Wednesday, June 22, 2022

23 Jun 2022 Foreign

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

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E-Mini Dow

Wall Street's main indexes ended with slim losses on Wednesday after choppy trading as energy shares weighed and investors digested Federal Reserve Chair Jerome Powell's comments on the central bank's aim to bring down inflation.

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Plan A: Remain long as long as market trades above 30176. Targets are 30469 and 30664.

Plan B: Consider short if market stays below 30078. Targets are 29980 and 29883.



E-Mini S&P 500
Stocks fell slightly Wednesday in choppy trading as markets struggled to sustain a rebound from earlier in the day.

The S&P 500 dipped 0.13% to 3,759.89.

Growing concerns of a recession on Wall Street have recently weighed on stocks. Fed Chair Powell on Wednesday told Congress the central bank has the “resolve” to tame inflation that has surged to 40-year highs.

The Federal Reserve raised rates by 0.75 percentage point last week and hinted another increase of that magnitude was possible next month. The central bank’s shift last week to a more aggressive inflation-fighting stance unnerved investors who worried the central bank would rather risk a recession than endure persistent high inflation.

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Plan A: Short if market failed to support above 3753. Targets are 3747 and 3732.  

Plan B: Long only if market supported firm above 3753. Targets are 3769 and 3775.




E-Mini Nasdaq

Stock futures were almost flat early on Thursday after the major indexes slipped into the red at the end of regular trading and investors weighed the likelihood of a recession after Federal Reserve chair Jerome Powell acknowledged it’s a possibility.

The Nasdaq Composite fell 0.15% to 11,053.08.

Traders also weighed comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank’s stance to fight inflation.

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Plan A: Short if market failed to support above 11529. Targets are 11497 and 11462.

Plan B: Long if market supported firm above 11529. Targets are 11554 and 11583.



HSI
The Hong Kong Hang Seng Index opened lower and slumped into the close, finishing off 2.6% after a media report that Beijing authorities plan to scrutinize online medicine sales. Tech and property issues declined.

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Plan A: Remain long if the market stays above 20938. Targets are 21250 and 21563.

Plan B: Consider short only if the market stays below 21094. Targets are 20938 and 20781.



WTI Crude
Oil prices tumbled around 3% on Wednesday as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into recession, dampening demand for fuel.

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Plan A: Remain short as long as oil price stays below 106.25. Targets are 103.13 and 100.

Plan B: Consider long only if oil price stays above 109.38. Targets are 112.5 and 115.63.



Gold
Gold prices rose on Wednesday as a retreat in U.S. Treasury yields and the dollar bolstered bullion's appeal amid growing recession concerns.
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Plan A: Remain short as long as gold price stays below 1843.8. Targets are 1835.9 and 1828.1.
Plan B: Attempts long only if gold price stays above 1828.1. Targets are 1839.8 and 1851.6.


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. 

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