WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
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Plan A: Remain sell as long as market stays below 35823. Targets are 35607 and 35461.
Plan B: Consider long if market supports above 35607 and rebound. Targets are 35721 and 35823.
E-Mini S&P 500
The S&P 500 fell 0.9% to 4,668.97 and sits about 1.6% from its intraday record. The Dow Jones Industrial Average traded 320 points lower to 35,650.95, dragged down by a 3.7% drop in Boeing’s stock.
New variant has pushed some government officials to reinstate health restrictions to slow the spread. As of Sunday, the U.S. was approaching 800,000 coronavirus-related deaths. U.K. Prime Minister Boris Johnson confirmed Monday that at least one patient infected with the omicron variant has died in the country.
The S&P 500 notched its best week since February and a fresh record close, rebounding from a big sell-off triggered by fears of the omicron coronavirus variant. The blue-chip Dow gained 4% last week, breaking a four-week losing streak with its best weekly performance since March.
Investors digested a jump in headline inflation data, which came in at 6.8% in November year over year for the biggest surge since 1982.
Fed Chair Jerome Powell, as well as a parade of Fed speakers, all recently suggested the central bank could end the $120 billion monthly bond purchase program sooner than the current timeline of June 2022. Accelerating the timeline for tapering could also move forward the central bank’s plans for interest rate hikes, which could spook investors.
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Plan A: Long if market retraced but supported firmly above 4679. Targets are 4690, 4699 and 4711.
Plan B: Short only if the market failed to support above 4679. Targets are 4669, 4655 and 4645.
E-Mini Nasdaq
U.S. stock index futures were little changed during early morning trading on Tuesday after the major averages started the week in the red as Covid omicron fears hit sentiment.
The Nasdaq Composite fell 1.39% as investors rotated out of technology stocks with high valuations.
The market will get fresh inflation data Tuesday when November’s producer price index number is reported. Economists are expecting it to show that prices rose 0.5% for the month, according to estimates from Dow Jones. This would be a slight slowdown from October’s 0.6% increase.
The central bank will release a statement on Wednesday with quarterly projections for the economy, inflation and interest rates.
U.S. stock index futures were little changed during early morning trading on Tuesday after the major averages started the week in the red as Covid omicron fears hit sentiment.
The Nasdaq Composite fell 1.39% as investors rotated out of technology stocks with high valuations.
The market will get fresh inflation data Tuesday when November’s producer price index number is reported. Economists are expecting it to show that prices rose 0.5% for the month, according to estimates from Dow Jones. This would be a slight slowdown from October’s 0.6% increase.
The central bank will release a statement on Wednesday with quarterly projections for the economy, inflation and interest rates.
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