Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Strong new order growth propelled India's service sector into the expansion zone for the 37th-straight month, S&P Global reported on Wednesday.
The seasonally adjusted India services purchasing managers index (PMI) posted at 60.9 in August, up from 60.3 in July and rising further above the 50-marker that separates growth from expansion, reported S&P Global, citing its monthly survey.
The service-sector expansion in August "was largely fueled by an increase in new orders, particularly domestic orders," reported S&P Global.
Plan A: Long positions may be opened above 41212. Targets at 41495/41973 and stop-loss below 41000
Plan B: Consider short position may be opened below 41100. Targets at 40703/40389 and stop loss above 41200
E-Mini S&P 500
Nvidia, for a single day in June 2024, surpassed Microsoft to become the company with the largest market capitalization on the S&P 500 index, but looking at the companies that have previously held the same position, that might not be a good thing.
In recent decades, almost all of the firms that have become the most valuable companies listed on the S&P 500 have hit an inflection point which marked the start of sharp declines in their market capitalizations, analysts at JPMorgan Asset Management said.
Plan A: Short if market supported firm below 5550. Targets at 5482/5423 and stop-loss at 5580
Plan B: Long if market break the resistance at 5560. Targets at 5635/5688 and stop loss at 5560
E-Mini Nasdaq
Canada's main stock index closed more than 1% lower on Tuesday, tracking declines in materials and energy stocks, ahead of the Bank of Canada's monetary policy decision on Wednesday.
The Toronto Stock Exchange's S&P/TSX composite index ended down 303.73 points, or 1.3%, at 23,042.45, its worst day since Aug. 2.
Materials led sectoral losses with a 4.2% drop as gold prices declined. Copper prices fell to a two-week low and the energy sector fell 2.1% after oil prices dropped more than 3% on news of sluggish economic growth in China.
Plan A: Short if market supported firm below 19200. Targets at 18717/18452 and stop-loss at 19300
Plan B: Long if market break the resistance at 19250. Targets at 19489/19787 and stop loss at 19100
HSI
Hong Kong's economy is expected to record a marginal 2.3% boost in the year ending Dec. 31, the Standard reported citing a forecast by Oversea-Chinese Banking Corp or OCBC
The Singaporean lender attributed the weak anticipated growth mainly to a slow-moving housing market, low retail sales, and a weak jobs market.
The bank slashed its inflation forecast for Hong Kong to 1.9%, according to the report.
Prices for property will see a 6% decline during the year, but will begin to recover after the anticipated US rate cuts, according to experts at OCBC.
The bank forecasts a 0.5-percentage-point rate cut by the US Federal Reserve later this month, the report said
Plan A: Consider long only if the market stays above 17448. Target at 17589/17740 and stop-loss at 17400
Plan B: Remain short if the market stays below 17350. Targets at 17292/17146 and stop loss at 17500
WTI Crude
Average domestic crude oil prices fell month-over-month in June by US$0.71, or 0.9%, to US$77.45 per barrel, the U.S. Energy Information Administration said in its Petroleum Marketing Monthly report released Tuesday.
The average free-on-board cost of imported crude oil rose US$0.22, or 0.3% to US$72.11/b. The average landed cost of foreign crude decreased US$0.93, or 1.2% to US$74.55/b, the EIA reported.
The average refiner acquisition cost for domestic crude oil fell US$0.97, or 1.2%, to US$81.27/b, while the average cost of imported crude oil rose US$0.49, or 0.6%, to US$78.83/b, the agency said.
Plan A: Remain long as long as oil price stays above 71.62. Targets at 73.13/75.93 and stop loss at 71.00
Plan B: Consider short only if oil price stays below 71.50. Targets at 68.82/67.31 and stop-loss at 72.00
Gold
Gold held steady above $2,490 per ounce on Wednesday, after retreating in previous sessions, as investors assessed new economic data and its impact on the Federal Reserve’s interest rate outlook.
ISM data showed that US manufacturing activity fell more than expected in August, highlighting the sector's weakness and challenging the notion that the US economy remains resilient to higher borrowing costs.
Meanwhile, expectations for a dovish shift were tempered by a sharper-than-expected rise in prices for goods producers.
Investors are now awaiting additional economic data, including the key jobs report later this week, which will provide insights into the labor market’s performance since the subdued July report and the significant downward revision to payroll figures for the year ending March 2024.
Plan A: Remain short as long as gold price stays below 2525. Targets at 2540/2557 and stop-loss at 2510
Plan B: Attempts long only if gold price stays above 2530. Targets at 2540/2557 and stop loss at 2520
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.
