Tuesday, March 23, 2021

24 March 2021 Foreign

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


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E-Mini Dow


U.S. stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors who also fear further downside in the market.

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Plan A : Attempt short if market trades below 32408. Targets are 32280 and 32046.

Plan B : Consider long only if market supported firmly above 32046 and rebound. Targets are 32280 and 32408.



E-Mini S&P 500

U.S. stocks fell on Tuesday in an afternoon slide led by shares of companies with the most to lose if there are any hiccups in the global economic reopening from the Covid-19 pandemic.

The S&P 500 declined 0.8% to 3,910.52, pressured by industrials and materials.  

Concerns about the recovery come on the one-year anniversary of the market bottom. Stocks have rebounded from the market bottom with the S&P 500 rallying about 80% since the low one year ago, marking the best start to a new bull market on record. 

Treasury yields dipped on Tuesday with the 10-year Treasury yield hovering around 1.62%.

General Mills, Tencent, KB Homes and RH are among the companies reporting earnings on Wednesday.

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Plan A : Long if market supported firm above 3898. Targets are 3913, 3931 and 3949.

Plan B : Short if market failed to support above 3898. Targets are 3873, 3840 and 3798.

E-Mini Nasdaq

U.S. stock futures were flat in overnight trading on Tuesday amid renewed investor concern about the global recovery from the coronavirus pandemic.

The tech-heavy Nasdaq Composite slid 1.1% to 13,227.70. 

Many regions of the world are seeing rising Covid-19 cases as highly contagious variants continue to spread, the World Health Organization said Germany and France are extending or enforcing new lockdown measures.

On Wednesday, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen will continue their testimony to the U.S. House Committee on Financial Services. In the first joint appearance Tuesday, the pair acknowledged the richly valued asset prices in the markets, but said that they are not concerned about financial stability.

Powell said that the economic recovery from the pandemic had “progressed more quickly than generally expected and looks to be strengthening.”

However, he said that the sectors of the economy hardest-hit by the pandemic “remain weak” and the unemployment rate “underestimates the shortfall,” so the recovery still had a long way to go.

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Plan A : Long if market supported firm above 13053. Targets are 13088, 13115 and 13151.

Plan B : Short if market failed to support above 13053. Targets are 13015, 12970 and 12935.



HSI

Hong Kong shares closed lower for a third straight session on Tuesday, dragged down by consumer discretionary and material stocks, as western sanctions against China weighed on investor sentiment.

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Plan A : Remain sell as long as market stays below 28639. Targets are 28366 and 28029.

Plan B : Consider long only if market able to support above 28029 and rebound. Targets are 28300 and 28484.



WTI Crude

Oil prices fell more than 4% on Tuesday, hit by concerns over new pandemic curbs and slow vaccine rollouts in Europe as well as a stronger dollar.

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Plan A : Remain sell as long as oil price trades below 58.8. Targets are 57.8 and 57.1. 

Plan B : Consider long only if oil price able to trade firmly above 57.1 and rebound. Targets are 57.8 and 58.8.



Gold

Gold prices slipped on Tuesday as the dollar's rally to a two-week peak offset a dip in U.S. Treasury yields.

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Plan A : Remain buy as long as market trades firmly above 1714.2. Targets are 1752.4 and 1776.

Plan B : Consider short only if gold price surges but fails to breach above 1752.4. Targets are 1728 and 1714.2



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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29 April 2024 Foreign

                WTI Crude, Gold, HSI, Dow,  S&P 500 and Nasdaq If you like what we are doing, kindly like and share our page on FB. Foll...