Sunday, May 23, 2021

24 May 2021 Foreign

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


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E-Mini Dow


Wall Street closed mixed at the end of a volatile week of trading, with the Dow being the only bright spot, as inflation concerns loom over growth names.

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Plan A : Remain buy as long as market trades firmly above 33939. Targets are 34184 and 34382.

Plan B : Consider selling only if market fails to hold firm above 34070. Targets are 33939 and 33560.



E-Mini S&P 500

The S&P 500 erased earlier gains and finished Friday near the flatline as the tech sector came under pressure again amid another drop in bitcoin price.

The broad equity benchmark dipped less than 0.1% to 4,155.86 after rising as much as 0.7% earlier in the day. 

For the week, the S&P 500 fell 0.4% to register its first back-to-back weekly losses since February. The blue-chip Dow dipped 0.5% on the week, while the Nasdaq Composite eked out a 0.3% gain this week, breaking a four-week losing streak.

Helping sentiment Friday was a gauge for U.S. manufacturing activity that surged to a record high this month. The IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index jumped to an all-time high of 61.5 in May from 60.5 in April. Economists polled by Dow Jones had expected the index to hold steady.

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Plan A : Long if market supported firm above 4168. Targets are 4185, 4199 and 4219.

Plan B : Short if market failed to support above 4168. Targets are 4143, 4115 and 4091.


E-Mini Nasdaq

U.S. stock index futures were little changed during overnight trading on Sunday, after the S&P 500 posted its second negative week in a row.

The Nasdaq Composite dipped 0.5% to 13,470.99 as bitcoin prices once again moved lower, putting pressure on the broader technology sector. The Nasdaq Composite, meanwhile, gained 0.31% last week, snapping a four-week losing streak.

The Federal Reserved hinted at its April meeting that easy monetary policies could be reconsidered if the economy continues to show signs of rapid improvement, according to minutes from the meeting released last week.

Looking ahead, there are a number of retail companies set to report quarterly earnings in the coming week, including Nordstrom, Urban Outfitters, Gap and Ulta. Several technology companies will also release quarterly updates, including Nvidia, Snowflake, Workday and Salesforce. On the economic data front, consumer confidence and new home sales data will be released on Tuesday.

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Plan A : Long if market supported firm above 13489. Targets are 13519, 13551 and 13583.

Plan B : Short if market failed to support above 13489. Targets are 13441, 13401 and 13359.



HSI

Hong Kong equities ended firmer on Friday as demand for consumer discretionary and healthcare stocks helped offset selling pressure on communication firms, after lackluster results dragged Tencent shares.

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Plan A : Remain buy as long as market trades firmly above 28267. Targets are 28410 and 28560.

Plan B : Consider short only if market surges but fails to breach above 28560. Targets are 28366 and 28260.





WTI Crude

Oil prices rose sharply on Friday after three day of losses, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal.

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Plan A : Remain sell as long as oil price stays below 63.9. Targets are 62.6 and 61.4.

Plan B : Consider long if oil price supports firmly above 62.6. Targets are 63.9 and 64.5.




Gold

Gold prices inched lower on Friday as the dollar rebounded after robust U.S. manufacturing data, although bullion was still on track to register a third straight weekly gain.

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Plan A : Remain buy as long as gold price trades firmly above 1878.8. Targets are 1888.3 and 1900.1.

Plan B : Consider short only if gold price surges but fails to breach above 1888.3. Targets are 1878.8 and 1869.2.




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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