13 Jun 2023 Foreign

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

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E-Mini Dow

Wall Street gained on Monday on optimism the consumer price index will show a dramatic drop in inflation in May and the likelihood the Federal Reserve later this week will put a hold on its most aggressive hiking of interest rates in four decades.

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Plan A: Remain long as long as market trades above 34180. Targets are 34473 and 34570.

Plan B: Consider short if market stays below 34180. Targets are 34082 and 33984.

E-Mini S&P 500

The S&P 500 jumped to its highest level in 13 months on Monday as traders hoped the Federal Reserve will skip hiking rates when the central bank decides on policy Wednesday.

The S&P 500 added 0.93% to close at 4,338.93, with gains steadily increasing throughout the trading day. The benchmark surpassed its high from last August and reached the best intraday and closing levels since late-April 2022.

Markets have come to expect that the Fed will skip a rate increase at this week’s meeting, with traders pricing in a roughly 72% chance that there will be no hike, according to the CME Group’s FedWatch tool. The Fed has hiked 10 consecutive times since starting this latest policy-tightening cycle in March 2022.

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Plan A: Long if market supported firm above 4338. Targets are 4349 and 4365.

Plan B: Short if market failed to support above 4338. Targets are 4321 and 4309.

E-Mini Nasdaq

The Nasdaq Composite popped 1.53% to finish the day at 13,461.92, also reaching its highest levels since April 2022.

Tuesday’s inflation data could help reinforce the case that inflation is subsiding, as economists expect the consumer price index to show inflation dropping to a 4% annual rate in May. That’s down from 4.9% in the prior month.

The central bank will ultimately decide to skip a rate hike for June, according to Certuity co-chief investment officer Dylan Kremer, but the Fed likely isn’t done raising rates overall.

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Plan A: Long if market retraced but supported firm above 13461. Targets are 13499 and 13523.

Plan B: Short if market failed to support above 13461. Targets are 13421 and 13385.

HSI

Hong Kong's stock market ended slightly higher on Monday with the benchmark Hang Seng Index up 0.07 percent to close at 19,404.31 points.

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Plan A: Remain long if the market stays above 19219. Targets are 19375 and 19453.

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

WTI Crude

crude oil fell to the lowest in three months on Monday, falling for a third-straight session on expectations demand will continue to weaken as developed economies slow, defying Saudi Arabia's attempt to support prices as it last week arbitrarily cut production by one-million barrels per day.

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Plan A: Remain short as long as oil price stays below 69.53. Targets are 66.41 and 65.63.

Plan B: Consider long only if oil price stays above 69.53. Targets are 70.31 and 71.09.

Gold

Gold prices rose on Monday on a weaker dollar as investors positioned for key U.S. economic data and clues on the Federal Reserve's interest rate path at its meeting this week.

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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1976.6 and 1980.5.

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.