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
Major market indexes closed Wednesday's session higher as US service activity unexpectedly rose in July and factory orders topped expectations.
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Plan A: Remain long as long as market trades above 32568. Targets are 32813 and 32910.
Plan B: Consider short if market stays below 32568. Targets are 32520 and 32422.
E-Mini S&P 500
Stock futures were about flat Thursday morning after the major averages snapped a two-day slide, helped by robust earnings and stronger economic reports for June and July that led investors to look past the possibility of a recession .
The S&P 500 gained 1.56% to 4,155.17, hitting its highest level since June and wiping out losses from earlier in the week.
A surprise rebound in July services PMI helped investors shake off worries that the U.S. has already fallen into a recession, sending traders back to beaten-down tech stocks. The index released Wednesday ended three months of declines. Data on durable goods orders and manufacturing in June were also better than expected.
The benchmark 10-Years Yield was at a high of 2.81%, continuing the bounce started right after it touched a low of 2.52% Tuesday morning. That yield was ended last week at 2.65%. The 2-Year Yield which most closely follows Fed policy, was at 3.14%, up sharply from Friday’s close of 2.89%.
The S&P 500 gained 1.56% to 4,155.17, hitting its highest level since June and wiping out losses from earlier in the week.
A surprise rebound in July services PMI helped investors shake off worries that the U.S. has already fallen into a recession, sending traders back to beaten-down tech stocks. The index released Wednesday ended three months of declines. Data on durable goods orders and manufacturing in June were also better than expected.
The benchmark 10-Years Yield was at a high of 2.81%, continuing the bounce started right after it touched a low of 2.52% Tuesday morning. That yield was ended last week at 2.65%. The 2-Year Yield which most closely follows Fed policy, was at 3.14%, up sharply from Friday’s close of 2.89%.
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Plan A: Long if market supported firm above 4148. Targets are 4159 and 4142.
Plan B: Short if market failed to support above 4148. Targets are 4135 and 4120.
E-Mini Nasdaq
U.S. stocks rallied Wednesday, clawing back losses from earlier in the week, as traders cheered better-than-expected economic data that helped allay recession fears.
Nasdaq Composite increased 2.59% to 12,668.16, boosted by rising tech stocks.
Investors got the green light to jump back into beaten up tech names after a surprise rebound in July services PMI and comments from St. Louis Federal Reserve President James Bullard. Bullard said he does not think the U.S. is in a recession, citing job gains and low unemployment.
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Plan A: Long if market supported firm above 13216. Targets are 13243 and 13274.
Plan B : Short if market failed to support above 13216. Targets are 13188 and 13153.
HSI
The Hong Kong Hang Seng Index see-sawed but finished up 0.4%. Bargain hunters moved into tech issues, after recent steep declines.
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Plan A: Remain long if the market stays above 19688. Targets are 20000 and 20156.
Plan B: Consider short only if the market stays below 19688. Targets are 19531 and 19375.
WTI Crude
Oil prices slid about 4% on Wednesday to almost six-month lows, after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd).
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Plan A: Remain short as long as oil price stays below 95.31. Targets are 90.63 and 89.06.
Plan B: Consider long only if oil price stays above 95.31. Targets are 96.88 and 98.44.
Gold
Gold prices fell on Wednesday as US bond yields rose along with the dollar and gepolitical worries eased as US House Speaker Nancy Pelosi ended her visit to Taiwan, checking the metal's return to the US$1,800 mark it flirted with a day earlier.
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Plan A: Remain short as long as gold price stays below 1789.1. Targets are 1773.4 and 1765.6.
Plan B: Attempts long only if gold price stays above 1781.3. Targets are 1789.1 and 1804.7.
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