WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Major U.S. stock indexes are lower in early trading Wednesday as investors await the final outcome of Tuesday's U.S. midterm elections.
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Plan A: Remain short as long as market trades below 32813. Targets are 32422 and 32031.
Plan B: Consider long if market stays above 32813. Targets are 33008 and 33398.
E-Mini S&P 500
Stocks were lower on Wednesday — following recent market gains — as results of the misterm elections provided no clear answers about who would control Congress yet. A crypto selloff also weighed on markets.
The Dow Jones Industrial Average fell 646.89 points, or about 1.95%, to 32,513.94. The S&P 500 shed 2.08% to 3,748.57, and the Nasdaq Composite slid 2.48% to 10,353.17.
The stock market came off of three-straight days of gains into the election, where Wall Street was expecting Republicans to gain ground and block any future tax and spending plans. But control of Congress was not clear. NBC News was not yet projecting control of the House of Representatives with an NBC estimate suggesting Republicans could end up with 222 seats, which would be a narrow majority.
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Plan A: Short if market rebounded but failed to support above 3790. Targets are 3765 and 3741.
Plan B: Long only if market supported firm above 3790. Targets are 3812 and 3833.
E-Mini Nasdaq
Stock futures inched higher Wednesday evening as investors await new inflation data and eye election results.
Stocks’ suffering worsened late Wednesday after crypto exchange Binance said it’s backing outof plans to acquire its rival FTX. This dragged down the tech sector and pulled bitcoin’s price to lows last seen in 2020.
Lack of clarity around the election, as well as uncertainty around incoming October consumer price index data and corporate earnings reports were the drivers around the selloff, said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance.
October's CPI report, due Thursday at 8:30 a.m. ET, is the next focal point for investors. Economists polled by Dow Jones expect that headline CPI rose in October by 0.6% from September, or 7.9% over a year ago. It’s a key report for the Federal Reserve, which will meet again in mid-December.
Weekly jobless claims are also due out on Thursday morning.
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Plan A: Short if market rebounded but failed to support above 11037. Targets are 10980 and 10932.
Plan B: Long if market supported firm above 11037. Targets are 11088 and 11141.
HSI
The Hang Seng close at 16,358.52 on Wednesday, down for the second day, amid worries that China faces more deflationary pressure due to feeble demand.
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Plan A: Remain short if the market stays below 16563. Targets are 15938 and 15625.
Plan B: Consider long only if the market stays above 16250. Targets are 16563 and 16875.
WTI Crude
Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand.
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Plan A: Remain short as long as oil price stays below 87.50. Targets are 82.81 and 81.25.
Plan B: Consider long only if oil price stays above 87.50. Targets are 89.06 and 90.63.
Gold
Gold dipped on Wednesday, as an uptick in the dollar nudged prices off an over one-month high, while investors awaited the release of key U.S. inflation data.
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Plan A: Remain long as long as gold price stays above 1687.5. Targets are 1718.8 and 1734.4.
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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