17 Oct 2022 Foreign

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

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E-Mini Dow

Wall Street ended sharply down on Friday, polishing off another volatile week as investors worried that the Federal Reserve's aggressive interest rate hikes may throw the economy into a major downturn.

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Plan A: Remain short as long as market trades below 30273. Targets are 29492 and 29102.

Plan B: Consider long if market stays above 30273. Targets are 30469 and 30664.

E-Mini S&P 500

Stocks slumped Friday, capping off a volatile week of trading, a day after posting a historic turnaround rally as investors digested inflation expectations.

The S&P 500 shed 2.37% to 3,583.07 and notched its seventh negative close in eight days.

The S&P 500 just came off its fourth negative week in five with a 1.6% loss last week. A hotter-than-expected inflation reading stoked wild price swings in the markets as investors readjusted their expectations for the Federal Reserve’s coming rate hikes.

Bond yields spiked, with the rate on the 10-year U.S. Treasury topping 4% for the second time in two days as investors react to higher inflation expectations.

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Plan A : Long if market supported firm above 3613. Targets are 3628 and 3637.

Plan B : Short if market failed to support above 3613. Targets are 3603 and 3596.

E-Mini Nasdaq

Stock futures traded higher early on Monday as investors awaited big earnings reports to roll in. The tech-heavy Nasdaq led declines as growth companies are most sensitive to interest rate hikes.

The Nasdaq Composite slipped 3.08%, ending the day at 10,321.39, weighed down by losses in Tesla and Lucid Motors, which declined 7.55% and 8.61%, respectively.

The moves followed the release of the consumer price index, a key U.S. inflation reading that came in hotter than expected for the month of September. Initially, this weighed on markets as investors braced themselves for the Federal Reserve to continue with its aggressive rate-hiking plan. Later, however, they shrugged off those worries.

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Plan A : Long if market retraced but supported firm above 10787. Targets are 10819 and 10842.

Plan B : Short only if market failed to support above 10787. Targets are 10748 and 10712.

HSI

Asian shares extended gains on Friday as hopes of more Chinese stimulus and speculation of a British government U-turn on its fiscal plans supported risk sentiment, while the safe-haven dollar eased.

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Plan A: Remain short if the market stays below 16719. Targets are 16250 and 16094.

Plan B: Consider long only if the market stays above 16719. Targets are 16875 and 17031.

WTI Crude

Oil prices plummeted more than 3% on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.

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Plan A: Remain short as long as oil price stays below 89.06. Targets are 84.38 and 82.81.

Plan B: Consider long only if oil price stays above 89.06. Targets are 90.63 and 92.19.

Gold

Gold prices decreased by more than 1% to under $1,650 per ounce on Friday, the lowest in over two weeks and approaching the 19-month low of $1,621 hit on September 26 as new macroeconomic releases supported bets that the Federal Reserve will continue to tighten monetary policy aggressively, strengthening the dollar.

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Plan A: Remain short as long as gold price stays below 1679.7. Targets are 1640.6 and 1632.8.

Plan B: Attempts long only if gold price stays above 1687.5. Targets are 1695.3 and 1703.1.

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.