WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes lost more than 1% on Thursday, with Nasdaq leading the declines, as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation.
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Plan A: Remain short as long as market trades below 33203. Targets are 32910 and 32715.
Plan B: Consider long if market stays above 33203. Targets are 33398 and 33789.
E-Mini S&P 500
Stocks fell Thursday after jobs data showed the labor market is still strong despite the Federal Reserve’s interest rate hikes to tame inflation.
On Friday, investors will review the December jobs report for updated data on employment and hourly wages. Economists estimate that U.S. employers added some 200,000 jobs in December, which would represent a moderate slowdown from gains in the previous month.
A higher number would be further bad news to the Fed that the labor market is still strong. In addition, investors don’t want to see big gains in wage growth, which could signal higher inflation
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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 fell 339.69 points, or 1.02%, to 32,930.08. It was weighed down by Walgreens which lost 6.13% after earnings showed a $5.2 billion opioid litigation settlement drove a quarterly loss.
Stocks rose from lows of the day in the afternoon but remained down when St. Louis Federal Reserve President James Bullard said that 2023 may be a disinflationary year in a speech. He also noted that while current policy isn’t “sufficiently restrictive,” it’s moving in that direction and should reach it this year.
Stocks opened lower after the ADP private payrolls report showed that employers added 235,000 jobs in December, well above economist estimates. Wages also increased more than anticipated, another sign that the labor market remains hot. Later in the morning, weekly jobless claims came in below expectations and showed a drop in continuing claims.
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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
The Hang Seng climbed 259 points or 1.52% to finish at 21,052 on Thursday, its highest close in mid-July of 2022, up for the fourth straight session, buoyed by reports from Bloomberg News that China will gradually reopen border checkpoints with Hong Kong from Sunday and cancel flight capacity limits from Hong Kong and Macau.
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Plan A: Remain long if the market stays above 20625. Targets are 21563 and 21875.
Plan B: Consider short only if the market stays below 20625. Targets are 20313 and 20000.
WTI Crude
crude oil rose for the first time in 2023 on Thursday following two days of sharp losses, despite weak demand from China, rising US inventories and continuing concerns over slowing economies as interest rates rise.
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Plan A: Remain short as long as oil price stays below 76.56. Targets are 71.88 and 70.31.
Plan B: Consider long only if oil price stays above 76.56. Targets are 78.13 and 79.69.
Gold
Gold prices pared losses on Thursday after Fed remarks of inflation easing in 2023, after slipping more than 1% on reports of a tighter-than-expected U.S. labour market boosting expectations of higher interest rates for longer.
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Plan A: Remain short as long as gold price stays below 1851.6. Targets are 1832 and 1820.3.
Plan B: Attempts long only if gold price stays above 1851.6. Targets are 1859.4 and 1867.2.
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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