6 Jul 2023 Foreign

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

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E-Mini Dow

Wall Street's main indexes ended with modest declines on Wednesday as investors digested minutes from the U.S. Federal Reserve's latest meeting and braced for significant economic data in the days to come.

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Plan A: Remain short as long as market trades below 34570. Targets are 34375 and 34277.

Plan B: Consider long if market stays above 34570. Targets are 34668 and 34766.

E-Mini S&P 500

The Dow Jones Industrial Average slid on Wednesday as Wall Street resumed a holiday-shortened week and digested the latest Federal Reserve meeting minutes for insights into the state of monetary policy.

Data released Wednesday morning showed factory orders were weaker than expected in May. Later in the week, investors will watch for a batch of employment and wage data for insights into the strength of the labor market.

Markets closed early on Monday and were completely dark on Tuesday for the Fourth of July holiday. Last week, the Nasdaq closed out its best first half of the year since 1983, while the S&P 500 notched its best first-half advance since 2019, as a surge in interest in artificial intelligence buoyed investor optimism in stocks. The Dow was the laggard, rising just 3.8%.

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Plan A: Long if market supported firm above 4482. Targets are 4493 and 4509.

Plan B: Short if market failed to support above 4482. Targets are 4471 and 4458.

E-Mini Nasdaq

Investors parsed minutes from the June 13-14 Fed meeting released Wednesday afternoon, in which most officials indicated further interest rate hikes could lie ahead. The minutes gave Wall Street additional context to the central bank’s decision to skip a rate increase at the June meeting.

As of mid-afternoon Wednesday, the probability the Fed will go in July climbed to 88.7%, up from 81.8% a week ago,  according to interest rate traders. The odds that rates will be left unchanged fell to 11.3% from 18.2% last week.

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Plan A: Long if market retraced but supported firm above 15306. Targets are 15339 and 15369.

Plan B: Short if market failed to support above 15306. Targets are 15275 and 14258.

HSI

Hong Kong stocks finished sharply lower on Wednesday as another round of below-forecast data reinforced worries about the stuttering Chinese economy.

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Plan A: Remain short if the market stays below 19063. Targets are 18906 and 18828.

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

WTI Crude

Crude oil futures rose Wednesday after Saudi Arabia's energy minister said OPEC and its allies would do "whatever necessary" to support the oil market, hinting at the potential for further production cuts.

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Plan A: Remain long as long as oil price stays above 70.31. Targets are 72.27 and 72.66.

Plan B: Consider short only if oil price stays above 70.31. Targets are 69.92 and 69.53.

Gold

Gold prices fell on Wednesday, weighed down by an uptick in the dollar and U.S. Treasury yields after minutes from the Federal Reserve's June policy meeting cemented expectations that rates will stay higher for longer.

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Plan A: Remain short as long as gold price stays below 1929.7. Targets are 1921.9 and 1918.

Plan B: Attempts long only if gold price stays above 1929.7. Targets are 1933.6  and 1937.5.

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.