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 ended the month with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persist.
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Plan A: Remain short as long as market trades below 32031. Targets are 31250 and 30469.
Plan B: Consider long if market stays above 32031. Targets are 32422 and 32813.
E-Mini S&P 500
Stocks fell for a fourth straight day on Wednesday, the last day of August, putting the summer market comeback in doubt as investors weighed the Federal Reserve’s inflation-fighting efforts.
The S&P 500 lost roughly 0.8% to end the day at 3,955.00.
Investors are debating whether stocks will again challenge the June lows in September, a historically poor month for markets, after weighing recent hawkish comments from Fed officials who show no signs of easing up on interest rate hikes.
On Wednesday, Cleveland Federal Reserve President Loretta Mester said she expects interest rates to rise above 4% before the central bank can start pulling back. The current fed funds rate is 2.25%-2.50.
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Plan A : Short if market failed to support above 3921. Targets are 3910 and 3892.
Plan B : Long if market supported above 3921. Targets are 3939 and 43950.
E-Mini Nasdaq
U.S. stock futures fell on Thursday morning after the major averages closed out August with losses and investors considered the Federal Reserve’s fight against inflation.
Nasdaq Composite fell about 0.6% to 11,816.20.
Investors had been debating for weeks whether the economy is in a recession or heading toward one, and many thought an economic downturn would give the Fed reason to ease up on its rate hiking plan.
Fed Chair Jerome Powell reiterated in his Jackson Hole speech Friday, however, that the central bank is committed to curbing inflation and will continue to raise rates even in a recessionary environment.
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Plan A : Short if market failed to support above 12143. Targets are 12118 and 12082.
Plan B : Long if market supported firm above 12143. Targets are 12175 and 12203.
HSI
Asian stock markets attempted a comeback from big early losses on Wednesday, although most major markets were still in the red as investors worried about further aggressive monetary tightening following blowout U.S. labour data.
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Plan A: Remain short if the market stays below 20000. Targets are 19688 and 39375.
Plan B: Consider long only if the market stays above 20000. Targets are 20156 and 20313.
WTI Crude
Oil prices settled up more than 4% on Monday, extending last week's gain, as potential OPEC+ output cuts and conflict in Libya helped to offset a strong U.S. dollar and a dire outlook for U.S. growth.
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Plan A: Remain short as long as oil price stays below 92.19. Targets are 89.06 and 87.50.
Plan B: Consider long only if oil price stays above 92.19. Targets are 93.75 and 95.31.
Gold
Gold closed with a loss on Wednesday as the metal continues to fall out of favor amid higher bond yields and a strong dollar.
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Plan A: Remain short as long as gold price stays below 1742.2 Targets are 1718.8 and 1703.1.
Plan B: Attempts long only if gold price stays above 1742.2. Targets are 1750 and 1757.8.
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