3 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 Wednesday, as comments from Fed Chair Jerome Powell shattered initial optimism over a Fed policy statement that raised interest rates by 75 basis points but signaled that smaller rate hikes may be on the horizon.

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Plan A: Remain short as long as market trades below 32422. Targets are 32031 and 31836.

Plan B: Consider long if market stays above 32422. Targets are 32617 and 33008.

E-Mini S&P 500

Stock futures were slightly higher Wednesday evening following losses during the daily trading session after the Federal Reserve delivered another interest rate hike and signaled that no pivot or rate cut is coming anytime soon.

Traders had anticipated the central bank’s 0.75 percentage point rate increase and initially read the Fed’s statement as dovish, sending stocks higher.

Markets will likely continue to seesaw until it is clear inflation has cooled off and that the Fed has stopped marching rates higher. Any data that shows the U.S. economy isn’t slowing as the central bank tightens policy will likely weigh on stocks.

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Plan A : Long if market supported firm above 3757. Targets are 3769 and 3788.

Plan B : Short if market failed to support above 3757. Targets are 3742 and 3733.

E-Mini Nasdaq

Futures tied to the Dow Jones Industrial Average inched up 63 points, or 0.2%. Nasdaq 100 futures 0.33% higher.

The policy-sensitive U.S. 2-year Treasury yield jumped, briefly surpassing 5.1% during Asia’s afternoon session – and last stood at 4.6742%.

The yield on the 10-year Treasury rose during U.S. hours after Fed Chair Jerome Powell said the terminal rate will still be higher than anticipated – and last stood at 4.1448%.

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Plan A : Long if market retraced but supported firm above 10893. Targets are 10926 and 10957.

Plan B : Short only if market failed to support above 10893. Targets are 10863 and 10834.

HSI

The Hang Seng jumped 371.9 points or 2.4% to finish at 15,827.17 on Wednesday, jumping to its best two-day run since March after trading in a cautious mode in the morning session.

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Plan A: Remain short if the market stays below 15469. Targets are 15000 and 14688.

Plan B: Consider long only if the market stays above 15469. Targets are 15625 and 15938.

WTI Crude

Oil prices rose on Wednesday, gaining ground even as other risk assets dropped following the Federal Reserve's fourth interest rate hike of the year.

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Plan A: Remain long as long as oil price stays above 87.50. Targets are 89.84 and 91.41.

Plan B: Consider short only if oil price stays below 87.50. Targets are 86.72 and 85.16.

Gold

Gold turned negative on Federal Reserve Chair Jerome Powell's remarks on Wednesday that it was premature to discuss pausing rate hikes, after prices jumped over 1% as the U.S. central bank signalled future interest rate increases could be made smaller.

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Plan A: Remain short as long as gold price stays below 1656.3. Targets are 1632.8 and 1625.

Plan B: Attempts long only if gold price stays above 1656.3. Targets are 1664.1 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.