3 Aug 2023 Foreign

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

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E-Mini Dow

Shares on Wall Street closed sharply lower after a ratings downgrade from Fitch late on Tuesday and amid a round of profit-taking following strong gains in July.

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Plan A: Remain short as long as market trades below 35547. Targets are 35400 and 35303.

Plan B: Consider long if market stays below 35547. Targets are 35645 and 35742.

E-Mini S&P 500

Stock futures were little changed Wednesday as traders contended with Fitch’s recent downgrade of the United States’ long-term rating.

Futures tied to the S&P 500 fell 0.1%.

Investors are turning their focus on Thursday to tech bellwether Apple and e-commerce giant Amazon, as both will be posting results after the close. Thus far, nearly 67% of the constituents in the S&P 500 have issued their latest quarterly reports, with about 81% of those companies beating expectations, according to FactSet.

In the way of economic data, traders will be gearing up for weekly initial jobless claims, as well as durable goods orders. The main event will be Friday’s July payrolls report.

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Plan A: Short if market failed to support above 4524. Targets are 4510 and 4499.

Plan B: Long if market supported firm above 4524 Targets are 4539 and 4549.

E-Mini Nasdaq

 Nasdaq 100 futures also dropped 0.08%.

In after-hours action, shares of chipmaker Qualcomm slipped nearly 7% after the company missed analysts’ expectations on fiscal third-quarter revenue and guidance for the current period. DoorDash added 4.2% after beating expectations on revenue.

Wednesday’s regular trading session saw a steep sell-off that weighed the tech-heavy Nasdaq Composite down by more than 2%. It marked the worst day since February for the index, as tech stocks tumbled amid a spike in bond yields. 

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Plan A: Short if market failed to support above 15388. Targets are 15352 and 15317.

Plan B: Long if market retraced but supported firm above 15388. Targets are 15423 and 15448.

HSI

Hong Kong stocks tanked on Wednesday, in line with a retreat across Asia, Europe and Wall Street after the United States' sovereign debt rating was downgraded, with tech giants leading the selling.

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Plan A: Remain short if the market stays below 20000. Targets are 19219 and 19063.

Plan B: Consider long only if the market stays above 20000. Targets are 20156 and 20313.

WTI Crude

crude oil closed with a on Wednesday even after a survey showed a record drop in US inventories last week as investors moved away from risk following a ratings downgrade on US government debt.

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Plan A: Remain short as long as oil price stays below 81.25. Targets are 78.91 and 78.52.

Plan B: Consider long only if oil price stays below 81.25. Targets are 82.42 and 83.20.

Gold

Gold prices gained on Wednesday, helped by some safe-haven bids after Fitch downgraded the United States' top credit rating, but an uptick in the dollar capped bullion's gains.

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Plan A: Remain short as long as gold price stays below 1953.12. Targets are 1929.68 and 1922.45.

Plan B: Attempts long only if gold price stays above 1953.12. Targets are 1964.84 and 1968.75.

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.