WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Hawkish comments from Federal Reserve Chair Jerome Powell sparked Wall Street selling on Tuesday, as hopes further dimmed that the central bank would be able to halt its interest rate hiking in the near future.
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Plan A: Remain short as long as market trades below 33203. Targets are 32813 and 32617.
Plan B: Consider long if market stays above 33203. Targets are 33301 and 33496.
E-Mini S&P 500
Stocks sold off sharply Tuesday after comments from Federal Reserve Chair Jerome Powell suggested that rates may need to go higher for longer, fueling fears of a potentially larger hike at the central bank’s next policy meeting.
The comments indicated that the Fed may consider a larger rate hike than last month’s 25 basis point increase at its next policy meeting on March 21-22.
They also signaled a potential return to a half-point rate hike at the central bank’s March meeting, depending on the strength of incoming economic data, according to Morgan Stanley.
Powell’s remarks could also mean that the peak rate for federal funds, also called the terminal rate, will likely go higher than previously expected, despite investor hopes that the Fed might stop hiking soon.
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Plan A: Short if market failed to support above 3985. Targets are 3972 and 3960.
Plan B: Long if market supported firm above 3985. Targets are 3999 and 4019.
E-Mini Nasdaq
The Dow Jones Industrial Average shed 574.98 points, or 1.72%, to end at 32,856.46. The S&P 500 lost 1.53% to close at 3,986.37 and below the 4,000 level. The Nasdaq Composite dropped 1.25% to settle at 11,530.33.
As the major stock indexes fell, the 2-year Treasury yield jumped to its highest level since 2007 at 5%. Tuesday’s selloff brings the Dow into negative territory for 2023, down about 0.9%. The S&P and Nasdaq are up about 3.8% and 10.2%, respectively, for the year.
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Plan A: Short if market failed to support above 12142. Targets are 12112 and 12187.
Plan B: Long if market retraced but supported firm above 12142. Targets are 12178 and 12202.
HSI
Hong Kong stocks climbed on Tuesday, led by energy shares, amid global oil supply concerns and improving demand in China. China stocks were mixed.
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Plan A: Remain short if the market stays below 20625. Targets are 20000 and 19844.
Plan B: Consider long only if the market stays above 20625. Targets are 20781 and 21094.
WTI Crude
crude oil prices fell on Tuesday after Federal Reserve chair Jerome Powell told lawmakers US interest rates may have to rise further and faster to slow inflation while China's imports faltered in the first two months of the year
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Plan A: Remain short as long as oil price stays below 78.91. Targets are 76.56 and 75.78.
Plan B: Consider long only if oil price stays above 78.91. Targets are 79.69 and 81.25.
Gold
Gold prices slipped to a one-week low on Wednesday after U.S. Federal Reserve Chair Jerome Powell said interest rates might need to go higher than previously expected to curb inflationary pressures.
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Plan A: Remain short as long as gold price stays below 1843.8. Targets are 1812.5 and 1796.9.
Plan B: Attempts long only if gold price stays above 1843.8. Targets are 1859.4 and 1867.2.
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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