29 Jul 2022 Foreign

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

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E-Mini Dow

U.S. stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

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Plan A: Remain long as long as market trades above 32227. Targets are 32617 and 32813.

Plan B: Consider short if market stays below 32227. Targets are 32031 and 31836.

E-Mini S&P 500

U.S. equities rallied Thursday for the second day in a row even after the latest GDP showed a second-straight contraction, as investors bet the economic downturn would soon cause the Federal Reserve to end its aggressive hiking campaign.

The S&P 500 rose 1.2% to 4,072.43.

The moves follow a broad-based rally that came in the previous session after the Fed hiked interest rates by 0.75 percentage point for the second consecutive time to fight inflation, and investors bet on whether the central bank could halt surging prices without pushing the economy into a recession.

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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

Stock futures rose early Friday morning as Wall Street looked to finish the week higher, fueled by strong quarterly reports from key tech companies.

Nasdaq Composite added nearly 1.1% to 12,162.59.

Those gains have come despite a three-quarters of a percentage point hike from the Federal Reserve on Wednesday and a negative GDP reading on Thursday.

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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, wobbled, and finished down 0.2%. The Hong Kong Monetary Authority, the financial hub's central bank, matched the Fed's rate hikes on Thursday, placing pressure on property and other issues.

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Plan A: Remain short if the market stays below 20781. Targets are 20547 and 20391.

Plan B: Consider long only if the market stays above 20547. Targets are 20703 and 20859.

WTI Crude

Oil prices were mixed on Thursday as concerns about a potential global recession that would knock energy demand offset lower U.S. crude inventories and a rebound in gasoline consumption.

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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 prices rose on Thursday even as the dollar rose and bond yields weakened following a day-prior hike to interest rates while US gross domestic product fell for a second-straight quarter.

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Plan A: Remain long as long as gold price stays above 1750. Targets are 1773.4 and 1796.9.

Plan B: Attempts short only if gold price stays below 1742.2. Targets are 1726.6 and 1710.9.

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.