18 May 2022 Foreign

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

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E-Mini Dow

Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth.

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Plan A: Remain long as long as market trades above 32227. Targets are 32617 and 32813.

Plan B: Consider short if market stays below 32227. Targets are 32031 and 31836.

E-Mini S&P 500

U.S. stocks rose on Tuesday as the market’s rebound from the year’s sharp declines gained steam.

The S&P 500 gained 2.02% to 4,088.85.

On the economic front, retail sales numbers came in about as expected. Consumer spending on retail rose 0.9% in April, according to the U.S. Census Bureau. Retail sales excluding autos rose 0.6% in April.

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Plan A: Long only if market supported firm above 4074. Targets are 4089 and 4099. 

Plan B: Short if market failed to support above 4074. Targets are 4069 and 4052.

E-Mini Nasdaq

U.S. stock futures were lower on Tuesday evening as investors looked to build on a solid rally.

The Nasdaq Composite added 2.76% to 11,984.52.

Stocks and other risk assets have been pressured by inflation and the Federal Reserve’s attempt to tamp down price increases through rate hikes, which has led to concerns about a potential recession. Fed Chair Jerome Powell said at a Wall Street Journal conference on Tuesday that “there won’t be any hesitation” about raising rates until inflation is under control.

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Plan A: Long if market supported firm above 12492. Targets are 12520 and 12556.

Plan B: Short if market failed to support above 12492. Targets are 12468 and 12431.

HSI

Hong Kong's Hang Seng Index opened higher and gained in trading, finishing up 3.3% after brokerage giant JP Morgan issued a report upgrading the outlook for Chinese tech issues, and sparking a sector rally.

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Plan A: Remain long if the market stays above 20156. Targets are 20625 and 20938.

Plan B: Consider short only if the market stays below 20000. Targets are 19844 and 19688.

WTI Crude

Oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuela's government, raising hopes that the market could see some additional supplies.

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Plan A: Remain short as long as oil price stays below 114.06. Targets are 109.38 and 106.25.

Plan B: Consider long only if oil price stays firm above 109.38. Targets are 110.94 and 112.5.

Gold

Gold fell on Tuesday pressured by robust U.S. retail sales data and expectations of aggressive interest rate hikes, although a pullback in the dollar limited losses.

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Plan A: Remain short as long as gold price stays below 1835.9. Targets are 1812.5 and 1804.7.

Plan B: Attempts long only if gold price stays above 1812.5. Targets are 1820.3 and 1828.1.

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.