30 Nov 2022 Foreign

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

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E-Mini Dow

Wall Street was mixed on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.

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Plan A: Remain short as long as market trades below 33984. Targets are 33691 and 33496.

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

E-Mini S&P 500

The S&P 500 and Nasdaq Composite closed lower for a third straight session Tuesday as traders struggled to recover from sharp losses suffered in the previous session and looked ahead to more economic tea leaves coming later in the week.

The S&P 500 lost 0.16%, ending the day at 3,957.63.

The markets largely failed to reverse course from the steep and broad losses Monday after protests in mainland China against the country’s zero-Covid policy started over the weekend. The protests elevated concerns over the potential for Chinese Covid protocols that could once again hamper global supply chains.

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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 Nasdaq Composite shed 0.59% to close at 10,983.78. The Dow Jones Industrial Average notched a marginal gain, closing 3.07 points, or 0.01%, higher at 33,852.53.

Investors are watching for data coming later this week, including JOLTS job openings on Wednesday and November payrolls Friday, for insight into how the economy is performing. They are also waiting for Federal Reserve Chair Jerome Powell’s scheduled speech at the Hutchins Center on Fiscal and Monetary Policy at Brookings on Wednesday for clues into whether the central bank will slow or stop interest rate hikes.

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Plan A: Long if market supported firm above 11552. Targets are 11583 and 11615.

Plan B: Short if market rebounded but failed to support above 11552. Targets are 11521 and 11497.

HSI

The Hang Seng surged 906 points or 5.24% to end at two peak peaks of 18,204 on Tuesday, halting losses from the prior two sessions, after weekend protests against Covid curbs in several cities in China subsided amid heavy police presence.

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Plan A: Remain long if the market stays above 17656. Targets are 18438 and 18594.

Plan B: Consider short only if the market stays below 17656. Targets are 17500 and 17188.

WTI Crude

crude oil closed higher on Tuesday on hopes China is easing its strict zero-Covid policies after quarantines in Beijing and Shanghai and other centers resulted in rare civil unrest on the weekend, while OPEC+ decided to meet virtually for its Dec.4 meeting to set production quotas.

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Plan A: Remain long as long as oil price stays above 76.56. Targets are 79.69 and 81.25.

Plan B: Consider short only if oil price stays below 76.56. Targets are 75 and 73.44.

Gold

Gold prices rose 1% on Tuesday, helped by a retreat in the dollar and hopes for less aggressive rate hikes from the U.S. Federal Reserve going forward.

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Plan A: Remain long as long as gold price stays above 1753.9. Targets are 1769.5 and 1777.3.

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.