WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street slid on Thursday, with bank stocks dragging all three major stock indexes down as investors worried that a jobs report on Friday could spur aggressive interest rate hikes by the Federal Reserve.
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Plan A: Remain short as long as market trades below 32813. Targets are 32031 and 31836.
Plan B: Consider long if market stays above 32813. Targets are 33203 and 33594.
E-Mini S&P 500
Stocks tumbled Thursday as banks and other financial stocks sold off, and investors braced for a key payroll report Friday that could shape the direction of interest rates.
The S&P 500 slid 1.85% to end at 3,918.32, while the Dow Jones Industrial Average dove 543.54 points, or 1.66%, to settle at 32,254.86. The Nasdaq Composite shed 2.05% to finish at 11,338.35.
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Plan A: Short if market failed to support above 3887. Targets are 3872 and 3860.
Plan B: Long if market supported firm above 3887. Targets are 3899 and 3919.
E-Mini Nasdaq
Thursday’s losses brought the Dow to close below its 200-day moving average for the first time since Nov. 9. For the week and year, the 30-stock index is down 3.4% and 2.7%, respectively. Both the S&P and Nasdaq are up 2.05% and 8.33% in 2023, respectively, but on track for weekly losses of 3% or more.
SVB Financial cratered 60% after announcing a $1.75 billion stock sale, pushing its market capitalization to a little over $6 billion and dragging down other regional bank names. Silvergate shares plummeted more than 42% on news that it’s shutting down operations.
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Plan A: Short if market failed to support above 11936. Targets are 11902 and 11872.
Plan B: Long if market retraced but supported firm above 11936. Targets are 11966 and 11993.
HSI
Asia-Pacific shares were mixed on Thursday as China saw softening in its inflation print in February. The economy’s consumer price index grew 1% year on year, the slowest pace since February 2022.
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Plan A: Remain short if the market stays below 20313. Targets are 19531 and 19317.
Plan B: Consider long only if the market stays above 20313. Targets are 20469 and 20625.
WTI Crude
crude oil fell for a third day on Thursday on recession worries as the Federal Reserve turned hawkish following a series of reports showing the US economy continues to run hot, even as a surprise rise in US inventories and a drop in the dollar offered support.
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Plan A: Remain short as long as oil price stays below 78.13. Targets are 75 and 74.22.
Plan B: Consider long only if oil price stays above 78.13. Targets are 78.91 and 79.69.
Gold
Gold closed with a gain on Thursday as the dollar eased off a three-month high set on expectations higher interest rates are on the way.
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Plan A: Remain long as long as gold price stays above 1820.3. Targets are 1843.8 and 1859.4.
Plan B: Attempts short only if gold price stays below 1820.3. Targets are 1812.5 and 1796.9.
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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