29 Aug 2023 Foreign

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

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E-Mini Dow

Wall Street ended higher on Monday, with gains in 3M and Goldman Sachs ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve's interest rate path.

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Plan A: Remain long as long as market trades above 34375. Targets are 34668 and 34766.

Plan B: Consider short if market stays below 34375. Targets are 34277 and 34180.

E-Mini S&P 500

Stocks rose Monday to kick off the final trading week of August, with Wall Street looking to regain ground amid a month of losses.

The S&P 500 climbed 0.63% to 4,433.31.

Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. On Friday, Powell pointed to some signs of continued economic growth and strong consumer spending, but indicated that the central bank would “proceed carefully” with additional hikes.

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Plan A: Short if market failed to support above 4439. Targets are 4421 and 4410.

Plan B: Long if market supported firm above 4439. Targets are 4450 and 4469.




E-Mini Nasdaq

Nasdaq Composite advanced 0.84% to finish the session at 13,705.13. All three indexes have lost ground in August. 

Those moves come as tech tries to regain its footing late in August. The information technology sector of the S&P 500 is down 4.6% for the month.

Outside of tech, shares of 3M popped more than 5% a day after a Bloomberg News report, citing sources familiar, said that the company was ready to settle lawsuits alleging some earplugs were faulty.

Monday’s rally was broad: Ten of the 11 sectors in the S&P 500 were positive. Utilities ticked lower by 0.04%.

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Plan A: Short if market failed to support above 15118. Targets are 15076 and 15028.

Plan B: Long if market retraced but supported firm above 15118. Targets are 15186 and 15210.

HSI

Asian markets advanced on Monday after US Federal Reserve chief Jerome Powell said officials would take a careful approach to rate hikes, while Chinese shares soared after the government cut the duty on trades.

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Plan A: Remain long if the market stays above 18125. Targets are 18438 and 18594.

Plan B: Consider short only if the market stays below 18125. Targets are 17813 and 17656.

WTI Crude

crude oil closed higher on Monday as the first major storm of the season moves toward Florida.

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Plan A: Remain long as long as oil price stays above 79.69. Targets are 80.47 and 81.25.

Plan B: Consider short only if oil price stays below 79.69. Targets are 78.91 and 78.13.

Gold

Gold prices edged higher on Monday, helped by a retreat in the dollar and bond yields, while investors awaited a slew of U.S. economic data this week for more clues on interest rate outlook.

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Plan A: Remain long as long as gold price stays above 1914.06. Targets are 1921.87 and 1929.68.

Plan B: Attempts short only if gold price stays below 1914.06. Targets are 1910.15 and 1906.25.

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.