31 Oct 2022 Foreign

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

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E-Mini Dow

A robust, broad-based rally sent Wall Street to a sharply higher close on Friday as encouraging economic data and a sunnier earnings outlook fueled investor risk appetite ahead of next week's much-anticipated two-day policy meeting of the Federal Reserve.

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Plan A: Remain long as long as market trades above 32031. Targets are 33008 and 33203.

Plan B: Consider short if market stays below 32031. Targets are 31836 and 31445.

E-Mini S&P 500

Stock futures were slightly lower early on Monday morning ahead of the final day of October, with the Dow Jones Industrial Average poised to clinch its best month in decades.

The gains have come despite a mixed third-quarter earnings season from major companies, which has shown slowing growth and a few major disappointments from large tech companies.

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Plan A : Long if market supported firm above 3890. Targets are 3902 and 3916.

Plan B : Short if market failed to support above 3890. Targets are 3880 and 3869.

E-Mini Nasdaq

The Dow is up 14.4% in October, which would be its best month since 1976. The S&P 500 and Nasdaq Composite are also up for the month, putting Wall Street on track to snap a two-month losing streak.

Traders will be preparing for the latest Federal Reserve meeting, which begins Tuesday. The central bank is expected to hike rates by three quarters of a percentage again on Wednesday, but many on Wall Street are looking for a signal from the statement or chairman Jerome Powell’s press conference that the Fed could pause its hikes in the near future.

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Plan A : Long if market retraced but supported firm above 11501. Targets are 11539 and 11568.

Plan B : Short only if market failed to support above 11501. Targets are 11473 and 11431.

HSI

The Hang Seng tumbled 589.28 points or 3.9% to finish at 14,831.09 on Friday, its lowest close since April 2009, falling for the first session in three and plunging around 8.7% for the week its third weekly drop after US officials said Washington and its allies could impose export limits on China soon.

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Plan A: Remain short if the market stays below 15313. Targets are 14844 and 14688.

Plan B: Consider long only if the market stays above 15313. Targets are 15469 and 15625.

WTI Crude

Oil prices eased about 1% on Friday after top crude importer China widened its COVID-19 curbs, though the crude benchmarks were poised for a weekly gain on supply concerns and surprisingly strong economic data.

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Plan A: Remain long as long as oil price stays above 86.72. Targets are 89.84 and 91.41.

Plan B: Consider short only if oil price stays below 86.72. Targets are 85.94 and 85.16.

Gold

Gold fell more than 1% on Friday as the dollar and bond yields climbed after data showed underlying inflation pressures remained high, cementing expectations around another hefty rate hike from the U.S. Federal Reserve next week.

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Plan A: Remain short as long as gold price stays below 1656.3. Targets are 1640.6 and 1632.8.

Plan B: Attempts long only if gold price stays above 1656.3. Targets are 1660.2 and 1671.9.

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.