WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.
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Plan A: Remain long as long as market trades above 32129. Targets are 32520 and 32715.
Plan B: Consider short if market stays below 32129. Targets are 32031 and 31934.
E-Mini S&P 500
U.S. stocks rose Tuesday as investors bet the risk of contagion following the closures of Silicon Valley Bank and Signature Bank has been contained.
The Dow Jones Industrial Average ended up 336.26 points, or 1.06%, at 32,155.40, snapping a five-day losing streak. The S&P 500 added 1.65% to close at 3,919.29.
Investors’ enthusiasm for buying bank stocks lost some steam in the afternoon. But many still notched gains, marking a turn from two sessions of deep selloffs as investors became increasingly confident that those names wouldn’t suffer the same fate as Silicon Valley and Signature. Regulators said Sunday that they created a plan to backstop all depositors in the two banks.
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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
The backstop announcement “changed the sentiment, or shifted the tide, to some extent,” said Charlie Ripley, vice president of portfolio management at Allianz Investment Management. “It starts with the immediate knee-jerk reaction, and then it takes some time to kind to kind of dig into the details and understand the real risks and understand where the true exposures are.”
The rally extended beyond financials, with all of the 11 S&P 500 sectors rising in Tuesday’s session. Stocks gave up some gains in the afternoon as investors responded to news of a Russian fighter jet downing a U.S. drone over the Black Sea.
Traders also focused on the latest U.S. inflation data.
The consumer price index rose 0.4% in February from January, matching the consensus estimate of economists polled by Dow Jones. The annualized increase of 6% was also in line with economists’ expectations. So-called “core” CPI, which removed volatile food and energy prices, grew from the prior month slightly more than economists expected at 0.5%, while the year-over-year increase of 5.5% came in line with what they anticipated.
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Plan A: Short if market failed to support above 12216. Targets are 12188 and 12150.
Plan B: Long if market retraced but supported firm above 12216. Targets are 12258 and 12296.
HSI
Asia-Pacific markets tumbled on Tuesday in a volatile session, after sharp losses seen overnight on Wall Street as investors grappled with the fallout of failed banks in the U.S., including Silicon Valley Bank.
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Plan A: Remain long if the market stays above 19375. Targets are 19688 and 20000.
Plan B: Consider short only if the market stays below 19375. Targets are 19219 and 19063.
WTI Crude
crude oil closed at a three-month low on Tuesday after the United States reported inflation last month rose at an annualized 6% pace, matching expectations and down from 6.4% in January but still well above targets, keeping recession fears front of mind ahead of next week's meeting of the Federal Reserve's policy committee and turmoil in the banking sector.
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Plan A: Remain short as long as oil price stays below 75.00. Targets are 70.31 and 69.53.
Plan B: Consider long only if oil price stays above 75.00. Targets are 75.78 and 76.56.
Gold
Gold fell on Tuesday as a rise in Treasury yields took the shine off bullion's recent rise that was driven by the U.S. banking crisis, while an uptick in U.S. inflation in February raised more questions than answers on interest rates.
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Plan A: Remain long as long as gold price stays above 1875. Targets are 1921.9 and 1937.5.
Plan B: Attempts short only if gold price stays below 1875. Targets are 1859.4 and 1843.8.
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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