8 Aug 2022 Foreign

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

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E-Mini Dow

Wall Street ended lower on Friday, weighed down by Tesla and other technology-related stocks after a solid jobs report torpedoed recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation.

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Plan A: Remain long as long as market trades above 32617. Targets are 32813 and 32910.

Plan B: Consider short if market stays below 32568. Targets are 32520 and 32422.

E-Mini S&P 500

Stocks wavered Friday in a volatile trading session after the July jobs report was much better than expected, as investors assessed what a strong labor market would mean for the Federal Reserve’s rate tightening campaign.

The S&P 500 shed 0.16% to end at 4,145.19.

The labor market added 528,000 jobs in July, easily beating a Dow Jones estimate of a 258,000 increase. The unemployment rate ticked down to 3.5%, below the 3.6% estimate. Wage growth also rose more than estimated, up 0.5% for the month and 5.2% higher than a year ago, signaling that high inflation is likely still a problem.

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Plan A: Short if market failed to support above 4139. Targets are 4127 and 4113.

Plan B : Long only if market supported firm above 4139. Targets are 4148 and 4160.

E-Mini Nasdaq

Stocks opened lower following the report, even as it seemed to indicate the economy was not currently in a recession. Job growth was expected to slow as the Fed continues to hike interest rates to tame inflation, but this report shows a labor market still running hot. 

Nasdaq Composite lost 0.50% Friday, falling to 12,657.56.

The two yields were about 40 basis points apart, with the 2-year higher than the 10-year. When the shorter duration yield is higher, it is viewed by Wall Street as a recession warning.

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Plan A: Long if market supported firm above 13219. Targets are 13283 and 13274.

Plan B : Short if market failed to support above 13219. Targets are 13182 and 13158.

HSI

Hong Kong's Hang Seng Index opened higher, wobbled, but still finished up 0.1% as traders renewed their interest in tech and property issues. Sentiments were tempered by reports of new anti-pandemic lockdowns in mainland China.

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Plan A: Remain long if the market stays above 19844. Targets are 20156 and 20313.

Plan B: Consider short only if the market stays below 20156. Targets are 19844 and 19688.

WTI Crude

Oil prices settled higher on Friday, recouping some of this week's losses on strong U.S. job growth data, but closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand.

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Plan A: Remain long as long as oil price stays above 87.50. Targets are 90.63 and 92.19.

Plan B: Consider short only if oil price stays below 92.19. Targets are 87.50 and 85.94.

Gold

Gold fell back from a one-month high on Friday, retreating below the US$1,800 mark after the United States reported an unexpectedly strong rise in jobs in July.

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Plan A: Remain short as long as gold price stays below 1804.7. Targets are 1781.3 and 1773.4.

Plan B: Attempts long only if gold price stays above 1804.7. Targets are 1812.5 and 1820.3.

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.