WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
US stocks rallied on Tuesday after data showed that job openings plunged in August, while crude oil futures advanced.
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Plan A: Remain long as long as market trades above 29688. Targets are 30469 and 30859.
Plan B: Consider short if market stays below 29688. Targets are 29492 and 29102.
E-Mini S&P 500Stocks surged Tuesday as Wall Street built on a sharp rally seen in the previous session and bond yields continued to fall.
The S&P 500 added nearly 3.1% to close at 3,790.93. Tuesday’s gains also put the S&P 500 up 5.7% for the week and marked its biggest two-day rally since March 2020.
Sentiment has improved these past two sessions as Treasury yields come off more-than 10-year highs. The 10-year Treasury yield traded at about 3.63% on Tuesday, down from more than 4% at one point last week. Earlier in the day, it broke below 3.6%.
Plan A : Long if market supported firm above 3774. Targets are 3789 and 3801..
Plan B : Short if market failed to support above 3774. Targets are 3762 and 3652
E-Mini Nasdaq
The Dow Jones Industrial Average rose 825.43 points, or 2.8%, to 30,316.32. The Nasdaq Composite was up 3.3% to end at 11,176.41.
Sentiment on Tuesday also got a boost as shares of Credit Suisse ended the day 12% higher. Earlier in the week there were concerns regarding the bank’s financial health. The bank told CNBC it would provide updates to its strategy alongside its third-quarter numbers.
In other notable stock moves, Twitter leapt 22% after Elon Musk changed course and agreed to purchase the social media giant for the price of $54.20 a share
Stocks extended their advance following job openings data pointing to a weakening in the labor market, leading some traders to bet the Fed could back off its aggressive tightening campaign sooner than expected.
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Plan A : Long if market retraced but supported firm above 11527. Targets are 11559 and 11593.
Plan B : Short only if market failed to support above 11527. Targets are 11491 and 11465.
Asia-Pacific shares traded higher on Tuesday after stocks on Wall Street rallied overnight.
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Plan A: Remain long if the market stays above 17188. Targets are 17500 and 17656.
Plan B: Consider short only if the market stays below 17188. Targets are 17031 and 16875.
WTI Crude
Oil rose by nearly $3 a barrel on Tuesday on expectations of a large cut in crude output from the OPEC+ producer group and as a weaker U.S. dollar made oil purchases less expensive.
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Plan A: Remain long as long as oil price stays above 84.38. Targets are 86.72 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 rose over 1% to a three-week peak on Tuesday, as the dollar and U.S. Treasury yields retreated, with investors hoping that the U.S. Federal Reserve could adopt a less aggressive approach to rate hikes.
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Plan A: Remain long as long as gold price stays above 1703.1. Targets are 1734.4 and 1750.
Plan B: Attempts short only if gold price stays below 1687.5. Targets are 1671.9 and 1656.3.
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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