WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes ended sharply lower on Wednesday, with the tech-heavy Nasdaq confirming it was in a correction, after a diverse set of corporate earnings and as investors continued to worry about higher U.S. Treasury yields and the Federal Reserve tightening monetary policy.
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Plan A: Remain short as long as market stays below 35277. Targets are 34909 and 34827.
Plan B: Consider long if market able to stabilize above 34909 and rebound. Targets are 35099 and 35277.
E-Mini S&P 500
The Nasdaq Composite fell again on Wednesday, bringing its decline from its November high to more than 10% as investors continue to dump tech shares as interest rates spike to start the new year.
The Dow Jones Industrial Average fell 339.82 points to 35,028.65, dragged down by a 3.1% decline in Caterpillar’s stock. The S&P 500 slid nearly 1% to 4,532.76
Of the 44 S&P 500 companies that have reported quarterly results, nearly 73% have topped Wall Street’s expectations, according to FactSet.
Surging bond yields spurred the sell-off in stocks on Tuesday. The 2-year Treasury rate — which reflects short-term interest rate expectations — topped 1% for the first time in two years.
The Nasdaq Composite fell again on Wednesday, bringing its decline from its November high to more than 10% as investors continue to dump tech shares as interest rates spike to start the new year.
The Dow Jones Industrial Average fell 339.82 points to 35,028.65, dragged down by a 3.1% decline in Caterpillar’s stock. The S&P 500 slid nearly 1% to 4,532.76
Of the 44 S&P 500 companies that have reported quarterly results, nearly 73% have topped Wall Street’s expectations, according to FactSet.
Surging bond yields spurred the sell-off in stocks on Tuesday. The 2-year Treasury rate — which reflects short-term interest rate expectations — topped 1% for the first time in two years.
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Plan A: Long if market supported firmly above 4534. Targets are 4546, 4553 and 4567.
Plan B: Short only if the market failed to support above 4534. Targets are 4528, 4512 and 4505.
E-Mini Nasdaq
U.S. equities futures were little changed Wednesday after another choppy trading session as investors remained cautious amid rising rates and the Nasdaq dipped into correction territory.
The technology-focused Nasdaq Composite dipped 1.15% to 14,340.26. Wednesday’s losses brought the index 10.7% off its most recent record close in November 2021.
The Nasdaq Composite, full of interest rate sensitive technology stocks, was the relative underperformer, dipping 2.6%.
In economic data, investors are expecting numbers on jobless claims and existing home sales Thursday.
U.S. equities futures were little changed Wednesday after another choppy trading session as investors remained cautious amid rising rates and the Nasdaq dipped into correction territory.
The technology-focused Nasdaq Composite dipped 1.15% to 14,340.26. Wednesday’s losses brought the index 10.7% off its most recent record close in November 2021.
The Nasdaq Composite, full of interest rate sensitive technology stocks, was the relative underperformer, dipping 2.6%.
In economic data, investors are expecting numbers on jobless claims and existing home sales Thursday.
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Plan A: Long if the market supported firmly above 15075. Targets are 15104, 15138 and 15166.
Plan B: Short if market failed to support above 15075. Targets are 15048, 15013 and 14989.
HSI
China stocks fell on Wednesday, dragged down by electric vehicle makers and healthcare firms as investors booked profits, while worries over a slowing economy also weighed on market sentiment.
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Plan A: Attempt long if market trades firmly above 24030. Targets are 24163 and 24211.
Plan B: Consider short if market fails to breach above 24163. Targets are 24030 and 23841.
WTI Crude
Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.
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Plan A: Attempt short if oil price falls below 86.0. Targets are 85.1 and 82.9.
Plan B : Consider long if oil price stays firm above 85.1 and rebound. Targets are 86.0 and 86.6.
Gold
Gold edged up on Wednesday, but moves were fairly contained as the market looked to U.S. Federal Reserve's next policy meeting where it is widely expected to raise rates in an attempt to quell surging inflation.
Plan B : Consider long if oil price stays firm above 85.1 and rebound. Targets are 86.0 and 86.6.
Gold
Gold edged up on Wednesday, but moves were fairly contained as the market looked to U.S. Federal Reserve's next policy meeting where it is widely expected to raise rates in an attempt to quell surging inflation.
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Plan A: Remain buy as long as gold trades firmly above 1832.1. Targets are 1843.9 and 1850.7.
Plan B: Consider short if gold price surges but fails to breach above 1850.7. Targets are 1840 and 1832.1
Plan B: Consider short if gold price surges but fails to breach above 1850.7. Targets are 1840 and 1832.1
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