Wall Street ended sharply higher on Wednesday following its recent sell-off, helped by falling Treasury yields, while Apple dropped on concerns about demand for iPhones.
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Plan A: Remain long as long as market trades above 29297. Targets are 29883 and 30078.
Plan B: Consider short if market stays below 29297. Targets are 29102 and 28906.
E-Mini S&P 500
The Dow Jones Industrial Average mounted a big comeback from its 2022 low as the Bank of England said it would buy bonds to stabilize its financial markets, a stunning reversal in the monetary tightening policies implemented this year by most central banks to stifle inflation.
The rally was broad-based. One notable outlier was Apple which was down about 1.3% after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.
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Plan A : Short if market failed to support above 3696. Targets are 3684 and 3677.
Plan B : Long if market supported firm above 3696. Targets are 3702 and 3714.
E-Mini Nasdaq
The move stabilized the British pound, which became the center of attention in markets this week as it tumbled to a record low against the U.S. dollar. U.S. Treasury yields retreated from their highest levels in more than a decade, easing concerns that higher rates were choking the economy.
The yield on the benchmark 10-year Treasury
note dropped the most since 2020 on Wednesday, despite briefly topping 4% earlier in the session, after the Bank of England announced a bond-buying plan to stabilize the British pound.
The 10-year Treasury yield last dropped 23 basis points to 3.733%, or the most it’s dropped since 2020.
It hit a high of about 4.019%, a key level that was the highest since October 2008, earlier in the day before erasing those gains.
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Plan A : Short only if market failed to support above 11398. Targets are 11363 and 11332.
Plan B : Long if market retraced but supported firm above 11398. Targets are 11426 and 11457.
HSI
Asian stocks fell Wednesday after another turbulent day for US markets, as investors continue to sell off amid fears of global inflation, further interest rate hikes and broader economic turmoil.
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Plan A: Remain long if the market stays above 17500. Targets are 17813 and 17969.
Plan B: Consider short only if the market stays below 17500. Targets are 17344 and 17188.
WTI Crude
Oil prices rose on Wednesday for a second day, rebounding from recent losses as the U.S. dollar eased off recent gains and U.S. fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer demand.
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Plan A: Remain long as long as oil price stays above 78.13. Targets are 82.81 and 84.38.
Plan B: Consider short only if oil price stays below 78.13. Targets are 76.56 and 75.
Gold
Gold rose about 2% on Wednesday as a retreat in the dollar rekindled some of its safe-haven appeal, although prospects of sharp rate hikes kept the non-yielding precious metal near a 2-1/2-year trough.
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Plan A: Remain long as long as gold price stays above 1648.4. Targets are 1671.9 and 1679.7.
Plan B: Attempts short only if gold price stays below 1648.4. Targets are 1640.6 and 1632.8.
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.
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