6 Sep 2022 Foreign

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

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E-Mini Dow

U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.

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Plan A: Remain short as long as market trades below 32031. Targets are 31250 and 30859.

Plan B: Consider long if market stays above 31836. Targets are 32031 and 32227.

E-Mini S&P 500

U.S. equities fell on Friday to cap their third straight weekly decline, after a solid August jobs report failed to ease fears that the Federal Reserve would keep aggressively hiking interest rates to fight inflation.

The S&P 500 fell roughly 1.1% to 3,924.26, its lowest close since July.

Stocks had been weighed down throughout this week by hawkish comments from Federal Reserve officials signaling that interest rate hikes aren’t going away anytime soon. That’s put traders on watch for a retest of the June lows, especially knowing September is historically a poor month for the market. Some have suggested that if the S&P 500 fails to hold the 3,900 level, those summer lows could come back into play.

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Plan A : Short if market failed to support above 3938. Targets are 3921 and 3910.

Plan B : Long if market supported above 3938. Targets are 3946 and 3959.

E-Mini Nasdaq

After rallying through the morning, the Dow Jones Industrial Average erased a 370-point gain and finished the session lower by 337.98 points, or about 1.1%, at 31,318.44.

The Nasdaq Composite declined 1.3% to 11,630.86, recording its first six-day losing streak since 2019.

Some investors were briefly comforted on Friday by the highly anticipated jobs report, which showed the economy added 315,000 jobs for the month, just under the Dow Jones estimate for 318,000. Stocks rallied in the first part of the day.

The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations. The August report is particularly important because it’s one of the last major economic reports the Fed will weigh before it raises rates at its September meeting. This data point could help the central bank determine whether a 75-basis-point hike.

The last major economic report of note is August CPI on Sept. 13 and is more likely to determine how aggressive the Fed needs to be in the near term.

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Plan A : Short if market failed to support above 12117. Targets are 12082 and 12053.

Plan B : Long if market supported firm above 12117. Targets are 12148 and 12480.

HSI

Asian shares slipped on Monday while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices.

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Plan A: Remain short if the market stays below 19688. Targets are 19219 and 19063.

Plan B: Consider long only if the market stays above 19531. Targets are 19688 and 19844.

WTI Crude

Oil prices rose about 3% on Monday, as OPEC+ members agreed to a small production cut of 100,000 barrels per day to bolster prices.

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Plan A: Remain long as long as oil price stays above 87.50. Targets are 89.84 and 91.41.

Plan B: Consider short only if oil price stays below 87.50. Targets are 86.72 and 85.94.

Gold

Gold prices held above the key $1,700 per ounce level on Monday, as hopes that the Federal Reserve might slow the pace of rate increases after mixed U.S. jobs data helped offset pressure from a robust dollar.

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Plan A: Remain long as long as gold price stays above 1718.8 Targets are 1730.5 and 1738.3.

Plan B: Attempts short only if gold price stays below 1718.8. Targets are 1710.9 and 1703.1.

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.