1 Aug 2022 Foreign

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

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E-Mini Dow

Wall Street finished July with a roar on Friday, with the Nasdaq jumping almost 2%, thanks in part to big gains from Amazon.com, with the tech-heavy index ending with its strongest month in over two years.

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Plan A: Remain long as long as market trades above 32422. Targets are 32813 and 33008.

Plan B: Consider short if market stays below 32227. Targets are 32031 and 31641.

E-Mini S&P 500

Stocks climbed for a third consecutive session on Friday as investors digested strong tech earnings and looked past concerns about high inflation and a recessionary environment.

The S&P 500 jumped 1.4% to 4,130.29

That performance is a stark contrast from the previous six months when stocks tumbled to their June bear market levels. The market reversed as investors’ fears about the aggressive pacing of the Federal Reserve’s interest rate increases started to wane and the idea that inflation has perhaps peaked began to settle in.

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Plan A: Long if market supported firm above 4096. Targets are 4102 and 4116. 

Plan B: Short if market failed to support above 4096. Targets are 4088 and 4073.

E-Mini Nasdaq

All of the major averages rose to a winning week and their best month of 2022.Nasdaq Composite added about 1.9% to end the day at 12,390.69.

Still, some have remained worried about inflation levels with Russia’s ongoing war on Ukraine and the possibility that markets could turn lower again. On Friday, the Bureau of Economic Analysis reported that June’s personal consumption expenditures index climbed 6.8% on a 12-month basis. This inflation indicator, which is watched closely by the Fed, hit its highest level since January 1982.

Investors also got the final reading of the University of Michigan Consumer Sentiment Index, which came in at 51.5 for July. That’s a slight improvement over the preliminary reading and up from the June all-time low of 50.

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Plan A: Long if market supported firm above 12906. Targets are 12938 and 12962.

Plan B : Short if market failed to support above 12906. Targets are 12877 and 12847.

HSI

Hong Kong's Hang Seng Index opened evenly but declined steadily to the close, finishing off 2.3% as traders again eschewed property and tech issues.

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Plan A: Remain short if the market stays below 20313. Targets are 19844 and 19688.

Plan B: Consider long only if the market stays above 20313. Targets are 20469 and 20625.

WTI Crude

Oil prices settled up more than $2 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will imminently boost supply.

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Plan A: Remain short as long as oil price stays below 100. Targets are 98.44 and 96.88.

Plan B: Consider long only if oil price stays above 96.88. Targets are 98.44 and 100.

Gold

Gold rose for a third-straight session on Friday, pushing back closer to the US$1,800 mark it fell below at the start of the month as the US dollar and bond yields fell.

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Plan A: Remain short as long as gold price stays below 1789.1. Targets are 1773.4 and 1757.8.

Plan B: Attempts long only if gold price stays above 1765.6. Targets are 1781.3 and 1789.1.

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.