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
US stocks slumped on Thursday while government bond yields soared as regional Federal Reserve presidents reinforced the central bank's commitment to bring inflation down.
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Plan A: Remain short as long as market trades below 29492. Targets are 29102 and 28906.
Plan B: Consider long if market stays above 29492. Targets are 29688 and 29883.
E-Mini S&P 500
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Stocks resumed their 2022 sell-off on Thursday, sending the S&P 500 to a new low for the year, as fears swirled that a recession won’t stop the Federal Reserve from raising interest rates.
The 10-year U.S. Treasury yield rebounded to top 3.7%. A day prior, it posted its biggest one-day drop since 2020 after briefly surpassing 4%.
A stronger-than-expected jobless claims report didn’t help sentiment. This built on the notion that the Fed will keep raising rates to fight inflation without concern that it could hurt the labor market.
Plan A : Short if market failed to support above 3656. Targets are 3641 and 3627.
Plan B : Long if market supported firm above 3656. Targets are 3669 and 3680.
E-Mini Nasdaq
The sell-off was broad-based and was led by Apple, which tumbled as a major investment bank downgraded the one-time bear market outperformer. The stock closed down 4.9%.
Apple led Thursday’s decline, closing down 4.9% as the tech giant has faced reports of declining demand for its new products, specifically the iPhone 14 series. Bank of America also downgraded the tech giant, which pressured shares.
the Nasdaq slid 1.2% so far this week. It is down 9.13% month to date, meaning it is on track for its worst monthly performance since April.
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Plan A : Short only if market failed to support above 11219. Targets are 11175 and 11150.
Plan B : Long if market retraced but supported firm above 11219. Targets are 11257 and 11277.
HSI
Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from global markets overnight, as traders reacted positively to the dollar tumbling and bond yields moving sharply lower after news of the bond market intervention from the Bank of England.
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Plan A: Remain short if the market stays below 17500. Targets are 17031 and 16875.
Plan B: Consider long only if the market stays above 17500. Targets are 17656 and 17813.
WTI Crude
Oil prices settled lower on Thursday in choppy trading, rising above $90 per barrel and then retreating as traders weighed a worsening economic outlook against potential OPEC+ output cuts next week.
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Plan A: Remain short as long as oil price stays below 82.81. Targets are 79.69 and 78.13.
Plan B: Consider long only if oil price stays above 79.69. Targets are 82.81 and 84.38.
Gold
Gold closed with a small loss on Thursday as the US dollar eased and bond yields rose amid concerns rising interest rates will lead to a global recession.
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Plan A: Remain long as long as gold price stays above 1656.3. Targets are 1671.9 and 1687.5.
Plan B: Attempts short only if gold price stays below 1656.3. Targets are 1648.4 and 1632.8.
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