29 Nov 2022 Foreign

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

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E-Mini Dow

U.S. stocks ended sharply lower on Monday after protests in major Chinese cities against strict COVID-19 policies sparked concerns about economic growth, while Apple Inc slid on worries about a hit to iPhone production.

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Plan A: Remain short as long as market trades below 33984. Targets are 33789 and 33594.

Plan B: Consider long if market stays above 33984. Targets are 34082 and 34277.

E-Mini S&P 500

Stocks closed lower Monday as social unrest from China’s prolonged Covid restrictions weighed on markets.

Monday’s selloff was driven by demonstrations that broke out in mainland China over the weekend as people vented their frustrations with Beijing’s zero-Covid policy. Local governments tightened Covid controls as cases surged, even though earlier this month Beijing adjusted some policies that suggested the world’s second-biggest economy was on its way to reopening.

Market observers expect more volatility ahead as investors digest a raft of economic data coming later this week that will offer further information on the state of the U.S. economy. Key releases include Thursday’s personal consumption expenditures report – a key inflation measure for the Federal Reserve – and November payrolls report, scheduled for Friday.

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Plan A: Long only if market supported firm above 3981. Targets are 3996 and 4008.

Plan B: Short if market rebounded but failed to support above 3981. Targets are 3971 and 3955.
 

E-Mini Nasdaq

The Dow Jones Industrial Average lost 497.57 points, or 1.45%, to end at 33,849.46. The Nasdaq Composite ended down 1.58% to close at 11,049.50.

Shares of companies with big production facilities in China were under pressure. Apple dropped 2.6% after Bloomberg reported that unrest at a factory in China could mean 6 million fewer iPhone Pro units for the year.

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Plan A: Long if market supported firm above 11664. Targets are 11698 and 11725.

Plan B: Short if market rebounded but failed to support above 11664. Targets are 11632 and 11601.

HSI

The Hang Seng plunged 275 points or 1.57% to close at 17,297 on Monday, extending falls from the previous two weeks, as the social unrest in China over the weekend due to strict COVID curbs fueled worries over the instability in the country.

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Plan A: Remain long if the market stays above 17500. Targets are 17813 and 17969.

Plan B: Consider short only if the market stays below 17500. Targets are 17188 and 16875.

WTI Crude

crude oil closed higher on Monday, rising off 11-month lows touched earlier on civil unrest in China as traders looked for OPEC+ to reduce production again when it meets on Sunday.

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Plan A: Remain long as long as oil price stays above 75. Targets are 78.13 and 79.69.

Plan B: Consider short only if oil price stays below 75. Targets are 73.44 and 72.66.

Gold

Gold prices slipped from a more than one-week high on Monday, as the dollar rose from session lows on hawkish comments from members of the U.S. Federal Reserve reiterating their fight against inflation.

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Plan A: Remain long as long as gold price stays above 1738.3. Targets are 1761.7 and 1773.4.

Plan B: Attempts short only if gold price stays below 1738.3. Targets are 1730.5 and 1722.7.

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.