11 May 2023 Foreign

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

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E-Mini Dow

Wall Street's major averages on ended mixed on Wednesday, though they closed significantly higher than their session lows.

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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

April consumer prices climbed 4.9% from a year ago, which was less than the 5% gain anticipated by economists polled by Dow Jones. Month-over-month inflation matched expectations with a 0.4% increase in April.

Treasury yields tumbled following the report, further supporting a stock market which has been worried about higher rates snuffing out economic growth.

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Plan A: Short if market failed to support above 4137. Targets are 4120 and 4111.

Plan B: Long if market supported firm above 4137. Targets are 4149 and 4155.

E-Mini Nasdaq

The tech-heavy index added 1.04%, closing at 12,306.44.

Traders also monitored the latest updates on the U.S. debt ceiling as worries mount that an agreement may not be reached before June 1, which is the earliest date the Treasury Department says the U.S. could 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. Biden and Congressional leaders will meet again on Friday.

The Nasdaq Composite notched a 1.04% gain on Wednesday following a cooler-than-expected consumer price index report. The index closed at 12,306.44.

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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 shares finished with another loss on Wednesday as nervous traders awaited the release of key US inflation data due later in the day.

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Plan A: Remain short if the market stays below 19844. Targets are 19688 and 19531.

Plan B: Consider long only if the market stays above 19844. Targets are 19922 and 20000.

WTI Crude

crude oil closed with loss on Wednesday after the United States reported inflation in April fell for a tenth-straight month, while a report showed US inventories are on the rise.

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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 71.09 and 70.31.

Gold

Gold prices edged lower on Wednesday as optimism over the Federal Reserve cutting interest rates this year faded after U.S. inflation report, triggering profit-taking among some investors.

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Plan A: Remain long as long as gold price stays above 2031.3. Targets are 2046.9 and 2054.7.

Plan B: Attempts short only if gold price stays below 2031.3. Targets are 2023.4 and 2015.6.

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.