16 Mar 2023 Foreign

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

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E-Mini Dow

The Dow closed more than 250 points lower on Wednesday, while the S&P 500 lost almost 0.7% and Nasdaq 100 ended marginally in the green, after turmoil at Credit Suisse injected more jitters into markets, renewing concerns over banking sector’s health.

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Plan A: Remain short as long as market trades below 32227. Targets are 31641 and 31445.

Plan B: Consider long if market stays above 32227. Targets are 32422 and 32617.

E-Mini S&P 500

U.S. stock futures ticked up Thursday morning after investor fears of a widespread banking crisis led to a volatile trading session. Credit Suisse announced plans to borrow up to about $54 billion from Swiss National Bank.

The major averages had a rocky start in the morning following news that Credit Suisse’s largest investor, the Saudi National Bank, said that it could not provide additional funding for the bank. The announcement from SNB sparked a broad selloff over fears of a crisis in the financial sector. The indexes regained some ground in the afternoon after an announcement from a Swiss regulator stated that the Swiss National Bank would provide additional liquidity to Credit Suisse if necessary. 

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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

Traders will keep an eye out for key economic data, including the latest jobless claims report. Housing starts data from the U.S. Census Bureau is also out at 8:30 a.m. ET.

Dollar General and Jabil are set to report earnings on Thursday before the bell. FedEx will be announcing its earnings upon market close.

U.S. stock futures were mixed on Wednesday night after investor fears of a widespread banking crisis led to a volatile trading session. 

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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 largely rose on Wednesday after bank stocks on Wall Street rebounded on optimism of contagion risks from Silicon Valley Bank being contained. The U.S. inflation print for February was in line with expectations at annualized 6% rise.

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Plan A: Remain short if the market stays below 19531. Targets are 18906 and 18750.

Plan B: Consider long only if the market stays above 19531. Targets are 19688 and 19844.

WTI Crude

crude oill fell to the lowest in 15 months on Wednesday with markets in turmoil following the collapse of two US banks last week and questions over the health of the Credit Suisse investment bank after its largest shareholder declined to offer further support, while US oil inventories rose again last week and a key report said global inventories continue to climb.

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Plan A: Remain short as long as oil price stays below 71.88. Targets are 64.06 and 62.50.

Plan B: Consider long only if oil price stays above 71.88. Targets are 73.44 and 76.56.

Gold

Gold prices climbed over 1% to their highest since early February on Wednesday as a fresh crisis in the banking sector turned investors away from seemingly riskier assets and drove them to the safety of bullion.

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Plan A: Remain long as long as gold price stays above 1890.6. Targets are 1937.5 and 1953.1.

Plan B: Attempts short only if gold price stays below 1890.6. Targets are 1875 and 1859.4.

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.