Wednesday, March 3, 2021

04 March 2021 Foreign

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


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E-Mini Dow


The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs. Dow lost 0.39% to close at 31270-level.

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Plan A : Remain sell as long as market stays trading below 31388. Targets are 31110 and 30916.

Plan B : Consider long if market able to hold firmly above 31110 and rebound. Targets are 31273 and 31388.



E-Mini S&P 500

Tech stocks dragged down the S&P 500 on Wednesday amid rising bond yields, while names tied to an economic recovery provided the market with some support.

The S&P 500 fell 1.3% to 3,819.72, led by tech and consumer discretionary.

The weakness came as the 10-year Treasury yield extended its advance. The benchmark rate climbed more than 8 basis points to a high of 1.49% Wednesday before retreating slightly. Last week, the yield surged to a high of 1.6% in a move that some described as a “flash” spike.

On the data front, private companies added 117,000 new jobs in February, according to a report Wednesday from payroll processing firm ADP. Economists polled by Dow Jones expected 225,000 private jobs were added last month.

Meanwhile, the pace of growth in the services side of the U.S. economy decelerated in February. The ISM Non-manufacturing Index showed a reading of 55.3 for last month, down 3.4 percentage points from January and below the 58.7 Dow Jones estimate.

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Plan A : Long if market supported firm above 3807. Targets are 3823, 3841 and 3855.

Plan B : Short if market failed to support above 3807. Targets are 3781, 3760 and 3728.


E-Mini Nasdaq

U.S. stock index futures slid in early morning trading on Thursday, accelerating losses from the regular trading session which saw the major averages finish in the red across the board.

The Nasdaq Composite slid 2.7% to 12,997.75 as Apple, Amazon, Microsoft and Alphabet all dropped more than 2%. Netflix shed 5%.

Additional stimulus measures could also inject optimism into the market. The Senate is currently debating the $1.9 trillion relief package passed by the House on Saturday.

On Thursday investors will get another look at the ongoing economic recovery when first-time jobless claims data for the week ending Feb. 27 is released. Economists surveyed by Dow Jones are forecasting 750,000 first-time filers.

On the earnings front, BJ's Wholesale and Kroger are among the names reporting before the open, while Broadcom, Costco and Gap are on deck to provide quarterly updates after the closing bell.

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Plan A : Long if market supported firm above 12665. Targets are 12699, 12727 and 12755.

Plan B : Short if market failed to support above 12665. Targets are 12627, 12585 and 12540.

 


HSI

Hong Kong stocks climbed the most in six weeks to end higher on Wednesday, lifted by financials, as optimism towards economic growth in China outweighed investor concerns over inflation.

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Plan A : Remain buy as long as market trades firmly above 29353. Targets are 29710 and 29960.

Plan B : Consider short if market fails to hold above 29680. Targets are 29420 and 29353.



WTI Crude

Oil prices rose more than 2% on Wednesday, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week.

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Plan A : Remain buy as long as oil price trades firmly above 59.4. Targets are 61.3 and 62.4

Plan B : Consider short only if oil price surges but fails to breach above 61.3. Targets are 60.6 and 59.4.


Gold

Gold slid more than 2% to its lowest in nearly nine months on Wednesday as elevated U.S. Treasury yields and a stronger dollar hammered the metal's appeal.

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Plan A : Attempt buy if gold price holds above 1714.2 and rebound. Targets are 1740 and 1752.4.

Plan B : Remain short as long as market stays trading below 1752.4. Targets are 1714.2 and 1701.



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.



      


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