14 Jun 2023 Foreign

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

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E-Mini Dow

Wall Street ended higher on Tuesday after data showed that consumer prices rose modestly in May, adding to speculation that the Federal Reserve will pause its rates hikes when it concludes its two-day meeting on Wednesday.

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Plan A: Remain long as long as market trades above 34375. Targets are 34570 and 34766.

Plan B: Consider short if market stays below 34375. Targets are 34180 and 33984.

E-Mini S&P 500

Asia-Pacific markets traded mostly higher after the S&P 500 closed at a new high for 2023 and the Dow Jones Industrial Average saw a third straight day of gains.

Investors digested China’s consumer price index, which saw a 0.2% rise in May and its producer prices that fell 4.6% year on year, marking the steepest drop since May 2016.

Mainland Chinese markets were mixed, with the Shanghai Composite up 0.55% and closing at 3,231.4, almost recouping all its losses this week.

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Plan A: Long if market supported firm above 4369. Targets are 4372 and 4389.

Plan B: Short if market failed to support above 4369. Targets are 4351 and 4342.

E-Mini Nasdaq

Aside from the Fed’s policy announcement, investors are preparing for Chair Jerome Powell’s remarks to the media, where he may give insight into the state of the economy and the central bank’s path forward.

Markets are expecting a 90% chance that the central bank will keep rates at the current target of 5% to 5.25%, according to CME Group’s FedWatch tool. This would be a reprieve from rate hikes following a streak of 10 straight increases.

May’s producer price index, an indicator of the path of inflation, is due on Wednesday morning. Economists polled by Dow Jones anticipate a decline of 0.1%. On Tuesday, May’s reading of the consumer price index, which showed the lowest annual increase in more than two years, bolstered investor hopes that the Fed will not raise interest rates.

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Plan A: Long if market retraced but supported firm above 13573. Targets are 13609 and 13649.

Plan B: Short if market failed to support above 13573. Targets are 13528 and 13492.

HSI

Hong Kong stocks closed with more gains on Tuesday on growing optimism that the Federal Reserve will not hike interest rates this week, having lifted them for 10 straight meetings.

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Plan A: Remain long if the market stays above 19375. Targets are 19609 and 19688.

Plan B: Consider short only if the market stays below 19375. Targets are 19297 and 19219.

WTI Crude

Crude oil prices popped more than 3% Tuesday, recovering some of their steep losses in the previous session, after China's central bank lowered a key short-term lending rate in an effort to spark its lackluster post-COVID economic recovery.

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Plan A: Remain long as long as oil price stays above 68.75. Targets are 69.53 and 70.31.

Plan B: Consider short only if oil price stays below 68.75. Targets are 67.97 and 67.19.

Gold

Gold slipped on Tuesday as Treasury yields rebounded, while traders firmed up bets the Federal Reserve would stand pat on interest rates after data showed U.S. consumer price gains slowed in May.

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Plan A: Remain short as long as gold price stays below 1968.8. Targets are 1953.1 and 1949.2.

Plan B: Attempts long only if gold price stays below 1968.8. Targets are 1972.7 and 1976.6.

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.