WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Dow lost almost 2% on Wednesday, their biggest daily drops in more than a month, after weak economic data fueled recession worries while hawkish comments from Federal Reserve officials soured investor moods further.
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Plan A: Remain short as long as market trades below 33984. Targets are 33203 and 32813.
Plan B: Consider long if market stays above 33984. Targets are 34375 and 34766.
E-Mini S&P 500
The Dow Jones Industrial Average tumbled more than 600 points on Wednesday as investors took profits on some of the strong January gains and as a disappointing December retail sales reading raised concerns about a recession. Shares of banks led the losses.
Investors also weighed the latest reading on the producer price index, which measures input costs from companies. The PPI showed a 0.5% decline for December. Economists surveyed by Dow Jones expected a 0.1% decline.
Investors had been enjoying strong upward momentum for stocks since the start of the year, although many had begun to doubt the market’s strength even before Wednesday’s slide. The Dow is still higher by 0.45% for the month, while the S&P and Nasdaq are still up by 2.33% and 4.69%, respectively.
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Plan A: Short if market failed to support above 3922. Targets are 3915 and 3901.
Plan B: Long only if market supported firm above 3922. Targets are 3932 and 3949.
E-Mini Nasdaq
The Nasdaq Composite slid 1.24% to end the day at 10,957.01, snapping a seven-day win streak.
Microsoft announced plans to lay off about 10,000 employees, which hurt investor sentiment. The stock fell, contributing to the Dow’s decline.
In economic data, investors digested the latest retail sales numbers, which showed a drop of 1.1% in December, slightly more than the 1% forecast. The report suggested consumers are slowing their spending, with department stores reporting a 6.6% decline and online sales dropping 1.1%.
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Plan A: Long if market supported firm above 11406. Targets are 11461 and 11510.
Plan B: Short if market failed to support above 11406. Targets are 11350 and 11298.
HSI
Hong Kong's major stock indices closed higher Wednesday, with the benchmark Hang Seng Index up 0.47 percent to close at 21,678 points.
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Plan A: Remain short if the market stays below 21641. Targets are 21406 and 21250.
Plan B: Consider long only if the market stays above 21641. Targets are 21797 and 21875.
WTI Crude
crude oil closed lower on Wednesday, surrendering early gains coming on expectations for higher demand from China as the International Energy Agency (IEA) said it expects the country to account for the lion' share of demand growth in 2023, as the dollar rose off early lows.
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Plan A: Remain short as long as oil price stays below 80.47. Targets are 78.91 and 77.34.
Plan B: Consider long only if oil price stays above 80.47. Targets are 81.25 and 82.81.
Gold
Gold prices turned negative on Wednesday, erasing gains made on weak U.S. economic data yet staying above the $1,900 level, as key members of the Federal Reserve signaled their intent to keep pushing interest rates higher to combat inflation.
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Plan A: Remain short as long as gold price stays below 1921.9. Targets are 1898.4 and 1890.6.
Plan B: Attempts long only if gold price stays above 1921.9. Targets are 1929.7 and 1937.5.
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.
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