WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
US stocks sank on Thursday, wiping gains from the previous session, as the Federal Reserve's aggressive approach to monetary tightening fueled recession concerns.
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Plan A: Remain short as long as market trades below 30469. Targets are 29688 and 29297.
Plan B: Consider long if market stays above 30469. Targets are 30664 and 31055.
E-Mini S&P 500The Dow Jones Industrial Average on Thursday tumbled below the key 30,000 level for the first time since January 2021 as investors worried the Federal Reserve’s aggressive approach toward curbing inflation would bring the economy into a recession.
S&P 500 slipped 3.25% to 3,666.77.
Data out Thursday further indicated a dramatic slowdown in economic activity. Housing starts dropped 14% in May, much deeper than the 2.6% decline expected by economists polled by Dow Jones. The Philadelphia Fed Business Index for June came in with a negative 3.3 reading, its first contraction since May 2020.
As stocks fell, the 10-year Treasury yield slipped on Thursday and was last trading around 3.24%. The benchmark rate notched an 11-year high above 3.48% earlier in the week.
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The Dow Jones Industrial Average on Thursday tumbled below the key 30,000 level for the first time since January 2021 as investors worried the Federal Reserve’s aggressive approach toward curbing inflation would bring the economy into a recession.
S&P 500 slipped 3.25% to 3,666.77.
Data out Thursday further indicated a dramatic slowdown in economic activity. Housing starts dropped 14% in May, much deeper than the 2.6% decline expected by economists polled by Dow Jones. The Philadelphia Fed Business Index for June came in with a negative 3.3 reading, its first contraction since May 2020.
As stocks fell, the 10-year Treasury yield slipped on Thursday and was last trading around 3.24%. The benchmark rate notched an 11-year high above 3.48% earlier in the week.
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Plan A: Short if market failed to support above 3687. Targets are 3672 and 3665.
Plan B: Long only if market supported firm above 3687. Targets are 3696 and 3708.
E-Mini Nasdaq
Stock futures rose modestly on Thursday evening as Wall Street tries to find its footing after a brutal week of selling.
The Nasdaq Composite slid 4.08% to 10,646.10 and touched its lowest level since September 2020.On the earnings front, software giant Adobe reported a better-than-expected second quarter but delivered disappointing full-year guidance. Shares fell more than 4% in extended trading on Thursday.
Friday is a relatively light day for economic data, with industrial production data for May due out before the opening bell.
Stock futures rose modestly on Thursday evening as Wall Street tries to find its footing after a brutal week of selling.
The Nasdaq Composite slid 4.08% to 10,646.10 and touched its lowest level since September 2020.
On the earnings front, software giant Adobe reported a better-than-expected second quarter but delivered disappointing full-year guidance. Shares fell more than 4% in extended trading on Thursday.
Friday is a relatively light day for economic data, with industrial production data for May due out before the opening bell.
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Plan A: Short if market failed to support above 11194. Targets are 11168 and 11130.
Plan B: Long if market supported firm above 11194. Targets are 11227 and 11253.
HSI
The Hong Kong Hang Seng Index opened evenly but fell in trading, finishing down 2.2% as traders weighed the Fed action. Property and tech issues paced decliners.
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Plan A: Remain short if the market stays below 20938. Targets are 20469 and 20313.
Plan B: Consider long only if the market stays above 21094. Targets are 21250 and 21563.
WTI Crude
Oil prices rose on Thursday in topsy-turvy trading after the United States announced new sanctions on Iran, and as energy markets stayed focused on supply concerns that have sent prices soaring this year.
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Plan A: Remain short as long as oil price stays below 117.19. Targets are 114.06 and 112.50.
Plan B: Consider long only if oil price stays above 118.75. Targets are 120.31 and 121.88.
Gold
Gold prices rose early on Thursday as the metal serves a store of value amid market volatility following interest-rate hikes from the Federal Reserve, the United Kingdom and Switzerland.
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Plan A: Remain long as long as gold price stays above 1835.9. Targets are 1859.4 and 1867.2.
Plan B: Attempts short only if gold price stays below 1835.9. Targets are 1828.1 and 1820.3.
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