23 May 2022 Foreign

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

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E-Mini Dow

Wall Street ended mixed on Friday after a volatile session that saw Tesla slump and other growth stocks also lose ground.

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Plan A: Remain long as long as market trades above 30859. Targets are 31250 and 31641.

Plan B: Consider short if market stays below 30580. Targets are 30469 and 30078.

E-Mini S&P 500

Rising recession fears pushed U.S. stocks briefly into a bear market on Friday with the S&P 500′s decline from its all-time high in January reaching 20% at one point. A dramatic late-day reversal pushed the benchmark slightly into the green for the day at the closing bell.

The S&P 500 finished 0.01% higher to 3,901.36.

There’s no official bear market designation on Wall Street. Some will count Friday’s decline at the intraday lows as confirmation of a bear market, whereas some strategists may say it’s not official until it closes 20% off its high.

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Plan A: Long only if market supported firm above 3935. Targets are 3944 and 3958. 

Plan B: Short if market failed to support above 3935. Targets are 3927 and 3910.

E-Mini Nasdaq

Stock futures rose early on Monday after the Dow Jones Industrial Average fell for its 8th straight week amid a broader market sell-off.

The Nasdaq Composite fell 0.3% and is already deep in bear market territory, 30% off its highs.

The jump in inflation then led the Federal Reserve to hike rates in March for the first time in more than three years. Earlier this month, the central bank got even more aggressive and hiked rates by half a percentage point.

The Fed has signaled it will continue to raise interest rates as it tries to temper the recent inflationary surge.

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Plan A: Long if market supported firm above 11965. Targets are 11997 and 12023.

Plan B: Short if market failed to support above 11965. Targets are 11931 and 11905.

HSI

The Hong Kong Hang Seng Index opened higher and rose throughout the session, finishing up 3% after China's central bank announced a rate cut for mortgage loans. Property and tech issues gained.

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Plan A: Remain long if the market stays above 20156. Targets are 20625 and 20781.

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

WTI Crude

Oil was mostly steady early on Friday even as China eases some lockdown measures while US gasoline demand is on the rise.

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Plan A: Remain long as long as oil price stays above 107.81. Targets are 110.94 and 112.5.

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

Gold

Gold edged up on Friday, heading for its first week of gains in five on persistent worries over economic growth and a weekly decline in the dollar.

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Plan A: Remain long as long as gold price stays above 1828.1. Targets are 1843.8 and 1859.4.

Plan B: Attempts short only if gold price stays below 1835.9. Targets are 1832 and 1824.2.

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.