10 May 2023 Foreign

 WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

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E-Mini Dow

Wall Street's major indexes closed lower on Tuesday as investors digested some disappointing earnings reports and waited for April inflation data due out Wednesday.

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Plan A: Remain long as long as market trades above 33496. Targets are 33691 and 33789.

Plan B: Consider short if market stays below 33496. Targets are 33398 and 33301.

E-Mini S&P 500

Stock futures were all higher in overnight trading as Wall Street braced for a key inflation report.

Wall Street monitored the latest updates on the U.S. debt ceiling as worries mount that failing to reach a resolution before the June 1 deadline could lead to default. President Joe Biden held a key meeting with congressional leaders after the bell Tuesday, but comments from leadership on both sides of the aisle suggested that little progress was made.

Investors are bracing for April’s consumer price index due out Wednesday, an important inflation gauge that should offer greater insight into whether the Federal Reserve’s rate hikes are working to ease sticky prices. Analysts polled by Dow Jones are calling for a 0.4% month-over-month increase in inflation and 5% rise from a year ago.

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Plan A: Short if market failed to support above 4110. Targets are 4102 and 4091.

Plan B: Long if market supported firm above 4110. Targets are 4123 and 4140.

E-Mini Nasdaq

Major averages finished Tuesday’s regular session lower, with the Nasdaq Composite falling 0.46% and 0.63%, respectively. The Dow Jones Industrial Average declined 0.17%.

China’s inflation for April is expected to fall further to 0.3%, according to a Reuters poll of 37 economists. The country will release its consumer price index Thursday.

Stock futures opened lower in overnight trading Tuesday.

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Plan A: Short if market failed to support above 12179. Targets are 12132 and 12100.

Plan B: Long if market retraced but supported firm above 12179. Targets are 12202 and 12229.

HSI

Hong Kong stocks suffered heavy losses with mainland markets on Tuesday as a sharp miss on Chinese imports data showed the recovery in the world's number two economy was still struggling to take hold.

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Plan A: Remain short if the market stays below 20000. Targets are 19688 and 19531.

Plan B: Consider long only if the market stays above 20000. Targets are 20156 and 20313.

WTI Crude

crude oil closed higher on Tuesday, rising off early losses following a report the Biden Administration is canceling further sales of oil from the US Strategic Petroeleum Reserve, and while wildfires in the Canadian province of Alberta shut in more than 0.3-million barrels of daily production.

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Plan A: Remain long as long as oil price stays above 71.88. Targets are 73.44 and 75.00.

Plan B: Consider short only if oil price stays below 71.88. Targets are 70.31 and 68.75.

Gold

Gold gained on Tuesday as investors sought cover from economic uncertainty while also positioning for the U.S. inflation print for cues on the trajectory of interest rates.

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Plan A: Remain long as long as gold price stays above 2023.4. Targets are 2046.9 and 2054.7.

Plan B: Attempts short only if gold price stays below 2023.4. Targets are 2015.6 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.