2 Aug 2022 Foreign

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

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E-Mini Dow

US stocks closed lower in a choppy Monday session, with government bond yields dropping to the lowest level in almost four months amid a slowdown in factory activity.

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Plan A: Remain long as long as market trades above 32617. Targets are 32813 and 33008.

Plan B: Consider short if market stays below 32617. Targets are 32422 and 32227.

E-Mini S&P 500

Stocks climbed for a third consecutive session on Friday as investors digested strong tech earnings and looked past concerns about high inflation and a recessionary environment.

The S&P 500 jumped 1.4% to 4,130.29.

That performance is a stark contrast from the previous six months when stocks tumbled to their June bear market levels. The market reversed as investors’ fears about the aggressive pacing of the Federal Reserve’s interest rate increases started to wane and the idea that inflation has perhaps peaked began to settle in.

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Plan A: Long if market supported firm above 4091. Targets are 4108 and 4118. 

Plan B: Short if market failed to support above 4091. Targets are 4085 and 4072.

E-Mini Nasdaq

All of the major averages rose to a winning week and their best month of 2022.

Nasdaq Composite added about 1.9% to end the day at 12,390.69.

Bureau of Economic Analysis reported that June’s personal consumption expenditures index climbed 6.8% on a 12-month basis. This inflation indicator, which is watched closely by the Fed, hit its highest level since January 1982.

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Plan A: Long if market supported firm above 12845. Targets are 12876 and 12903.

Plan B : Short if market failed to support above 12845. Targets are 12817 and 12782.

HSI

The Hong Kong Hang Seng Index opened lower but rallied to break even, although property issues again declined. Traders mulled the geopolitical tensions of a possible visit to Taiwan by US House Speaker Nancy Pelosi.

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Plan A: Remain short if the market stays below 20313. Targets are 19844 and 19688.

Plan B: Consider long only if the market stays above 20156. Targets are 20313 and 20469.

WTI Crude

Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.

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Plan A: Remain short as long as oil price stays below 96.88. Targets are 92.19 and 90.63.

Plan B: Consider long only if oil price stays above 96.88. Targets are 98.44 and 100.

Gold

Gold rose for a third-straight session on Friday, pushing back closer to the US$1,800 mark it fell below at the start of the month as the US dollar and bond yields fell.

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Plan A: Remain long as long as gold price stays above 1773.4. Targets are 1789.1 and 1796.9.

Plan B: Attempts short only if gold price stays below 1765.6. Targets are 1757.8 and 1750.

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.