31 Jul 2023 Foreign

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

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E-Mini Dow

All three major U.S. indexes ended the week with gains, after a slew of Big Tech earnings, economic data and central bank announcements boosted investor confidence in a soft landing for the U.S. economy.

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Plan A: Remain long as long as market trades above 35547. Targets are 35693 and 35742.

Plan B: Consider short if market stays below 35547. Targets are 35449 and 35400.

E-Mini S&P 500

The S&P 500 was lower by 0.64% to 4,537.41. At one point during the day, the broader index topped the key 4,600 level for the first time since March 2022.

The GDP report also suggested price pressures are easing, with the personal consumption expenditures price index rising 2.6% in the second quarter. That’s lower than the 3.2% increase expected by economists, and the 4.1% rise in the prior quarter.

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Plan A: Long if market supported firm above 4610 Targets are 4626 and 4642.

Plan B: Short if market failed to support above 4610. Targets are 4592 and 4579.

E-Mini Nasdaq

The Nasdaq Composite slid 0.55% to 14,050.11 as investors took some profits in key tech shares like Microsoft and Apple. A pop in the 10-year Treasury yield back above 4% didn’t help sentiment either. If it had gained a 14th day on Thursday, the index would have tied its record winning streak going way back to 1897.

Meta Platforms shares popped 4.4% on better-than-expected results and strong guidance. The company’s numbers were boosted by a rebound in ad revenue. And the latest gross domestic product reading Thursday showed a rise of 2.4% in the second quarter, which was better than the 2% increase expected by economists polled by Dow Jones.

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Plan A: Long if market retraced but supported firm above 15721. Targets are 15759 and 15793.

Plan B: Short if market failed to support above 15721. Targets are 15690 and 15663.

HSI

Hong Kong stocks rallied on Friday, brushing off a drop in New York, on growing hopes China will unveil fresh measures to boost the struggling economy.

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Plan A: Remain long if the market stays above 19375. Targets are 20313 and 20469.

Plan B: Consider short only if the market stays below 19375. Targets are 19219 and 19063.

WTI Crude

Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.

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Plan A: Remain long as long as oil price stays above 79.30. Targets are 80.86 and 81.25.

Plan B: Consider short only if oil price stays below 79.30. Targets are 78.91 and 78.52.

Gold

Gold rose on Friday after a sharp fall one day earlier, helped by a slight retreat in the dollar as signs of cooling U.S. inflation raised bets that the Federal Reserve will likely end its monetary tightening cycle.

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Plan A: Remain short as long as gold price stays below 1968.75. Targets are 1945.30 and 1937.5.

Plan B: Attempts long only if gold price stays below 1968.75. Targets are 1976.56 and 1984.37.

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.