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 ended the first trading day of the holiday-shortened week mixed, with crude oil futures and the 10-year Treasury yield sinking amid worries over a potential recession.
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Plan A: Remain short as long as market trades below 31055. Targets are 30762 and 30566.
Plan B: Consider long if market stays above 30762. Targets are 30957 and 31152.
E-Mini S&P 500Stocks staged an afternoon rally on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment but lower interest rates appeared to boost the tech sector.
The S&P 500 rose 0.16% to 3,831.39.
The benchmark 10-year Treasury yield and the 2-year yield inverted on Tuesday, a move that has a strong historical track record as a recession indicator. When short-term Treasury yields trade above long-term yields, it could be a sign that investors expect an economic slowdown to lead to rate cuts.
In this shortened holiday week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.
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Stocks staged an afternoon rally on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment but lower interest rates appeared to boost the tech sector.
The S&P 500 rose 0.16% to 3,831.39.
The benchmark 10-year Treasury yield and the 2-year yield inverted on Tuesday, a move that has a strong historical track record as a recession indicator. When short-term Treasury yields trade above long-term yields, it could be a sign that investors expect an economic slowdown to lead to rate cuts.
In this shortened holiday week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.
The S&P 500 rose 0.16% to 3,831.39.
The benchmark 10-year Treasury yield and the 2-year yield inverted on Tuesday, a move that has a strong historical track record as a recession indicator. When short-term Treasury yields trade above long-term yields, it could be a sign that investors expect an economic slowdown to lead to rate cuts.
In this shortened holiday week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.
To subscribe to a real-time signal, email us at futures.coin@gmail.com for details. Sign up today for your Jul subscription.
Plan A: Short if market failed to support above 3826. Targets are 3812 and 3806.
Plan B: Long only if market supported firm above 3826. Targets are 3833 and 3847.
E-Mini Nasdaq
U.S. equities futures were flat Wednesday morning after the market staged a big midday reversal on Tuesday, with falling bond yields giving a boost to growth stocks, and ahead of a batch of economic data.
The S&P 500 rose 0.16% to 3,831.39.
Whether the market is about to fall into a recession continued to worry investors after the benchmark 10-year U.S. Treasury yield fell below the 2-year yield. The so-called yield curve inversion historically has been a warning sign that the economy may be falling or has already fallen into recession.
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Plan A: Short if market failed to support above 11774. Targets are 11742 and 11713.
Plan B: Long if market supported firm above 11774. Targets are 11809 and 11834.
HSI
The Hong Kong Hang Seng Index opened higher, wobbled, but still finished up 0.1% as traders weighed reports of renewed outbreaks of the COVID-19 virus in mainland China. Property and tech issues lost ground. The Hang Seng had fallen back by 0.1% on Monday.
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Plan A: Remain short if the market stays below 21875. Targets are 21406 and 21250.
Plan B: Consider long only if the market stays above 21875. Targets are 22031 and 22188.
WTI Crude
Oil plummeted about 9% on Tuesday in the biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand.
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Plan A: Remain short as long as oil price stays below 104.69. Targets are 100 and 96.88.
Plan B: Consider long only if oil price stays above 104.69. Targets are 106.25 and 107.81.
Gold
Gold lost more than 2% on Tuesday to sink further below the $1,800 support level as a sharp rally in the dollar and rising interest rates sapped appetite for the non-yielding asset.
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Plan A: Remain short as long as gold price stays below 1789.1. Targets are 1765.6 and 1750.
Plan B: Attempts long only if gold price stays above 1796.9. Targets are 1804.7 and 1812.5.
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