9 Nov 2022 Foreign

 

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

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E-Mini Dow

Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the U.S. Congress, with investors betting on a political stalemate that could prevent major policy changes.

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Plan A: Remain long as long as market trades above 32813. Targets are 33594 and 33984.

Plan B: Consider short if market stays below 32813. Targets are 32617 and 32422.

E-Mini S&P 500

The S&P 500 gave up some gains Tuesday, but remained supported on bets that stocks will likely receive a boost should Republicans come out on top in the race for control of Congress as voting in the U.S. midterms gets underway.

The S&P 500 rose 0.3%, the Dow gained 0.7%, or 236 points, and the Nasdaq was up 0.13%.

With Republicans expected to take back control of the House, many are betting a divided Congress as the likely outcome "regardless of the Senate outcome," Goldman Sachs says, as President Joe Biden could veto legislation, stifling the GOP's agenda.

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Plan A: Short if market failed to support above 3819. Targets are 3797 and 3775.

Plan B: Long if market supported firm above 3819. Targets are 3841 and 3862.

E-Mini Nasdaq 

Stock futures were lower — following recent market gains — as results of the midterm elections dragged on with control of the U.S. House of Representatives and Senate still up in the air.

S&P 500 futures fell by 0.25%, while Dow futures were down 95 points. Futures for the Nasdaq 100 traded fractionally lower.

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Plan A: Long if market supported firm above 11037. Targets are 11090 and 11121.

Plan B: Short if market failed to support above 11037. Targets are 10980 and 10920.

HSI

The Hang Seng was down 82 points or 0.49% to finish at 16,514 on Tuesday, retreating for the first session in three, amid escalating China's COVID infections and unexpectedly weak trade data for October.

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Plan A: Remain long if the market stays above 16250. Targets are 16875 and 17188.

Plan B: Consider short only if the market stays below 16250. Targets are 15938 and 15625.

WTI Crude

Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections.

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Plan A: Remain short as long as oil price stays below 90.63. Targets are 88.28 and 87.50.

Plan B: Consider long only if oil price stays above 90.63. Targets are 91.41 and 92.97.

Gold

Gold prices rose more than 2% on Tuesday to breach the key $1,700 per ounce level, following a fall in the dollar and bond yields as well as some technical buying, while market focus remained on U.S. inflation data later this week.

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Plan A: Remain long as long as gold price stays above 1687.5. Targets are 1718.8 and 1734.4.

Plan B: Attempts short only if gold price stays below 1687.5. Targets are 1671.9 and 1656.3.

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.