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 rallied after the Federal Open Market Committee lifted the federal funds rate by 75 basis points at its meeting, as widely expected.
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Plan A: Remain long as long as market trades above 32031. Targets are 32227 and 32324.
Plan B: Consider short if market stays below 32031. Targets are 31934 and 31836.
E-Mini S&P 500
Stocks rallied Wednesday after the Federal Reserve announced its much anticipated 0.75 percentage point rate increase to fight inflation, but hinted that it could slow the pace of its hiking campaign at some point.
The S&P 500 gained 2.62% to close at 4,023.61.
Many regard two consecutive quarters of negative GDP readings as a recession, but the National Bureau of Economic Research, the official arbiter of recessions, uses multiple other factors to determine one. The GDP reading Thursday is expected to show barely an expansion after first-quarter GDP declined by 1.6%.
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Plan A: Long if market supported firm above 4014. Targets are 4029 and 4035.
Plan B: Short if market failed to support above 4014. Targets are 4002 and 3993.
E-Mini Nasdaq
Stock futures moved lower early on Thursday after markets staged a major rally on Wednesday following another 0.75 percentage point hike from the Federal Reserve.
The Nasdaq Composite climbed 4.06% to 12,032.42.
Investors have grown increasingly concerned in recent months that the central bank’s attempts to tame surging prices would move the economy closer to a recession, if it hasn’t already entered one.
Investors looking for further clues into the state of the economy are awaiting a reading on second-quarter GDP slated for Thursday. While two back-to-back negative quarters of growth is viewed by many as a recession, the official definition is more nuanced, taking into account additional factors, according to the National Bureau of Economic Research.
Stock futures moved lower early on Thursday after markets staged a major rally on Wednesday following another 0.75 percentage point hike from the Federal Reserve.
The Nasdaq Composite climbed 4.06% to 12,032.42.
Investors have grown increasingly concerned in recent months that the central bank’s attempts to tame surging prices would move the economy closer to a recession, if it hasn’t already entered one.
Investors looking for further clues into the state of the economy are awaiting a reading on second-quarter GDP slated for Thursday. While two back-to-back negative quarters of growth is viewed by many as a recession, the official definition is more nuanced, taking into account additional factors, according to the National Bureau of Economic Research.
The Nasdaq Composite climbed 4.06% to 12,032.42.
Investors have grown increasingly concerned in recent months that the central bank’s attempts to tame surging prices would move the economy closer to a recession, if it hasn’t already entered one.
Investors looking for further clues into the state of the economy are awaiting a reading on second-quarter GDP slated for Thursday. While two back-to-back negative quarters of growth is viewed by many as a recession, the official definition is more nuanced, taking into account additional factors, according to the National Bureau of Economic Research.
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Plan A: Long if market supported firm above 12545. Targets are 12578 and 12604.
Plan B : Short if market failed to support above 12545. Targets are 12515 and 12480.
HSI
The Hong Kong Hang Seng Index opened lower and finished the same way, down 1.1% as traders again eschewed property stocks.
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Plan A: Remain long if the market stays above 20625. Targets are 20781 and 20859.
Plan B: Consider short only if the market stays below 20547. Targets are 20469 and 20391
WTI Crude
Oil settled up more than $2 on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a U.S. interest rate hike.
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Plan A: Remain long as long as oil price stays above 96.09. Targets are 98.44 and 100.
Plan B: Consider short only if oil price stays below 95.31. Targets are 94.53 and 93.75.
Gold
Gold was edged higher on Wednesday ahead of another interest-rate hike coming when the Federal Reserve policy committee wraps up its two-day meeting.
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Plan A: Remain long as long as gold price stays above 1734.4. Targets are 1757.8 and 1703.1.
Plan B: Attempts long only if gold price stays above 1710.9. Targets are 1718.8 and 1726.6.
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