WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks rallied on Wednesday, with all three major indexes ending up at least 1% as upbeat outlooks from Micron Technology and other companies eased some worries about the health of the economy.
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Plan A: Remain long as long as market trades above 32617. Targets are 33008 and 33105.
Plan B: Consider short if market stays below 32617. Targets are 32520 and 32422.
E-Mini S&P 500
Stocks rose broadly Wednesday, as strong gains in tech helped the Nasdaq rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
The benchmark 10-year Treasury yield inched up to 3.57% as of market close, and the short-term 2-year rate climbed to 4.09%.
The major averages fell Tuesday, as some investors worried that higher interest rates could tip the economy into a recession — even as Wall Street tried to move past this month’s regional banking crisis.
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Plan A: Short if market failed to support above 4035. Targets are 4012 and 3992.
Plan B: Long if market supported firm above 4035. Targets are 4052 and 4067.
E-Mini Nasdaq
Big Tech shares also rose. Meta and Netflix added more than 2%, and Apple closed nearly 2% higher. Amazon jumped more than 3%.
Micron shares climbed more than 7% after the chipmaker posted its fiscal second-quarter figures, despite the company posting a $1.4 billion inventory write-down. Shares climbed on comments from executives that the inventory issues are improving. Other semiconductor names followed Micron higher. Nvidia climbed 2%, while AMD added 1.6%.
Regional banks rose, with the SPDR S&P Regional Banking ETF (KRE) advancing about 1%. Big banks such as Citigroup and Goldman Sachs also gained.
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Plan A: Short if market failed to support above 12866. Targets are 12831 and 12800.
Plan B: Long if market retraced but supported firm above 12866. Targets are 12897 and 12924.
HSI
Most Asian stock markets rose on Wednesday as regulators further downplayed fears of a banking crisis, while Hong Kong’s Hang Seng index rose sharply as investors cheered a major restructuring in e-commerce giant Alibaba.
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Plan A: Remain long if the market stays above 20078. Targets are 20391 and 20547.
Plan B: Consider short only if the market stays below 20078. Targets are 20000 and 19922.
WTI Crude
crude oil closed lower on Wednesday despite and oversized and unexpected draw on US oil inventories last week, while supplies from Iraq's Kurdistan region remain off the market in a legal dispute.
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Plan A: Remain short as long as oil price stays below 73.44. Targets are 71.88 and 71.09.
Plan B: Consider long only if oil price stays above 73.44. Targets are 74.22 and 75.00.
Gold
Gold prices slipped on Wednesday as upbeat equities and a stronger dollar weighed, but declines in safe-haven bullion have been fairly contained so far, signalling lingering worries about the banking sector.
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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1984.4 and 1992.2.
Plan B: Attempts short only if gold price stays below 1968.8. Targets are 1960.9 and 1953.1.
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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