WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Dow Jones Industrial Average declined 260.99 points, or 0.77%, to 33,717.09.
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Plan A: Remain long as long as market trades above 33887. Targets are 34277 and 34375.
Plan B: Consider short if market stays below 33887. Targets are 33691 and 33496.
E-Mini S&P 500
Stocks traded lower Monday, pausing a January rally as investors braced for the busiest week of earnings season and a possible interest rate hike from the Federal Reserve.
Still, the S&P 500 is headed for its best January since 2019 when it gained nearly 8%. The broader market index is up 4.6% for 2023 following a 19% loss last year.
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Plan A: Long only if market supported firm above 4045. Targets are 4059 and 4061.
Plan B: Short if market failed to support above 4045. Targets are 4038 and 4021.
E-Mini Nasdaq
Information technology and communication services were among the biggest laggards in the S&P 500. Mega-cap tech stocks such as Meta Platforms and Alphabet were about 3% and 2.5% lower, respectively. Semiconductor stock Advanced Micro Devices fell 3.9%.
The Federal Open Market Committee meets on Tuesday and Wednesday, when the Fed is expected to hike rates by one-quarter of a percentage point. Investors will be looking for clues about how much higher the central bank will take rates in the fight against inflation. Traders have pushed stocks higher this year in part because of softer inflation reports, which they suspect could cause the Fed to soon pause its hiking campaign.
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Plan A: Long if market supported firm above 11873. Targets are 11903 and 11942.
Plan B: Short if market failed to support above 11873. Targets are 11845 and 11801.
HSI
Asian shares edged down and bonds nursed small losses on Tuesday as investors braced for an eventful week that will include central bank meetings, a slew of earnings reports and key U.S. economic data.
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Plan A: Remain long if the market stays above 22188. Targets are 22813 and 23125.
Plan B: Consider short only if the market stays below 22188. Targets are 22031 and 21875.
WTI Crude
The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency (IEA) said on Wednesday, while price cap sanctions on Russia could dent supply.
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Plan A: Remain short as long as oil price stays below 81.25. Targets are 78.91 and 76.56.
Plan B: Consider long only if oil price stays above 81.25. Targets are 81.54 and 82.42.
Gold
Gold prices eased on Tuesday, but were en route to their third straight month of gains, as market participants awaited the U.S. Federal Reserve policy decision later this week.
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Plan A: Remain short as long as gold price stays below 1937.5. Targets are 1921.9 and 1914.1.
Plan B: Attempts long only if gold price stays above 1937.5. Targets are 1941.4 and 1945.3.
