Wednesday, August 25, 2021

26 August 2021 Foreign

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


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E-Mini Dow


Wall Street gained ground again on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium for assurances that Federal Reserve's timeline for policy tightening remains intact.

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Plan A : Remain buy as long as market trades firmly above 35237. Targets are 35338 and 35529.

Plan B : Consider short if market surges but fails to stay firm above 35338. Targets are 35237 and 35146.



E-Mini S&P 500

U.S. stocks climbed Wednesday, helped by banks and reopening stocks as the 10-year Treasury yield edged higher.

The S&P 500 added 0.2% to a new closing high of 4,496.19. 

The yield on the benchmark 10-year Treasury note rose as high as 1.352% Wednesday, hitting its highest level since earlier in the month when it yielded as much as 1.364%. That lifted shares of JPMorgan 2%, while Wells Fargo climbed 1.9%. Regional banks Zions gained 1.6%, and Regions Financial rose 1.5%. Fifth Third added 2.2%.

The highly anticipated Jackson Hole symposium kicks off Thursday, and central bankers may provide updates on their plan around tapering monetary stimulus. The Federal Reserve has been purchasing at least $120 billion of bonds per month to curb longer-term interest rates and jumpstart economic growth as the pandemic wreaked havoc on the economy.

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Plan A : Long if market supported firm above 4487. Targets are 4496, 4508 and 4520.

Plan B : Short if market failed to support above 4487. Targets are 4473, 4458 and 4444.


E-Mini Nasdaq

U.S. stock futures were lower in overnight trading on Wednesday following the S&P 500′s rally that saw the index cross the 4,500 level for the first time ever.

The Nasdaq Composite rose 0.15%, also notching a record close.

The yield on the benchmark 10-year Treasury note rose as high as 1.352% Wednesday, hitting its highest level since earlier in the month when it yielded as much as 1.364%.

Last week’s jobless claim data will be released at 8:30 a.m. ET on Thursday. Economists polled by Dow Jones are expecting 350,000 Americans filed for unemployment last week, compared to the prior week’s 348,000.

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Plan A : Short if market failed to support above 15369. Targets are 15328, 15285 and 15240.

Plan B : Long only if market supported firm above 15369. Targets are 15401, 15435 and 15469.



HSI

Hong Kong shares slipped on Wednesday after two sessions of strong gains, but trading activity was muted ahead of the U.S. Federal Reserve symposium on Friday.

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Plan A : Remain buy as long as market trades firmly above 25577. Targets are 25742 and 25954. 

Plan B : Consider short if market surges but fails to breach above 25742. Targets are 25577 and 25394.



WTI Crude

Oil prices rose about 1% on Wednesday, extending gains for a third session, after U.S. government data showed that fuel demand climbed to its highest since the start of the COVID-19 pandemic.

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Plan A : Attempt long if oil price trades firmly above 66.3. Targets are 67.8 and 68.8.

Plan B : Consider short if oil price surges but fails to stay firm above 67.8. Targets are 66.3 and 65.5.



Gold

Gold retreated on Wednesday, sliding further below the $1,800 level as the dollar ticked higher and investors hoped for a timeline for the tapering of economic support from the U.S. Federal Reserve at this week's Jackson Hole symposium.

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Plan A : Attempt sell if gold price trades below 1794.8. Targets are 1789.8 and 1766.1.


Plan B : Consider long if gold price trades resiliently above 1789.8. Targets are 1794.8 and 1810.




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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