WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street rallied to end sharply higher on Wednesday, powered by a recovery in interest-sensitive growth stocks as investors digested hot inflation data and a mixed bag of quarterly results.
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Plan A: Remain long as long as market trades above 33984. Targets are 34570 and 34766.
Plan B: Consider short if market stays below 34277. Targets are 34082 and 33984.
E-Mini S&P 500
Stocks rallied on Wednesday as the corporate earnings season kicked off with mostly positive results, and traders looked past surging inflation numbers.
The S&P 500 gained 1.12% to 4,446.59.
The 10-year Treasury yield fell to 2.7% following the producer prices report. The yield touched a three-year high of 2.82% this week before pulling back.
The producer prices report followed the consumer prices gauge released on Tuesday which showed an 8.5% surge in March, the Labor Department said on Tuesday. The report fueled further concerns of tighter monetary policy from the Federal Reserve, even as core CPI excluding food and energy costs rose 0.3%, slightly below expectations. Some on Wall Street saw this as a sign that inflation may be nearing a peak.
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E-Mini S&P 500
Stocks rallied on Wednesday as the corporate earnings season kicked off with mostly positive results, and traders looked past surging inflation numbers.
The S&P 500 gained 1.12% to 4,446.59.
The 10-year Treasury yield fell to 2.7% following the producer prices report. The yield touched a three-year high of 2.82% this week before pulling back.
The producer prices report followed the consumer prices gauge released on Tuesday which showed an 8.5% surge in March, the Labor Department said on Tuesday. The report fueled further concerns of tighter monetary policy from the Federal Reserve, even as core CPI excluding food and energy costs rose 0.3%, slightly below expectations. Some on Wall Street saw this as a sign that inflation may be nearing a peak.
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Plan A: Long if market retraced and supported firm above 4452. Targets are 4468, 4475 and 4489.
Plan B : Short if market failed to support above 4452. Targets are 4442, 4436 and 4427.
Plan A: Long if market retraced and supported firm above 4452. Targets are 4468, 4475 and 4489.
Plan B : Short if market failed to support above 4452. Targets are 4442, 4436 and 4427.
E-Mini NasdaqStock futures were mildly higher early Thursday morning as investors awaited quarterly earnings results from the biggest U.S. banks.
Nasdaq Composite posted their third straight losing session on Tuesday amid March’s CPI showing the highest inflation since 1981.
Chip stocks climbed with Nvidia gaining nearly 3.3%, Qualcomm jumping 3.2%, and Advanced Micro Devices increasing about 2.8%.
A report showed producer prices — wholesale costs that could eventually lead to higher retail prices — jumped a record 11.2% in March on an annual basis. The monthly gain of 1.4% topped the 1.1% estimate from economists polled by Dow Jones.
E-Mini Nasdaq
Stock futures were mildly higher early Thursday morning as investors awaited quarterly earnings results from the biggest U.S. banks.
Nasdaq Composite posted their third straight losing session on Tuesday amid March’s CPI showing the highest inflation since 1981.
Chip stocks climbed with Nvidia gaining nearly 3.3%, Qualcomm jumping 3.2%, and Advanced Micro Devices increasing about 2.8%.
A report showed producer prices — wholesale costs that could eventually lead to higher retail prices — jumped a record 11.2% in March on an annual basis. The monthly gain of 1.4% topped the 1.1% estimate from economists polled by Dow Jones.
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Plan A: Long if market supported firm above 14259. Targets are 14284 and 14317.
Plan B: Short if market failed to support above 14259. Targets are 14226 and 14193.
HSI
The Hong Kong Hang Seng Index edged up 0.3%, despite gathering concerns that mainland China's anti-pandemic restrictions will suppress economic growth. Property and tech stocks ground higher, while the Shanghai Composite fell back 0.8% in same-day trading.
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Plan A: Remain long if the market trades firm above 20938. Targets are 21563 and 21875.
Plan B: Consider short only if market surges but failed to break 21787 and retrace. Targets are 21094 and 20938
WTI Crude
Oil prices jumped on Wednesday, as a large increase in U.S. crude inventories failed to soothe worries about tight global supply, with major oil traders expected to shun Russian barrels.
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Plan A: Remain long as long as oil price stays above 100. Targets are 106.25 and 109.38.
Plan B: Consider short only if oil price stays below 98.44. Targets are 96.88 and 95.31.
Gold
Gold prices hit a one-month high on Wednesday as rising consumer prices boosted its appeal as an inflation hedge, with investors seeming to look past an impending interest rate hike by the Federal Reserve.
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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1984.4 and 2000.
Plan B: Attempts short if gold price surges but failed to break above 1985.5. Targets are 1960.9 and 1945.3.
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