20 Jul 2023 Foreign

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

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E-Mini Dow

The Dow Jones Industrial Average and S&P 500 index rose modestly on Wednesday, with the blue-chip Dow on pace for its eighth straight day of gains as investors gauged the latest round of corporate earnings, but a decline in Microsoft held the Nasdaq near the unchanged mark.

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Plan A: Remain long as long as market trades above 34961. Targets are 35352 and 35449.

Plan B: Consider short if market stays below 34961. Targets are 34863 and 34766.

E-Mini S&P 500

Stocks were higher Monday as Wall Street braced for quarterly reports from some of the biggest companies in the world.

The S&P 500 climbed 0.39% to finish the session at 4,522.79.

Wall Street expects a gloomy season with lower profits. Analysts forecast a more than 7% decline in S&P 500 earnings from a year ago, according to FactSet.

This week also ushers in the Federal Reserve’s “blackout period” ahead of its July policy meeting. Traders anticipate a roughly 97% chance the central bank increases interest rates later this month, after pausing hikes in June, according to CME Group’s FedWatch tool.

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Plan A: Long if market supported firm above 4590 Targets are 4609 and 4618.

Plan B: Short if market failed to support above 4590. Targets are 4582 and 4567.

E-Mini Nasdaq

The Nasdaq Composite advanced 0.93% to 14,244.95.

Shares of tech-giant Apple added 1.7%, while Tesla climbed 3.2%. Shares of JPMorgan Chase ticked up 2.4%.

The moves came on the heels of solid big bank earnings and softer inflation reports that lifted investor sentiment. That heightened some hopes the central bank may be able to tamp down inflation without tipping the economy into a recession.

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Plan A: Long if market retraced but supported firm above 15822. Targets are 15859 and 15888.

Plan B: Short if market failed to support above 15822. Targets are 15792 and 15769.

HSI

Hong Kong shares finished with a loss on Wednesday as investors fret over the outlook for the Chinese economy following another batch of below-forecast growth data earlier in the week.

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Plan A: Remain long if the market stays above 18906. Targets are 19219 and 19375.

Plan B: Consider short only if the market stays below 18906. Targets are 18750 and 18594.

WTI Crude

crude oil closed with a loss on Wednesday on weak China demand and a smaller than expected drop in US oil inventories last week while Russian exports fell.

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Plan A: Remain short as long as oil price stays below 75.78. Targets are 74.61 and 74.22.

Plan B: Consider long only if oil price stays above 75.78. Targets are 76.17 and 76.95.

Gold

Gold prices hovered near an eight-week peak on Wednesday after recent economic data re-ignited hopes that the U.S. Federal Reserve may soon hit pause on its interest rate-hiking cycle.

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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1984.4 and 1992.2.

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.