WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
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Plan A: Attempt long if market trades firmly above 36284. Targets are 36471 and 36571.
Plan B: Consider short if market falls below 36284. Targets are 36120 and 35952.
E-Mini S&P 500
Stocks fell sharply Wednesday, with the Dow Jones Industrial Average suffering its first decline of 2022, as Wall Street geared up for potentially tighter U.S. monetary policy.
The S&P 500 fell 1.94% to 4,700.58.
Rates also jumped, putting pressure on equities, after the minutes from the Federal Reserve’s most recent meeting showed the central bank has discussed reducing its balance sheet shortly after it raises rates later this year.
The Fed is tapering its bond purchases now and has already indicated to the market that it will raise rates soon after it finishes that taper in March. But the market is awaiting indications from the Fed on what it will do with its nearly $9 trillion balance sheet once it’s done increasing it.
The S&P 500 fell 1.94% to 4,700.58.
Rates also jumped, putting pressure on equities, after the minutes from the Federal Reserve’s most recent meeting showed the central bank has discussed reducing its balance sheet shortly after it raises rates later this year.
The Fed is tapering its bond purchases now and has already indicated to the market that it will raise rates soon after it finishes that taper in March. But the market is awaiting indications from the Fed on what it will do with its nearly $9 trillion balance sheet once it’s done increasing it.
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Plan A: Long if market supported firmly above 4687. Targets are 4691, 4709 and 4718.
Plan B: Short only if the market failed to support above 4687. Targets are 4676, 4663 and 4659.
E-Mini Nasdaq
Stock futures were muted in overnight trading Wednesday after the major U.S. stock averages fell sharply in the first losing regular trading session of the year.
The tech-heavy Nasdaq saw its biggest one-day loss since February, losing 3.34% to end at 15,100.17.
Megacap tech stocks fell, with Netflix and Alphabet each dropping at least 4%. Meta Platforms and Microsoft both lost more than 3%, and Apple slid 2.7%.
Salesforce dropped 8.2% following a downgrade from UBS. The firm also cut Adobe, sending its shares down 7.1%. Among chipmakers, Advanced Micro Devices and Nvidia both fell about 5%.
Stock futures were muted in overnight trading Wednesday after the major U.S. stock averages fell sharply in the first losing regular trading session of the year.
The tech-heavy Nasdaq saw its biggest one-day loss since February, losing 3.34% to end at 15,100.17.
Megacap tech stocks fell, with Netflix and Alphabet each dropping at least 4%. Meta Platforms and Microsoft both lost more than 3%, and Apple slid 2.7%.
Salesforce dropped 8.2% following a downgrade from UBS. The firm also cut Adobe, sending its shares down 7.1%. Among chipmakers, Advanced Micro Devices and Nvidia both fell about 5%.
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