WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
US stocks closed higher Wednesday after the Federal Reserve delivered its biggest interest-rate increase in nearly three decades in a bid to tame inflation.
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Plan A: Remain long as long as market trades above 30469. Targets are 31250 and 31641.
Plan B: Consider short if market stays below 30664. Targets are 30469 and 30273.
E-Mini S&P 500Stocks rallied on Wednesday after the Federal Reserve hiked rates by 75 basis points — its largest increase since 1994 — and signaled it could raise rates by a similar magnitude in July, giving investors confidence the central bank was committed to tamping down inflation.
S&P 500 futures were down 0.11%.
The market had anticipated a 75 basis point rate hike Wednesday, but it was Powell’s willingness to do another hike of that size that surprised markets.
The Fed’s benchmark rate is now slated to end the year at 3.4%, based on the midpoint of the target range of individual members’ expectations.
Along with the rate hike, Fed officials slashed their GDP outlook for 2022 to a 1.7% gain from the 2.8% projection back in March. Inflation projections also rose to 5.2% this year from 4.3%, but the committee expects that to tick lower in 2023.
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Stocks rallied on Wednesday after the Federal Reserve hiked rates by 75 basis points — its largest increase since 1994 — and signaled it could raise rates by a similar magnitude in July, giving investors confidence the central bank was committed to tamping down inflation.
S&P 500 futures were down 0.11%.
The market had anticipated a 75 basis point rate hike Wednesday, but it was Powell’s willingness to do another hike of that size that surprised markets.
The Fed’s benchmark rate is now slated to end the year at 3.4%, based on the midpoint of the target range of individual members’ expectations.
Along with the rate hike, Fed officials slashed their GDP outlook for 2022 to a 1.7% gain from the 2.8% projection back in March. Inflation projections also rose to 5.2% this year from 4.3%, but the committee expects that to tick lower in 2023.
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Plan A: Short if market failed to support above 3744. Targets are 3738 and 3721.
Plan B: Long only if market supported firm above 3744. Targets are 3758 and 3762.
E-Mini Nasdaq
U.S. stock index futures shed prior gains and declined in early morning trading Thursday after the Federal Reserve implemented the largest interest rate hike since 1994.
Nasdaq 100 futures shed 0.21%.
Tech shares, which have been beaten up as the S&P 500 slipped into bear market territory this month, led the market’s bounce with Amazon and Tesla each jumping more than 5% on Wednesday. Netflix also gained 7.5%.
Economic data out Thursday includes weekly jobless claims numbers, with economists surveyed by Dow Jones forecasting a 220,000 print. Housing starts will also be released, while Adobe and Kroger will report quarterly updates.
U.S. stock index futures shed prior gains and declined in early morning trading Thursday after the Federal Reserve implemented the largest interest rate hike since 1994.
Nasdaq 100 futures shed 0.21%.
Tech shares, which have been beaten up as the S&P 500 slipped into bear market territory this month, led the market’s bounce with Amazon and Tesla each jumping more than 5% on Wednesday. Netflix also gained 7.5%.
Economic data out Thursday includes weekly jobless claims numbers, with economists surveyed by Dow Jones forecasting a 220,000 print. Housing starts will also be released, while Adobe and Kroger will report quarterly updates.
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Plan A: Short if market failed to support above 11515. Targets are 11482 and 11458.
Plan B: Long if market supported firm above 11515. Targets are 11549 and 11576.
HSI
Hong Kong's Hang Seng opened evenly and rose to the close, finishing up 1.1% after a May industrial report indicated Chinese factory output was expanding again despite domestic anti-pandemic lockdowns, and a wobbly global economy.
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Plan A: Remain long if the market stays above 21094. Targets are 21406 and 21719.
Plan B: Consider short only if the market stays below 20938. Targets are 20781 and 20625.
WTI Crude
Oil prices fell more than $3 on Wednesday as markets worried about a fall in demand after the Federal Reserve hiked interest rate by three-quarters of a percentage point.
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Plan A: Remain short as long as oil price stays below 118.75. Targets are 115.63 and 114.06.
Plan B: Consider long only if oil price stays above 118.75. Targets are 120.31 and 121.88.
Gold
Gold rallied on Wednesday as the dollar and Treasury yields retreated after the Federal Reserve announced the biggest U.S. interest rate hike since 1994 and flagged economic risks.
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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 1820.3. Targets are 1812.5 and 1804.7.
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