WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of possible recession.
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Plan A: Remain short as long as market trades below 32422. Targets are 31934 and 31641.
Plan B: Consider long if market stays above 32422. Targets are 31836 and 31641.
E-Mini S&P 500
The index gurus are at it again. Some of the best-known stocks are getting reclassified on Friday, and that means a lot of money is going to move around.
Ever wonder why Walmart is classified as a consumer staples stock in the S&P 500, but similar retailers such as Target, Dollar General and Dollar Tree are classified as consumer discretionary stocks? A lot of other people have wondered as well.
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Plan A: Short if market failed to support above 3881. Targets are 3872 and 3863.
Plan B: Long if market supported firm above 3881. Targets are 3890 and 3899.
E-Mini Nasdaq
Investors have been closely watching bank stocks after the closures of Silicon Valley Bank and Signature Bank prompted concerns of contagion in the sector in recent days. Despite concerns in the sector weighing on the minds of investors, all three indexes are on pace to end the week higher, led by the Nasdaq Composite with a 5.2% advance.
’The market is saying, ‘Well, maybe the world’s not gonna end like maybe people thought not that long ago,’” said Bob Doll, chief investment officer at Crossmark Global Investments. “It’s just a sigh of relief.”
Investors around the world also followed the announcement of a further rate hike of 50 basis points from the European Central Bank.
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Plan A: Short if market failed to support above 12426. Targets are 12390 and 12368.
Plan B: Long if market retraced but supported firm above 12426. Targets are 12457 and 12493.
HSI
Asia-Pacific markets were higher Friday after major Wall Street banks pledged a deposit of $30 billion in First Republic Bank in an attempt to bolster confidence in the banking system. The group of 11 banks, included Bank of America, Wells Fargo, Citigroup and JPMorgan Chase.
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Plan A: Remain short if the market stays below 19375. Targets are 19141 and 19063.
Plan B: Consider long only if the market stays above 19375. Targets are 19609 and 19688.
WTI Crude
crude oil closed at the lowest since December, 2021, on Friday as traders look for a floor for prices after a tumultuous week for the commodity.
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Plan A: Remain short as long as oil price stays below 68.75. Targets are 65.63 and 64.06.
Plan B: Consider long only if oil price stays above 68.75. Targets are 70.31 and 71.88.
Gold
Gold prices surged more than 2% on Friday as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Federal Reserve in its fight against inflation.
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Plan A: Remain long as long as gold price stays above 1937.5. Targets are 2000 and 2015.6.
Plan B: Attempts short only if gold price stays below 1937.5. Targets are 1906.3 and 1890.6.
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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