3 Aug 2022 Foreign

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

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E-Mini Dow

Major stock indexes ended lower on Tuesday in choppy trading as rising tensions between the United States and China and Federal Reserve rate expectations dominated investors minds.

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Plan A: Remain short as long as market trades below 32617. Targets are 32324 and 32129.

Plan B: Consider long if market stays above 32617. Targets are 32715 and 32910.

E-Mini S&P 500

Dow Jones Industrial Average futures were higher on Wednesday morning after the three major averages fell for a second consecutive day.

The S&P 500 shed 0.28% to end at 4,118.63.

In regular hours trading, House Speaker Nancy Pelosi’s controversial visit to Taiwan weighed on investors, who worried it would further strain already tense U.S.-China relations. China had spent weeks warning her not to make the trip. Markets fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation.

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Plan A: Long if market supported firm above 4091. Targets are 4108 and 4118. 

Plan B: Short if market failed to support above 4091. Targets are 4085 and 4072.

E-Mini Nasdaq

Stocks fell on Monday as trading opened in August, with some investors questioning whether the recent rally has further to run following the best month since 2020.

The Nasdaq Composite lost 0.18% and closed at 12,368.98.

This week, investors have more economic data and company earnings to digest. The July nonfarm payrolls report from the Bureau of Labor Statistics will give more insight into the labor market. Solid jobs growth has led economists to say the U.S. is currently not in a recession, despite two consecutive quarters of negative GDP. Earnings are due from Caterpillar, PayPal and Starbucks.

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Plan A: Long if market supported firm above 12845. Targets are 12876 and 12903.

Plan B : Short if market failed to support above 12845. Targets are 12817 and 12782.

HSI

The Hong Kong Hang Seng Index opened lower and never recovered, finishing off 2.4%.

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Plan A: Remain short if the market stays below 20156. Targets are 19688 and 19531.

Plan B: Consider long only if the market stays above 20156. Targets are 20313 and 20469.

WTI Crude

Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.

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Plan A: Remain short as long as oil price stays below 96.88. Targets are 93.75 and 92.19.

Plan B: Consider long only if oil price stays above 96.88. Targets are 98.44 and 100.

Gold

Gold hit its highest level in about a month on Tuesday as China-U.S. tensions and fears of a possible recession in America burnished bullion's safe-haven appeal.

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Plan A: Remain short as long as gold price stays below 1781.3. Targets are 1765.9 and 1750.

Plan B: Attempts long only if gold price stays above 1781.3. Targets are 1796.9 and 1812.5.

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.