4 Jan 2023 Foreign

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

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E-Mini Dow

Wall Street's main indexes closed lower on the first trading day of 2023 with the biggest drags from Tesla and Apple, while investors worried about the Federal Reserve's interest-rate hiking path as they awaited minutes from its December meeting.

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Plan A: Remain short as long as market trades below 33398. Targets are 33105 and 33008.

Plan B: Consider long if market stays above 33398. Targets are 33594 and 33789.

E-Mini S&P 500

Stocks closed lower Tuesday, giving up earlier gains, as concerns such as rising rates and high inflation that knocked the market down last year continued to trouble investors in the new year.

The S&P 500 fell 0.40% to close at 3,824.14 slipping from highs of the day when December’s manufacturing index declined at the fastest pace since May 2020.

Of course, there may be brighter days ahead. History shows the U.S. stock market tends to rebound after down years. In fact, the S&P 500 has, on average, rebounded by 15% in the next year following a year where it lost more than 1%.

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Plan A: Long if market supported firm above 3846. Targets are 3859 and 3863.

Plan B： Short if market failed to support above 3846. Targets are 3832 and 3824. 

E-Mini Nasdaq

The Dow Jones Industrial Average ended the day down 10.88 points, or 0.03%, to 33,136.37 as shares of Boeing offset losses. The Nasdaq Composite shed 0.76% to 10,386.99.

Shares of Tesla and Apple both slipped, weighing on the broader market and carrying forward a main theme from 2022, when the technology sector was hit hard as the Federal Reserve raised rates to fight inflation. Tesla fell 12.24%, hitting its lowest level since August 2020, following disappointing fourth-quarter deliveries. Apple shed 3.74% on reports that it will cut production due to weak demand.

On Tuesday, the U.S. purchasing managers index for manufacturing came in lower than expected, signaling the fastest slip since May 2020. Later in the day, construction spending for November ticked up slightly, showing that the industry may be recovering.

Wednesday is a big day with the Job Openings and Labor Turnover Survey, better known as JOLTS, due out in the morning and the minutes of the Fed’s latest policy meeting set to come out in the afternoon.

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Plan A: Long if market supported firm above 10960. Targets are 10993 and 11025.

Plan B: Short if market failed to support above 10960. Targets are 10925 and 10888.

HSI

Equities in Hong Kong jumped 363 or 1.84% to finish at 20,145 on the first trading session of a new year, its highest close since August 26th, 2022, with traders betting that the pace of a recovery in China from COVID disruptions accelerate in 2023, as infections in some largest cities appear to have peaked amid a recovery in mobility.

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Plan A: Remain long if the market stays above 20000. Targets are 20469 and 20781.

Plan B: Consider long only if the market stays above 20000. Targets are 19844 and 19688.

WTI Crude

crude oil fell on Tuesday, as the new year opened with continuing concerns over demand from China amid surging Covid-19 cases and worries the global economy will slip into recession.

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Plan A: Remain short as long as oil price stays below 79.69. Targets are 76.56 and 75.

Plan B: Consider long only if oil price stays above 79.69. Targets are 80.47 and 82.03.

Gold

Gold prices kicked off 2023 by hitting their highest levels in more than six months on Tuesday as benchmark Treasury yields fell, while investors assessed the prospects for more Federal Reserve interest rate hikes, which acted as a significant headwind to bullion last year.

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Plan A: Remain long as long as gold price stays above 1828.1. Targets are 1851.6 and 1867.2.

Plan B: Attempts short only if gold price stays below 1828.1. Targets are 1820.3 and 1812.5.

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.