surges but fails to breach above 77.6. Targets are 77.1 and 76.4.
Gold
Gold prices edged higher on Wednesday as rising Omicron variant coronavirus cases helped its safe-haven appeal, but trading was range-bound as investors awaited the minutes of the U.S. Federal Reserve's latest policy meeting as rate hike bets grow.
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Plan A: Remain short as long as gold price stays below 1813.4. Targets are 1800.4 and 1793.
Plan B: Consider long if gold price supports firmly above 1800.4 and rebound. Targets are 1810 and 1813.4.
Plan B: Consider long if gold price supports firmly above 1800.4 and rebound. Targets are 1810 and 1813.4.
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