12 Jun 2023 Foreign

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

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E-Mini Dow

U.S. stocks on Friday wavered through a largely muted trading session to just about end in the green, helped by heavyweight technology names. Wall Street's benchmark gauge pushed further into bull market territory, with focus turning to a big week ahead.

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Plan A: Remain long as long as market trades above 33984. Targets are 34277 and 34375.

Plan B: Consider short if market stays below 33984. Targets are 33887 and 33789.

E-Mini S&P 500

The S&P 500 rose slightly Friday, touching the 4,300 level for the first time since August 2022 as investors looked ahead to upcoming inflation data and the Federal Reserve’s latest policy announcement.

Investors were encouraged by signs that a broader swath of stocks, including small-cap equities, was participating in the recent rally. The Russell 2000 was down slightly on the day, but notched a weekly gain of 1.9%.

For the week, the S&P 500 was up 0.39%. This was the broad-market index’s fourth straight winning week — a feat it last accomplished in August. 

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Plan A: Short if market failed to support above 4298. Targets are 4282 and 4277.

Plan B: Long if market supported firm above 4298. Targets are 4302 and 4319.

E-Mini Nasdaq

The broad-market index gained 0.11%, closing at 4,298.86. The Nasdaq Composite rose 0.16% to end at 13,259.14. The Dow Jones Industrial Average traded up 43.17 points, or 0.13%, closing at 33,876.78. It was the 30-stock Dow’s fourth consecutive positive day.

The Nasdaq was up about 0.14%, posting its seventh straight winning week — its first streak of that length since November 2019. The Dow advanced 0.34%.

The market is also looking toward next week’s consumer price index numbers and the Federal Open Market Committee meeting. Markets are currently anticipating a more than 71% probability the central bank will pause on rate hikes at the June meeting, according to the CME FedWatch Tool.

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Plan A: Short if market failed to support above 13238. Targets are 13204 and 13177.

Plan B: Long if market retraced but supported firm above 13238. Targets are 13269 and 13313.

HSI

Hong Kong stocks finished Friday with another gain as world markets advanced on growing optimism the Federal Reserve will skip an interest rate hike at its meeting next week.

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Plan A: Remain long if the market stays above 19219. Targets are 19453 and 19531.

Plan B: Consider short only if the market stays below 19219. Targets are 19141 and 19063.

WTI Crude

crude oil closed with a second-straight loss Friday as the United States and Iran both rejected reports they are near a deal to allow the Gulf country to resume oil exports, returning the market focus to weak demand and lower supply following Saudi Arabia's weekend production cut.

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Plan A: Remain short as long as oil price stays below 71.88. Targets are 69.53 and 68.75.

Plan B: Consider long only if oil price stays above 71.88. Targets are 72.66 and 73.44.

Gold

Gold eased on Friday on a stronger dollar and higher yields but was set for its best week since early May after weaker jobs data bolstered bets for the Federal Reserve to hold pat on interest rates next week.

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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1984.4 and 1988.3.

Plan B: Attempts short only if gold price stays below 1968.8. Targets are 1964.8 and 1960.9.

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.