WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks closed higher on Friday, marking the end of a tumultuous week as U.S. Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.
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Plan A: Remain long as long as market trades above 32227. Targets are 32520 and 32715.
Plan B: Consider short if market stays below 32227. Targets are 32031 and 31934.
E-Mini S&P 500
Stocks rose Friday after a volatile trading session. Although Friday began with fears that the banking crisis was spilling over to Deutsche Bank, the markets rebounded to end the week on a higher note.
European Central Bank President Christine Lagarde tried to ease concerns, saying euro zone banks are resilient with strong capital and liquidity positions. Lagarde said the ECB could provide liquidity if needed.
Investors continued to assess the Fed’s latest policy move announced this week. The central bank hiked rates by a quarter-point. However, it also hinted that its rate-hiking campaign may be ending soon. Meanwhile, Fed Chair Jerome Powell noted that credit conditions have tightened, which could put pressure on the economy.
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Plan A: Short if market failed to support above 3959. Targets are 3942 and 3937.
Plan B: Long if market supported firm above 3959. Targets are 3969 and 3988.
E-Mini Nasdaq
A selloff of shares was triggered after the German lender’s credit default swaps jumped, but without an apparent catalyst. The move appeared to raise concerns once again over the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival Credit Suisse. Deutsche Bank shares traded off their worst levels of the session, which caused major U.S. indexes to also cut their losses.
Treasury yields fell sharply Friday, with traders seeking safety as a spike in Deutsche Bank’s credit default swaps once again raised concerns over the state of the global banking system.
The benchmark 10-year yield dropped nearly 10 basis points to 3.313%. The 2-year rate slid 17 basis points to 3.635%.
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Plan A: Short if market failed to support above 12742. Targets are 12718 and 12685.
Plan B: Long if market retraced but supported firm above 12742. Targets are 12777 and 12810.
HSI
Most Asian stock markets fell on Friday as comments from U.S. regulators failed to entirely quell fears of a banking crisis, while concerns over slowing economic growth also dented sentiment.
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Plan A: Remain long if the market stays above 19688. Targets are 20000 and 20156.
Plan B: Consider short only if the market stays below 19688. Targets are 19531 and 19375.
WTI Crude
crude oil closed with a loss on Friday as concerns over the health of European banks again cut investor appetite for risk assets.
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Plan A: Remain short as long as oil price stays below 70.31. Targets are 67.97 and 67.19.
Plan B: Consider long only if oil price stays above 70.31. Targets are 71.09 and 71.88.
Gold
Gold dipped on Friday in a volatile week that saw bullion prices north of the key $2,000 figure as bank contagion fears bolstered both safe-haven demand and bets on a pause in Federal Reserve rate hikes.
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Plan A: Remain short as long as gold price stays below 1992.2. Targets are 1976.6 and 1968.8.
Plan B: Attempts long only if gold price stays above 1992.2. Targets are 2000 and 2007.8.
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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