6 Oct 2022 Foreign

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

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E-Mini Dow

US stocks closed lower on Wednesday despite briefly entering positive territory in the final hour of regular trading, as markets evaluated data on private payrolls and a closely watched services index.

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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 500

U.S. stocks fell on Wednesday as Wall Street failed to hold on to the sharp gains from the last two sessions.

The S&P 500 lost 0.20% to close at 3,783.28.

Stocks staged a major rally earlier in the week, with the S&P 500 posting its biggest two-day gain since 2020, as bond yields declined from multiyear highs. On Wednesday, yields rose sharply, with the rate on the benchmark 10-year Treasury surpassing 3.7% after briefly dipping below 3.6% in the previous session. That put pressure on stocks for much of the day.

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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 lost 42.45 points, or 0.14%, to 30,273.87. Earlier in the day, it was down 429.88 points. Nasdaq Composite slid 0.25% to 11,148.64.

September’s ISM services index registered a 56.7% reading, indicating the level of companies reporting expansion for the month. Employment rose 2.8 points to 53% while the prices index fell 2.8 points to 68.7%, still a robust reading but continuing to move lower.

A rebound in in Treasury yields, with the 10-year rate up 10 basis points higher at 3.713% added pressure to stocks.

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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.

HSI

Hong Kong’s share benchmark soared more than 5% on Wednesday as Asian shares tracked gains on Wall Street.

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Plan A: Remain long if the market stays above 17500. Targets are 18125 and 18438.

Plan B: Consider short only if the market stays below 17500. Targets are 17344 and 17031.

WTI Crude

Oil prices rose on Wednesday to three-week highs, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID pandemic, despite a tight market and opposition to cuts from the United States and others.

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Plan A: Remain long as long as oil price stays above 84.38. Targets are 87.50 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 slipped more than 1% on Wednesday, weighed down by a jump in the dollar and U.S. Treasury yields in the run up to U.S. jobs data that could influence the Federal Reserve's rate hike path.

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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 1703.5. Targets are 1687.5 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.