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
U.S. stocks closed modestly lower on Wednesday after investors digested hotter-than-expected U.S. inflation data, which fueled fears that the Federal Reserve could raise key interest rates by as much as 100 basis points later this month.
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Plan A: Remain short as long as market trades below 30859. Targets are 30566 and 30469.
Plan B: Consider long if market stays above 30957. Targets are 31055 and 31152.
E-Mini S&P 500
Stocks slipped on Wednesday after June inflation data hit its highest level since 1981, adding to growing fears that the Federal Reserve will get more aggressive in its fight to tame rising prices.
S&P 500 dipped 0.45% to 3,801.78.
June’s hot inflation reading left traders questioning whether the central bank will hike another 75 basis points during this month’s meeting and raised expectations of an even larger increase to tame surging prices.
Last month, the Fed raised its benchmark interest rate three-quarters of a percentage point to a range of 1.5%-1.75% in its most aggressive hike since 1994.
S&P 500 dipped 0.45% to 3,801.78.
June’s hot inflation reading left traders questioning whether the central bank will hike another 75 basis points during this month’s meeting and raised expectations of an even larger increase to tame surging prices.
Last month, the Fed raised its benchmark interest rate three-quarters of a percentage point to a range of 1.5%-1.75% in its most aggressive hike since 1994.
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Plan A: Long if market supported firm above 3791. Targets are 3806 and 3819.
Plan B: Short if market failed to support above 3791. Targets are 3784 and 3779.
E-Mini Nasdaq
Stock futures were little changed on Thursday morning as traders look ahead to earnings from major U.S. banks.
Nasdaq Composite slipped 0.15% to close at 11,247.58.
The consumer price index rose 9.1% on the year in June, higher than economist estimates of an 8.8% year-over-year increase. Core CPI, which excludes volatile prices of food and energy, was 5.9%, also ahead of the 5.7% estimate.
The CPI report also impacted treasuries, sending the 2-year Treasury yield up nine basis points to about 3.138% while the yield on the 10-year Treasury fell about 4 basis points to 2.919. An inversion of the two is a popular signal of a recession.
Stock futures were little changed on Thursday morning as traders look ahead to earnings from major U.S. banks.
Nasdaq Composite slipped 0.15% to close at 11,247.58.
The consumer price index rose 9.1% on the year in June, higher than economist estimates of an 8.8% year-over-year increase. Core CPI, which excludes volatile prices of food and energy, was 5.9%, also ahead of the 5.7% estimate.
The CPI report also impacted treasuries, sending the 2-year Treasury yield up nine basis points to about 3.138% while the yield on the 10-year Treasury fell about 4 basis points to 2.919. An inversion of the two is a popular signal of a recession.
Nasdaq Composite slipped 0.15% to close at 11,247.58.
The consumer price index rose 9.1% on the year in June, higher than economist estimates of an 8.8% year-over-year increase. Core CPI, which excludes volatile prices of food and energy, was 5.9%, also ahead of the 5.7% estimate.
The CPI report also impacted treasuries, sending the 2-year Treasury yield up nine basis points to about 3.138% while the yield on the 10-year Treasury fell about 4 basis points to 2.919. An inversion of the two is a popular signal of a recession.
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Plan A: Long if market supported firm above 11697. Targets are 11725 and 11757.
Plan B : Short if market failed to support above 11697. Targets are 11660 and 11638.
HSI
The Hong Kong Hang Seng Index opened higher but wobbled to close down 0.2%, as property and bank issues retreated on renewed concerns regarding China's real estate markets.
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Plan A: Remain short if the market stays below 21094. Targets are 20625 and 20469.
Plan B: Consider long only if the market stays above 20938. Targets are 21094 and 21250.
WTI Crude
Oil prices rose modestly on Wednesday even after U.S. oil inventories rose and after U.S. inflation figures bolstered the case for another big Federal Reserve interest rate increase.
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Plan A: Remain short as long as oil price stays below 98.44. Targets are 95.31 and 93.75.
Plan B: Consider long only if oil price stays above 98.44. Targets are 100 and 101.56.
Gold
Gold prices closed higher on Wednesday, recovering from a 16-month low touched after the United States reported inflation rose at the fastest pace in 41 years in June, stoking the dollar and cutting bond yields.
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Plan A: Remain short as long as gold price stays below 1742.2. Targets are 1726.6 and 1710.9.
Plan B: Attempts long only if gold price stays above 1742.2. Targets are 1750 and 1757.8.
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