WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street ended mixed on Monday as rising oil prices rekindled worries about interest rate hikes, while Tesla tumbled after its electric vehicle deliveries for the first quarter disappointed investors.
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Plan A: Remain long as long as market trades above 33594. Targets are 33887 and 33984.
Plan B: Consider short if market stays below 33594. Targets are 33496 and 33398.
E-Mini S&P 500
The Dow Jones Industrial Average added more than 300 points on Monday, as Wall Street shows resilience despite an oil output cut from OPEC+ that threatens to stoke inflation and recession fears.
Markets spent much of the trading session digesting the news from OPEC+ which is slashing 1.16 million barrels per day. West Texas Intermediate futures gained 6.28% to settle at $80.42, and Brent futures rose 6.31% to settle at $84.93.
The prospect of higher oil prices could add further unease to Wall Street as the output cut plays out, according to Morningstar energy strategist Stephen Ellis
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Plan A: Long if market supported firm above 4123. Targets are 4129 and 4121.
Plan B: Short if market failed to support above 4095. Targets are 4088 and 4062.
E-Mini Nasdaq
But Wall Street is shaking off the latest development, and adding to a recent string of gains. All three major averages were positive in the first quarter, despite turmoil in the banking sector highlighted by the collapse of Silicon Valley Bank in March. The Nasdaq Composite led the way in the quarter with a gain of 16.8%.
The first week of the new quarter is a shortened one for Wall Street, as trading will be closed for Good Friday. However, there will be several key pieces of economic data for investors, including job openings data on Tuesday, ADP private payrolls report on Wednesday and the closely watched monthly jobs report on Friday.
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Plan A: Long if market retraced but supported firm above 13104. Targets are 13145 and 13179.
Plan B: Short if market failed to support above 13104. Targets are 13072 and 13025.
HSI
Asia’s main indexes began the week on the front foot with energy stocks leading the way after oil prices jumped on a surprise production cut by OPEC+.
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Plan A: Remain long if the market stays above 20313. Targets are 20625 and 20781.
Plan B: Consider short only if the market stays below 20313. Targets are 20156 and 20000.
WTI Crude
crude oil rose 6.3% on Monday after the OPEC+ cartel surprised the market with a 1.1-million barrel per day cut to production to support prices and winnow rising inventories.
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Plan A: Remain long as long as oil price stays above 79.69. Targets are 81.25 and 82.81.
Plan B: Consider short only if oil price stays below 79.69. Targets are 78.13 and 76.56.
Gold
Gold rallied 1% on Monday as the dollar's retreat burnished bullion's appeal as a safe-haven after a surprise output cut by OPEC+ rekindled fears of prolonged inflation and triggered uncertainty about the central bank response.
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Plan A: Remain long as long as gold price stays above 1988.3. Targets are 2003.9 and 2007.8.
Plan B: Attempts short only if gold price stays below 1988.3. Targets are 1984.4 and 1980.5.
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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