WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Overnight Dow slipped 22-points on Tuesday as investors digested a batch of corporate earnings results, while an expected policy announcement from the Federal Reserve on Wednesday helped to limit moves.
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Plan A : Attempt sell if market trades below 30864. Targets are 30746 and 30473.
Plan B : Consider long only if market supports firmly above 30746 and rebound. Targets are 30860 and 31000.
E-Mini S&P 500
The S&P 500 slipped slightly from a record high on Tuesday as Wall Street geared up for the heart of corporate earnings season including reports from a slew of blue-chip companies and major tech players.
The broad equity benchmark dipped 0.2% to 3,849.57 after hitting a new intraday record earlier in the session.
General Electric shares jumped 2.7% on its better-than-expected industrial free cash flow for the fourth quarter and a rosy outlook for the year. Johnson & Johnson popped more than 2% after the drugmaker’s earnings topped expectations. 3M also jumped 3.3% after strong results.
Companies started the earnings season with a high beat rate. Of the S&P 500 components that have already reported earnings, over 70% have topped Wall Street’s expectations on both sales and earnings, according to data from Bank of America.
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Plan A : Long if market supported firm above 3835. Targets are 3850, 3867 and 3882.
Plan B : Short if market failed to support above 3835. Targets are 3810, 3782 and 3757.
E-Mini Nasdaq
The Nasdaq Composite fell 0.1% from a record high to 13,626.06.
Tech giant Microsoft will announce its fiscal second-quarter earnings after the bell. Shares of Microsoft climbed more than 1%. Apple, Facebook, Caterpillar and Tesla are all set to report later this week.
Wild swings resumed in heavily shorted stocks, including GameStop and AMC Entertainment, as enthusiastic retail investors active in chat rooms continued to bet against short-selling hedge funds. The volatility has some investors concerned about stocks becoming detached from fundamentals as speculation runs rampant.
GameStop popped another 92.7% at a record on Tuesday. AMC gained more than 12%.
The Biden administration signaled Tuesday that it could be open to tweaking eligibility for future stimulus checks. President Joe Biden’s $1.9 trillion proposal calls for $1,400 direct deposits, but the plan has drawn critiques from a bipartisan group of lawmakers because of its lofty price tag.
Investors were also waiting for a new policy statement from the Federal Reserve as the central bank began its two-day meeting on Tuesday.
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Plan A : Long if market doesn't retrace much and supported firm above 13489. Targets are 13519, 13545 and 13583.
Plan B : Short if market failed to support above 13489. Targets are 13450, 13411 and 13365.
HSI
Hong Kong shares slumped 2.5% on Tuesday, pulling back sharply from the previous session's rally, as global investor concerns over the timing of aggressive U.S. stimulus and rising Sino-U.S. tensions whacked risk appetite.
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Plan A : Attempt buy if market plunges but supported firmly above 29254. Targets are 29420 and 29690.
Plan B : Consider short only if market recovers but fails to breach above 29690. Targets are 29420 and 29254.
WTI Crude
Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia.
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Plan A : Remain buy as long as oil price trades firmly above 52.8. Targets are 53.6 and 54.2.
Plan B : Consider short if oil price fails to hold firm above 52.8. Targets are 52.2 and 51.5.
Gold
Gold prices edged lower on Tuesday on concerns over a fresh U.S. coronavirus aid package, while a slightly weaker dollar and subdued treasury yields limited losses and investors kept a close eye on the Federal Reserve's policy meeting.
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Plan A : Long if gold price trades firmly above 1836.6. Targets are 1850.5 and 1860.6.
Plan B : Consider short if gold price trades below 1860.6. Targets are 1836.6 and 1806.8.
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.
