6 May 2022 Foreign

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

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E-Mini Dow

U.S. stocks closed Thursday sharply lower as investor sentiment cratered in the face of concerns that the Federal Reserve's interest rate hike would not be enough to tame surging inflation.

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Plan A: Remain short as long as market trades below 33398. Targets are 32813 and 32422.

Plan B: Consider long if market stays above 33398. Targets are 33594 and 33789.

E-Mini S&P 500

U.S. stocks staged a late comeback on Monday, with the S&P 500 and Nasdaq Composite hitting new lows for the year before closing up for the day.

Other market strategists, however, warned of a possible short-lived relief rally and pointed to the fresh lows as a sign that stocks still had further to fall.

Volatility in the bond market likely contributed to the swings in stocks on Monday. The 10-year Treasury yield rose above 3% for the first time since 2018.

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Plan A: Short if market failed to support above 4128. Targets are 4113 and 4108. 

Plan B: Long only if market supported firm above 4128. Targets are 4139 and 4147.

E-Mini Nasdaq

Stock futures were little changed in overnight trading Thursday after the Dow Jones Industrial Average posted its worst day since 2020.

Technology stocks bore the brunt of Thursday’s fall, with cloud companies, e-retailers and mega-cap names seeing steep declines.

Tech was a particular weak point in April, but the group led the rebound on Monday. Netflix and Facebook-parent Meta Platforms jumped about 4.8% and 5.3%, respectively. Microsoft and Google-parent Alphabet advanced more than 2% each.

Investors are looking ahead to the April jobs report, set for release Friday morning. Economists surveyed by Dow Jones expect employers added 400,000 jobs to nonfarm payrolls, down slightly from 431,000 in March. The unemployment rate is expected to fall to 3.5% in April, down from 3.6% in March, according to Dow Jones.

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Plan A: Short if market failed to support above 12796. Targets are 12760 and 12732.

Plan B: Long if market supported firm above 12796. Targets are 12829 and 12853.

HSI

The Hong Kong Hang Seng Index opened higher but slumped to the close, finishing off 0.4%. Property issues paced decliners.

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Plan A: Remain short if the market stays below 20625. Targets are 20000 and 19688.

Plan B: Consider long only if the market stays above 20469 and rebound. Targets are 20625 and 20781.

WTI Crude

Oil prices edged up on Thursday on supply worries after the European Union (EU) laid out plans for new sanctions against Russia including an embargo on crude.

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Plan A: Remain long as long as oil price stays above 106.25. Targets are 110.94 and 112.5.

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

Gold

Gold prices rose more than 1% on Thursday, a day after Federal Reserve Chair Jerome Powell allayed investor fears that the U.S. central bank might embrace bigger interest rate hikes to rein in soaring inflation.

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Plan A: Remain short as long as gold price stays below 1890.5. Targets are 1867.2 and 1851.6.

Plan B: Attempts long only if gold price stays above 1859.4. Targets are 1882.8 and 1890.6.

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.