5 May 2022 Foreign

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

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E-Mini Dow

US stocks closed near session highs Wednesday after the Federal Reserve raised its benchmark lending rate by 50 basis points to combat inflation.

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Plan A: Remain long as long as market trades above 33594. Targets are 34180 and 34375.

Plan B: Consider short if market stays below 33594. Targets are 33398 and 33203.

E-Mini S&P 500

Stocks jumped sharply on Wednesday in a relief rally from their 2022 doldrums after the Federal Reserve raised rates by a widely anticipated half percentage point and Chairman Jerome Powell ruled out getting even more aggressive in the central bank’s inflation-fighting campaign.

The S&P 500 gained 2.99% to 4,300.17.

Investors also appeared to be betting on the Fed’s confidence in the U.S. economy. Stocks seen as economic bellwethers also performed well, with Home Depot and Caterpillar rising 3.4 and 4.2%, respectively. Bank stocks also gained ground, with Citigroup climbing 4.3% and JPMorgan Chase gaining 3.3%.

Ahead of the Fed meeting, some Wall Street strategists suggested that markets could be in for a relief rally despite the rate hike. After the first increase in March, the S&P 500 jumped more than 6% in the following weeks before pulling back again in April.

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Plan A: Long only if market supported firm above 4276. Targets are 4289 and 4306. 

Plan B: Short if market failed to support above 4276. Targets are 4267 and 4251.

E-Mini Nasdaq

Stock futures fell slightly after the Federal Reserve raised rates by half a point and the major averages rallied to end the day.

The tech-heavy Nasdaq Composite jumped 3.19% to 12,964.86.

Stocks rose for a third straight day to start the month, after the Fed increased its benchmark interest rate by 50 basis points, as expected, and said it would begin reducing its balance sheet in June. However, investor sentiment, which has been bogged down since the start of the year, flipped during Powell’s news conference, when he clarified that the Fed is “not actively considering” a larger, 75-basis-point rate hike.

The benchmark 10-year Treasury yield topped 3% again on Wednesday morning, trading near its highest level since 2018, but fell back to about 2.93% following Powell’s comments.

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Plan A: Long if market supported firm above 13422. Targets are 13459 and 13483.

Plan B: Short if market failed to support above 13422. Targets are 13397 and 13360.

HSI

The Hong Kong Hang Seng Index opened lower and lost ground to the close, finishing off 1.1%. Disclosures of insider stock sales at online delivery service Meituan undercut tech issues.

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Plan A: Remain long if the market stays above 20000. Targets are 21250 and 21875.

Plan B: Consider short only if the market stays below 19688. Targets are 19375 and 19063.

WTI Crude

Oil prices jumped on Wednesday, as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, raising concerns about further market tightness as those nations hunt for adequate supply.

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Plan A: Remain long as long as oil price stays above 106.25. Targets are 109.38 and 112.5.

Plan B: Consider short only if oil price stays below 104.69. Targets are 103.13 and 101.56.

Gold

Gold bounced higher on Wednesday as the dollar and U.S. Treasury yields slipped after Federal Reserve Chair Jerome Powell, following an expected interest rate hike, flagged risks to the economy from soaring inflation.

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Plan A: Remain long as long as gold price stays firm above 1875. Targets are 1898.4 and 1906.3.

Plan B: Attempts short only if gold price stays below 1875. Targets are 1867.2 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.