WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Nasdaq and the S&P 500 ended lower on Wednesday as gloomy earnings guidance added to mounting fears of a global economic slowdown, offsetting a temporary bounce after the Bank of Canada raised rates by less than was expected.
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Plan A: Remain long as long as market trades above 31641. Targets are 32227 and 32422.
Plan B: Consider short if market stays below 31641. Targets are 31250 and 31055.
E-Mini S&P 500
The S&P 500 and the Dow edged higher by afternoon trading on Wednesday on renewed bets of a slowdown in the pace of interest rate hikes, while the Nasdaq remained under pressure from downbeat results and warnings from Microsoft and Alphabet.
The benchmark 10-year Treasury yield fell to one-week lows, as expectations of slower rate hikes gained after the Bank of Canada (BOC) delivered a smaller-than-expected 50 basis point increase.
Such hopes also come against the backdrop of economic indicators and corporate results suggesting that rapid increases to the borrowing cost is slowing the economic growth.
Weekly initial jobless claims and September durable goods are also slated for Thursday.
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Plan A : Short if market failed to support above 3878. Targets are 3857 and 3831.
Plan B : Long only if market supported firm above 3878. Targets are 3897 and 3912.
E-Mini Nasdaq
Stock futures rose early on Thursday morning as investors seemed to brush off disappointing results from Meta Platforms.
Futures tied to the Nasdaq 100 traded 0.41% higher, while S&P 500 futures gained 0.53%. Futures tied to the Dow Jones Industrial Average rose 183 points, or 0.57%.
Stocks were mixed in Wednesday’s regular trading session as traders digested disappointing quarterly reports from Alphabet and Microsoft, and assessed what that means for future Federal Reserve rate hikes and economic growth.
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Plan A : Short if market failed to support above 11400. Targets are 11355 and 11298.
Plan B : Long if market supported firm above 11400. Targets are 11455 and 11511.
HSI
Stocks in Hong Kong finished 152 points or 1.0% higher at 15,317 on Wednesday, ending a five-day losing streak and mirroring the positive lead from Wall Street as signs of the US Fed slowing its aggressive interest rate hikes boosted sentiment.
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Plan A: Remain long if the market stays above 15000. Targets are 15781 and 15938.
Plan B: Consider short only if the market stays below 15313. Targets are 15000 and 14844.
WTI Crude
Oil prices surged nearly 3% on Wednesday, bolstered by record U.S. crude exports and as the nation's refiners operated at higher-than-usual levels for this time of year.
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Plan A: Remain long as long as oil price stays above 84.38. Targets are 88.28 and 89.06.
Plan B: Consider short only if oil price stays below 84.38. Targets are 83.59 and 82.81.
Gold
Gold prices jumped on Wednesday as the dollar and bond yields weakened amid expectations that the U.S. Federal Reserve could slow its rapid pace of interest rate hikes.
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Plan A: Remain long as long as gold price stays above 1656.3. Targets are 1679.7 and 1687.5.
Plan B: Attempts short only if gold price stays below 1656.3. Targets are 1648.4 and 1640.6.
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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