23 Nov 2022 Foreign

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

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E-Mini Dow

The major U.S. equity averages found their footing on Tuesday, with each posting gains of more than 1%. A spate of strong retail earnings helped lift the broader market, amid thin trading ahead of the Thanksgiving holiday later this week.

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Plan A: Remain long as long as market trades above 33789. Targets are 34180 and 34277.

Plan B: Consider short if market stays below 33789. Targets are 33594 and 33496.

E-Mini S&P 500

Stocks rose Tuesday as Wall Street looked past tightening Covid policies in China to instead focus on a host of strong earnings reports and the potential for smaller future rate hikes during a holiday-shortened trading week.

The Dow Jones Industrial Average closed 397.82 points, or 1.18%, higher at 34,098.10. The S&P 500 rose 1.36% to close at 4,003.58, its first close above the 4,000 level since September. The Nasdaq Composite also gained 1.36% to 11,174.41.

Stocks were helped by easing bond yields as investors’ attention turned toward 2023. Investors also weighed comments from Federal Reserve leaders. On Monday, Cleveland Fed President Loretta Mester said recent inflation data is promising and that she’d support reduced interest rate hikes going forward. That could mean that the Fed gets to its terminal rate, between 4% and 5%, soon.

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Plan A: Short if market failed to support above 4028. Targets are 4009 and 3991.

Plan B : Long if market supported firm above 4028. Targets are 4045 and 4066.

 

E-Mini Nasdaq

U.S. stock futures were marginally lower on Wednesday morning, as investors looked ahead to Federal Reserve meeting minutes for clues into the pace of future interest rate hikes.

Dow Jones Industrial Average futures were fractionally lower and shed 4 points. S&P 500 futures was also marginally lower, while Nasdaq 100 futures dipped 0.17%.

On the economic front, investors will review the latest Fed meeting minutes on Wednesday for insight into the central bank’s approach on monetary policy ahead of the December meeting.

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Plan A: Long if market supported firm above 11712. Targets are 11766 and 11820.

Plan B: Short if market failed to support above 11712. Targets are 11660 and 11603.

HSI

The Hang Seng lost 231 points or 1.31% to close at 17,424 on Tuesday, declining for the fifth day, dragged down by mounting fears over the impact of COVID infections in China as daily virus cases rose to a near-record high.

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Plan A: Remain long if the market stays above 17344. Targets are 17656 and 17813.

Plan B: Consider short only if the market stays below 17500. Targets are 17344 and 17188.

WTI Crude

Oil prices rose about 1% on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market.

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Plan A: Remain long as long as oil price stays above 78.13. Targets are 81.25 and 84.38.

Plan B: Consider short only if oil price stays below 78.13. Targets are 76.56 and 75.

Gold

Gold snapped a four-session slump to rise on Tuesday, propped up by a retreat in the dollar while investors awaited cues on the U.S. Federal Reserve's monetary policy path.

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Plan A: Remain short as long as gold price stays below 1750. Targets are 1734.4 and 1726.6.

Plan B: Attempts long only if gold price stays above 1750. Targets are 1765.6 and 1773.4.

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.