22 May 2023 Foreign

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

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E-Mini Dow

Main U.S. indexes closed slightly lower on Friday as debt ceiling talks between the White House and House Republican lawmakers were paused, dampening hopes that a deal could be reached soon to avoid a calamitous default.

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Plan A: Remain short as long as market trades below 33594. Targets are 33301 and 33203.

Plan B: Consider long if market stays above 33594. Targets are 33691 and 33789.

E-Mini S&P 500

Stocks fell Friday as GOP negotiators halted ongoing debt ceiling negotiations, stoking doubt of a deal being reached soon. However, the S&P 500 notched its best week since March.

All three major averages capped the week with gains. The S&P 500 rose 1.65%, and the Nasdaq Composite gained 3.04%. It was the best weekly performance since March for both indexes. The Dow added 0.38%.

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Plan A: Short if market failed to support above 4198. Targets are 4180 and 4165.

Plan B: Long if market supported firm above 4198. Targets are 4203 and 4211.

E-Mini Nasdaq

A chunk of those gains came Thursday, as traders mounted bets that a U.S. debt ceiling deal could be reached. Comments from House Speaker Kevin McCarthy Thursday seemed to suggest a potential deal could come as soon as next week.

Friday’s losses were kept in check, however, after Federal Reserve Chairman Jerome Powell said interest rates may not have to rise as much as expected to quell inflation.

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Plan A: Short if market failed to support above 12688. Targets are 12652 and 12612.

Plan B: Long if market retraced but supported firm above 12688. Targets are 12725 and 12766.

HSI

Most Asian markets built on a global rally Friday as traders grow increasingly hopeful that US lawmakers will hammer out a deal to lift the debt ceiling and avert a calamitous default.

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Plan A: Remain short if the market stays below 19688. Targets are 19375 and 19219.

Plan B: Consider long only if the market stays above 19688. Targets are 19844 and 20000.

WTI Crude

crude oil closed lower on Friday, giving up early gains as a speech by Fed Chair Jerome Powell and stalled negotiations over raising the debt ceiling chased investors away from risk assets.

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Plan A: Remain long as long as oil price stays above 71.09. Targets are 72.27 and 72.66.

Plan B: Consider short only if oil price stays below 71.09. Targets are 70.70 and 70.31.

Gold

Gold rallied 1% on Friday, recouping some losses from earlier this week, on renewed worries about the stability of the banking sector, while traders slashed bets for another interest rate hike following remarks from the U.S. Federal Reserve chairman.

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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1992.2 and 2000.

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.