12 May 2022 Foreign

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

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E-Mini Dow

Wall Street's main indexes ended lower on Wednesday, led by a sharp drop in the Nasdaq after U.S. inflation data did little to ease investor worries over interest rates.

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Plan A: Remain short as long as market trades below 32227. Targets are 31641 and 31445.

Plan B: Consider long if market stays above 32031 and rebound. Targets are 32227 and 32422.

E-Mini S&P 500

Stocks fell on Wednesday, dialing back earlier gains as investors continued to digest the latest U.S. inflation data.

The S&P 500 slipped 1.65% to 3,935.18.

April’s consumer price index showed an 8.3% jump, higher than the 8.1% increase expected by economists polled by Dow Jones. The price surge remained near the 40-year high pace of 8.5% seen in March.

Core CPI, which does not include food and energy prices, gained 6.2% compared to expectations of 6%. On a monthly basis, headline CPI rose by 0.3% and core rose 0.6%. It signaled that inflation may be peaking but price pressures will likely persist.

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Plan A: Short if market failed to support above 3924. Targets are 3913 and 3907. 

Plan B: Long only if market supported firm above 3924. Targets are 3936 and 3942.

E-Mini Nasdaq

Stock futures traded lower early Thursday morning after the latest CPI data showed inflation is still running hot.

Nasdaq Composite dropped 3.18% to close at 11,364.24.

Tech shares struggled on Wednesday, tempering gains for the Nasdaq. Meta Platforms, Apple, Salesforce and Microsoft fell about 4.5%, 5.2%, 3.5% and 3.3%, respectively.

The 10-year Treasury yield briefly jumped back above the 3% mark but traded down and settled at 2.93%.

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Plan A: Short if market failed to support above 11933. Targets are 11907 and 11875.

Plan B: Long if market supported firm above 11933. Targets are 11960 and 11993.

HSI

The Hong Kong Hang Seng Index opened lower but gained through the day, finishing up 1%. Tech issues gained, but property stocks remained under pressure.

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Plan A: Remain short if the market stays below 19688. Targets are 19375 and 19063.

Plan B: Consider long only if the market stays above 19063 and rebound. Targets are 19375 and 19688.

WTI Crude

Oil prices rose more than 5% on Wednesday after flows of Russian gas to Europe fell and Russia sanctioned some European gas companies, adding to uncertainty in world energy markets.

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Plan A: Remain long as long as oil price stays above 103.13. Targets are 106.25 and 107.81.

Plan B: Consider short only if oil price stays below 101.56. Targets are 100 and 98.44.

Gold

Gold resumed its climb on Wednesday after a knee-jerk retreat tied to the release of U.S. inflation data, as the dollar slipped with investors latching on to a slight cooling of consumer prices.

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Plan A: Remain short as long as gold price stays below 1859.4. Targets are 1843.8 and 1835.9.

Plan B: Attempts long only if gold price stays above 1835.9 and rebound. Targets are 1851.6 and 1859.4.

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.