9 May 2022 Foreign

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

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E-Mini Dow

Wall Street's main indexes extended losses on Friday as investors worried that the Federal Reserve will need to be more aggressive than expected in raising interest rates to combat inflation.

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Plan A: Remain short as long as market trades below 33203. Targets are 32422 and 32031.

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

E-Mini S&P 500

Stocks lost ground in choppy trading on Friday as investors struggled to find a floor after a dramatic week that saw the Dow Jones Industrial Average post both its best and worst days since 2020.

The S&P 500 shed 0.57% to close at 4,123.34.

The losses Friday came despite an April jobs report that showed a gain of 428,000 jobs, more than the 400,000 expected by economists surveyed by Dow Jones.

In economic data, the Fed’s consumer credit data showed an increase of $52.4 billion in March, more than double what economists expected.

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Plan A: Short if market failed to support above 4078. Targets are 4069 and 4051. 

Plan B: Long only if market supported firm above 4078. Targets are 4091 and 4103.

E-Mini Nasdaq

Stock futures fell early Monday as traders looked for the market to find its footing after a dramatic week of trading.

The Nasdaq Composite fell 1.40% to settle at 12,144.66. 

Tech stocks were again an area of weakness for the market on Friday. Amazon fell 1.4%, while Microsoft and Nvidia dropped about 0.9%. Netflix and Crowdstrike fell 3.9% and 8.9%, respectively.

The short-lived Wednesday rally came after Federal Reserve Chair Jerome Powell said the central bank was not considering a 75-basis-point rate hike at upcoming meetings. Stocks and bonds rallied following that comment but reversed course on Thursday.

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Plan A: Short if market failed to support above 12554. Targets are 12527 and 12491

Plan B: Long if market supported firm above 12554. Targets are 12583 and 12618.

HSI

The Hong Kong Hang Seng Index opened lower and declined to the close, finishing off 3.8%. Property and tech issues paced decliners.

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Plan A: Remain short if the market stays below 20313. Targets are 19688 and 19375.

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

WTI Crude

Oil prices rose nearly 1.5% on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth.

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Plan A: Remain long as long as oil price stays above 107.03. Targets are 110.94 and 112.5.

Plan B: Consider short only if oil price stays below 106.25. Targets are 105.47 and 104.69.

Gold

Gold rose on a weaker dollar on Friday but prospects of aggressive rate hikes from the U.S. Federal Reserve put bullion on course for a third consecutive weekly decline.

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Plan A: Remain long as long as gold price stays above 1875. Targets are 1882.8 and 1890.6.

Plan B: Attempts short only if gold price failed to break 1890.6. 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.