20 May 2022 Foreign

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

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E-Mini Dow

Wall Street closed lower on Thursday as lingering economic uncertainties curbed an earlier rebound in stocks that have borne the brunt of the recent sell-off.

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Plan A: Remain long as long as market trades above 31055. Targets are 31641 and 32031.

Plan B: Consider short if market stays below 31836. Targets are 31250 and 30859.

E-Mini S&P 500

The S&P 500 fell Thursday as the benchmark inched closer to a bear market. Investors continued to dump equities on fears Federal Reserve rate hikes to fight rapid inflation would tip the economy into a recession.

The broad market index fell 0.58% to 3,900.79, after falling 4% on Wednesday.

Stocks have been under pressure all year with investors first pivoting away from highly-valued tech stocks with little profits. But the sell-off has since spread to more sectors of the economy, including banks and retail, as growing fears of a recession spooked investors.

Meanwhile, U.S. weekly jobless claims rose to 218,000 for the week ending May 14, the Labor Department said Thursday, the latest hint that economic growth is slowing.

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Plan A: Short if market failed to support above 3923. Targets are 3917 and 3901.

Plan B: Long only if market supported firm above 3923. Targets are 3936 and 3947. 

E-Mini Nasdaq

U.S. stock futures rose early on Friday as traders watched to see if the S&P 500 will tumble into bear market territory.

The Nasdaq Composite was down 0.26% to 11,388.50.

Meanwhile, the Federal Reserve has signaled it will continue to raise interest rates as it tries to temper the recent inflationary surge.

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Plan A: Short if market failed to support above 11983. Targets are 11950 and 11935.

Plan B: Long if market supported firm above 11983. Targets are 12014 and 12048.

HSI

The Hong Kong Hang Seng Index opened lower and waffled sideways, finishing down 2.5% following the sell-off in New York and as tech issues resumed their slump after a weak earnings report from internet-media giant Tencent.

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Plan A: Remain long if the market stays above 20000. Targets are 20469 and 20625.

Plan B: Consider short only if the market stays below 20625. Targets are 20313 and 20000.

WTI Crude

Oil prices rebounded from two days of losses in a volatile session on Thursday, bolstered by weakness in the dollar and expectations that China could ease some lockdown restrictions that could boost demand.

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Plan A: Remain long as long as oil price stays above 106.25. Targets are 109.38 and 110.94.

Plan B: Consider short only if oil price stays below 110.94. Targets are 107.81 and 106.25.

Gold

Gold rose over 1.5% on Thursday as a slide in the dollar and Treasury yields burnished bullion's safe-haven appeal after weak U.S. jobs numbers compounded economic concerns.

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Plan A: Remain long as long as gold price stays above 1812.5. Targets are 1843.8 and 1859.4.

Plan B: Attempts short only if gold price stays below 1851.6. Targets are 1835.9 and 1820.3.

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.