17 May 2022 Foreign

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

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E-Mini Dow

Wall Street ended lower on Monday, with energy stocks rallying and Tesla and other growth stocks losing ground after downbeat Chinese economic data added to worries about a global slowdown and rising interest rates.

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Plan A: Remain long as long as market trades above 32031. Targets are 32422 and 32617.

Plan B: Consider short if market stays below 31836. Targets are 31641 and 31445.

E-Mini S&P 500

The S&P 500 fell in choppy trading Monday as the broader market index failed to recover from last week’s losses and traders weighed the potential for a U.S. recession.

The S&P 500 fell 0.39% to 4,008.01.

Inflation concerns have been a mounting headwind for stocks, with some investors worried the economy could ultimately tip into a recession.

The tailwinds of the pandemic — a jump in stay-at-home spending and low interest rates — have since turned to headwinds. Now, consumer spending is shifting and rates are rising.

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Plan A: Short if market failed to support above 4019. Targets are 4003 and 3996. 

Plan B: Long only if market supported firm above 4019. Targets are 4027 and 4031.

E-Mini Nasdaq

U.S. stock index futures were flat during overnight trading on Monday, following a volatile session that saw the S&P 500 and Nasdaq Composite continue their march lower.

The Nasdaq Composite dropped 1.2% to 11,662.79.

Treasury yields have spiked this year as the Fed tightens monetary policy to stave off decades-high inflation. The benchmark 10-year rate started the year at roughly 1.5%. It slipped below 2.9% on Monday and briefly eclipsed the 3% mark earlier this month.

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Plan A: Short if market failed to support above 12302. Targets are 12279 and 12439.

Plan B: Long if market supported firm above 12302. Targets are 12338 and 12364.

HSI

Hong Kong's Hang Seng Index opened higher, see-sawed into the red, but finished up 0.3% despite a raft of poor economic reports from mainland China. Tech stocks finished flat, but property issues rose after Beijing cut mortgage rates for some home buyers on Friday.

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Plan A: Remain long if the market stays above 19688. Targets are 20156 and 20313.

Plan B: Consider short only if the market stays below 19688. Targets are 19531 and 19375.

WTI Crude

Oil prices rose on Monday on optimism that China would see significant demand recovery after positive signs that the country's coronavirus pandemic was receding in the hardest-hit areas.

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Plan A: Remain long as long as oil price stays above 109.38. Targets are 114.06 and 115.63.

Plan B: Consider short only if oil price stays below 106.25. Targets are 104.69 and 103.13.

Gold

Gold rose slightly on Monday as a retreat in U.S. Treasury yields offset headwinds from a relatively firm dollar, which, along with looming interest rate hikes, earlier pushed bullion to a more than three-and-a-half-month low.

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Plan A: Remain long as long as gold price stays above 1812.5. Targets are 1828.1 and 1843.8.

Plan B: Attempts short only if gold price stays below 1812.5. Targets are 1804.7 and 1781.3.

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.