Wednesday, October 27, 2021

28 October 2021 Foreign

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


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E-Mini Dow


Dow fell 266-points on Wednesday as a drop in oil prices and a pullback in Treasury yields weighed on cyclical sectors.

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Plan A : Attempt long if market supported firmly above 35422. Targets are 35529 and 35688.

Plan B : Consider short if market trades below 35529. Targets are 35422 and 35338.



E-Mini S&P 500

The S&P 500 fell from a record high on Wednesday as the momentum from a strong earnings season started to fade.

The S&P 500 traded down 0.5% to 4,551.68, for its first down day in three. 

So far roughly 38% of the S&P 500 has reported earnings. Of the names that have posted quarterly updates, 83% have topped earnings expectations, while 79% have exceeded revenue estimates.

Strong results have been key to pushing the major averages to new highs. The S&P 500 has rallied 5.6% in October, on track for its best monthly performance since November 2020. The equity benchmark reached its 57th record close of 2021 on Tuesday.

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Plan A : Long if market supported firm above 4562. Targets are 4572, 4583 and 4595.

Plan B : Short if market failed to support above 4562. Targets are 4546, 4531 and 4510.


E-Mini Nasdaq

Stock futures edged higher in overnight trading on Wednesday after the S&P 500 and the Dow Jones Industrial Average slipped from their record highs.

The tech-heavy Nasdaq Composite closed at 15,235.84, flat despite a jump in Microsoft and Alphabet shares.

Microsoft shares jumped 4.2% after the tech company reported earnings that exceeded analysts' estimates and the fastest revenue growth since 2018. Google-parent Alphabet also popped 4.9% following a stronger-than-expected quarterly report.

Investors awaited the first estimate for third-quarter annualized gross domestic product growth from the Commerce Department. Economists polled by Dow Jones expected an increased of just 2.8% as products remained stranded at normally bustling ports, employers struggled to find workers and consumers battled with inflation.

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Plan A : Long if market supported firm above 15662. Targets are 15690, 15725 and 15761.

Plan B : Short if market failed to support above 15662. Targets are 15620, 15583 and 15530.


HSI

Hong Kong shares closed lower on Wednesday, dragged down by technology and healthcare firms, while elevated short-term Treasury yields potentially drained liquidity from the market.

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Plan A : Remain sell as long as market stays below 25620. Targets are 25558 and 25444.


Plan B : Consider long only if market trades firmly above 25444 and rebound. Targets are 25558 and 25620.



WTI Crude

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.

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Plan A : Remain sell as long as oil price stays below 82.2. Targets are 81.4 and 80.8.

Plan B : Consider long only if oil price tested support at 79.8 and rebound. Targets are 80.8 and 81.4.



Gold

Gold prices steadied on Wednesdays as a softer dollar and a pullback in U.S. Treasury yields buoyed the safe-haven metal ahead of major central bank policy meetings this week and next.

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Plan A : Remain buy as long as gold price stays firm above 1792.5. Targets are 1800.5 and 1819.1.


Plan B : Consider short if gold price trades below 1800.5. Targets are 1786.7 and 1781.1.




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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