WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter.
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Plan A : Remain buy as long as market trades firmly above 34740. Targets are 34909 and 35050.
Plan B : Consider sell if market surges but fails to breach above 35050. Targets are 34909 and 34740.
E-Mini S&P 500
The S&P 500 and the Dow indexes scaled record highs on Thursday, as a slate of strong corporate earnings reports and data showing a pickup in US economic growth reinforced confidence in a post-pandemic recovery.
Overall, of the 195 companies in the S&P 500 that have reported second-quarter earnings so far, nearly 91% have beaten estimates, according to Refinitiv, although investors have begun to book profits across equities after solid stock market gains this year.
Still, economically sensitive S&P indexes including financials, miners and energy jumped more than 1%, a day after the Federal Reserve said it was not yet time to start withdrawing its massive pandemic-era monetary stimulus.
Data on Thursday showed gross domestic product increased at a 6.5% annualized rate in the second quarter. That was, however, slower than the 8.5% growth rate economists polled by Reuters had forecast.
With rising inflation, and concerns that higher prices would not be as transient as expected, focus on Friday will be on the June reading of the personal consumption expenditures price index — the Fed's main inflation measure.
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Plan A : Long if market supported firm above 4388. Targets are 4404, 4419 and 4438.
Plan B : Short if market failed to support above 4388. Targets are 4362, 4330 and 4305.
E-Mini Nasdaq
Futures contracts tied to the major U.S. stock indexes fell early Friday as a soft earnings report from Amazon threatened to dampen an otherwise strong month ahead of July’s final day of trading.
The tech-heavy Nasdaq Composite underperformed with a 0.1% gain, kept in check by a 4% drop in Facebook shares after the social media company’s earnings report.
Thursday’s positive session came despite a government report that showed U.S. second-quarter gross domestic product accelerated 6.5% on an annualized basis, considerably less than the 8.4% Dow Jones estimate.
The Fed will receive the latest iteration of its preferred inflation gauge, the personal consumption expenditures price index, Friday morning at 8:30 a.m. ET.
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Plan A : Long if market supported firm above 14906. Targets are 14936, 14970 and 15001.
Plan B : Short if market failed to support above 14906. Targets are 14864, 14820 and 14777.
HSI
HSI ended Thursday up 3.3% after the securities regulator on Wednesday night held a meeting with executives of top global investment banks with an aim to calm financial markets nerves.
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Plan A : Attempt short if market recovers but fails to breach above 26326. Targets are 26140 and 25980.
Plan B : Consider long if market holds firm above 26140 and rebound. Targets are 26326 and 26687.
WTI Crude
Oil prices rose on Thursday, with global benchmark Brent topping $75 a barrel, as supplies in the United States further tightened after shrinking to the smallest levels since January 2020.
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Plan A : Remain buy as long as oil prices trades firmly above 72.4. Targets are 73.4 and 74.2.
Plan B : Consider sell only oil price fails to breach above 74.2 and retrace. Targets are 73.4 and 72.7.
Gold
Gold jumped more than 1% on Thursday as investors cheered U.S. Federal Reserve Chairman Jerome Powell's comments suggesting the central bank was unlikely to hike rates anytime soon.
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Plan A : Attempt buy if gold price stays firm above 1810. Targets are 1833 and 1858.9.
Plan B : Consider short if gold price fails to breach above 1833 and retrace. Targets are 1823.4 and 1811.
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.
