22 Jun 2023 Foreign

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

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E-Mini Dow

U.S. stocks closed lower on Wednesday as Federal Reserve Chairman Jerome Powell's congressional testimony reinforced the central bank's objective to rein in inflation as he hinted at the likelihood of further interest rate hikes.

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Plan A: Remain short as long as market trades below 34375. Targets are 34180 and 34082.

Plan B: Consider long if market stays above 34375. Targets are 34473 and 34570.

E-Mini S&P 500

Stocks fell Wednesday as investors took a breather from last week’s market rally, and weighed Federal Reserve Chair Jerome Powell’s latest comments on inflation.

Stocks are taking a pause from the exuberance of the recent rally. Last week, the S&P 500 hit its highest level since April 2022 and posted its fifth consecutive positive 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

Some major tech stocks that enjoyed an extraordinary run because of enthusiasm around artificial intelligence pulled back. Amazon shares dropped about 0.8% after the Federal Trade Commission on Wednesday sued the online retailer.

Powell said Wednesday that more rate hikes are likely ahead as the central bank tries to combat inflation. Those comments come after the conclusion of last week’s meeting when the central bank held off from raising rates after 10 straight consecutive hikes. However, officials indicated there could be two more quarter-percentage point moves on the horizon this year.

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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 ended with another big loss on Wednesday as traders awaited Federal Reserve boss Jerome Powell's testimony to Congress later in the day, hoping for an insight into the bank's plans for interest rates.

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Plan A: Remain short if the market stays below 19688. Targets are 19063 and 18906.

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

WTI Crude

crude oil closed higher on Wednesday following the start of two days of congressional testimony from Federal Reserve chair Jerome Powell on hopes for rising demand from China.

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Plan A: Remain long as long as oil price stays above 71.09. Targets are 72.66 and 73.05.

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

Gold

Gold prices pared losses on Wednesday, helped by a retreat in the dollar, although an uptick in bond yields after U.S. Federal Reserve Chair Jerome Powell's congressional testimony kept bullion near a three-month low.

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Plan A: Remain short as long as gold price stays below 1953.1. Targets are 1937.5 and 1929.7.

Plan B: Attempts long only if gold price stays above 1953.1. Targets are 1960.9 and 1968.8.

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.