Monday, May 10, 2021

11 May 2021 Foreign

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


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E-Mini Dow


The Dow hit a record high on Monday on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks.

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Plan A : Remain buy as long as market trades firmly above 34554. Targets are 34807 and 35168.

Plan B : Consider short only if market surges but fails to breach above 34807. Targets are 34688 and 34554.



E-Mini S&P 500

Technology shares led the broader market lower on Monday as investors dumped high-flying Big Tech stocks, pushing the Dow Jones Industrial Average and the S&P 500 off their record highs.

The S&P 500 fell 1% to 4,188.43, slipping from a record closing high.

Technology stocks rallied on Friday after a far-weaker-than-expected April jobs report eased concerns about a policy change from the Federal Reserve. Tech stocks have been winning under the low-rates regime during the pandemic.

Utilities and consumer staples were the two biggest gainers on Monday. Earlier in the session, investors had bid up shares that stand to benefit the most from the economic recovery, including energy, financials and industrials, but the sharp sell-off in tech weighed on sentiment and caused these shares to roll over.

Wall Street came off a mixed week with the Dow and the S&P 500 advancing 2.7% and 1.2%, respectively. Despite a 0.9% rally on the week’s final session, the Nasdaq Composite shed 1.5% over the same period.

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Plan A : Short if market failed to support above 4159. Targets are 4134, 4101 and 4079.

Plan B : Long if market supported firm above 4159. Targets are 4174, 4192 and 4211.

E-Mini Nasdaq

Nasdaq futures slipped early Tuesday morning after investors punished Big Tech stocks during the regular session and pushed both the Dow Jones Industrial Average and the S&P 500 off record levels.

Big Tech got clobbered on Monday as investors exited stocks like Apple and Microsoft. 

The Nasdaq Composite suffered the worse of the selling and fell 2.5%, finishing the day at its session low. Facebook lost more than 4%, while Amazon and Netflix both dropped over 3%.

The Labor Department will on Tuesday publish the latest results of its Job Openings and Labor Turnover Survey. Several high-ranking Federal Reserve officials, including Governor Lael Brainard and New York Fed President John Williams, are also scheduled to deliver remarks.

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Plan A : Short if market failed to support above 13135. Targets are 13094, 13052 and 13010.

Plan B : Long only if market supported firm above 13135. Targets are 13166, 13199 and 13228.



HSI

Hong Kong shares edged lower on Monday as the technology sector fell amid Beijing's deepening anti-trust war, outweighing gains in energy firms and vaccine makers.

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Plan A : Attempt sell if market remain trading below 28639. Targets are 28335 and 28264.

Plan B : Consider long only if market could supports above 28335 and rebound. Targets are 28515 and 28639.



WTI Crude

Futures for fuel prices moved slightly higher, but well off their highs earlier in the session as the owner of the pipeline taken down by a cyberattack said it is beginning to bring services back online through a rephrased approach.

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Plan A : Remain buy as long as oil price trades firmly above 63.9. Targets are 65.5 and 66.5.


Plan B : Consider selling only if oil price stays trading below 65.5. Targets are 64.5 and 63.9.


Gold

Gold held firm near a three-month high on Monday after last week's miss on the U.S. jobs growth numbers weighed on the dollar and bolstered expectations that interest rates will remain low.

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Plan A : Remain buy as long as gold price trades firmly above 1819.2. Targets are 1838.3 and 1851.4.

Plan B : Consider short only if gold price surges but fails to breach above 1838.3. Targets are 1830 and 1819.2.



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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