25 May 2023 Foreign

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

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E-Mini Dow

Wall Street's main indexes ended lower on Wednesday as talks between the White House and Republican representatives on raising the U.S. debt ceiling dragged on without a deal.

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Plan A: Remain short as long as market trades below 33203. Targets are 32715 and 32617.

Plan B: Consider long if market stays above 33203. Targets are 33301 and 33398.

E-Mini S&P 500

The Dow Jones Industrial Average fell for a fourth straight day as U.S. lawmakers struggled to reach a deal on the country’s debt ceiling, heightening worries of a potential default.

Treasury Secretary Janet Yellen previously warned lawmakers that a potential default in early June is “highly likely.” She noted Wednesday that she already sees “some stress in financial markets” as concerns mount that the U.S. could see its first default in history.

The market remains in “pullback mode” due to a combination of overbought conditions and elevated fears of an unfavorable debt ceiling outcome as June 1 draws closer, said Adam Sarhan, CEO of 50 Park Investments.

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Plan A: Short if market failed to support above 4145. Targets are 4138 and 4120.

Plan B: Long if market supported firm above 4145. Targets are 4169 and 4172.

E-Mini Nasdaq

Nasdaq Composite edged 0.61% lower to settle at 12,484.16.

Stocks hovered near their lows even as minutes released from the Federal Reserve’s latest meeting signaled more “uncertainty” as to whether the central bank should hike again in June.

The minutes indicated that a decision to increase rates at the next meeting would ultimately hinge on upcoming data releases.

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Plan A: Short if market failed to support above 12484. Targets are 12430 and 12392.

Plan B: Long if market retraced but supported firm above 12484. Targets are 12520 and 12573.

HSI

Hong Kong stocks tumbled on Wednesday along with markets across the globe on worries about an impasse in US debt ceiling talks that has fanned fears the country could default on its debt obligations.

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Plan A: Remain short if the market stays below 19375. Targets are 18750 and 18594.

Plan B: Consider long only if the market stays above 19375. Targets are 19531 and 19688.

WTI Crude

crude oil closed higher on Wednesday after a report US inventories last week unexpectedly fell by the most since late November.

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Plan A: Remain long as long as oil price stays above 72.66. Targets are 75.00 and 75.78.

Plan B: Consider short only if oil price stays below 72.66. Targets are 71.88 and 71.09.

Gold

Gold slipped on Wednesday as the dollar firmed, cutting some safe-haven flows into bullion from the looming risk of a U.S. debt default, while investors took stock of the minutes of the Federal Reserve's May meeting.

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Plan A: Remain short as long as gold price stays below 1976.6. Targets are 1953.1 and 1949.2.

Plan B: Attempts long only if gold price stays above 1976.6. Targets are 1984.4 and 1992.2.

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.