8 Nov 2022 Foreign

 

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

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E-Mini Dow

Wall Street ended sharply higher Monday as investors focused on Tuesday's midterm elections that will determine control of Congress, while shares of Meta Platforms jumped on a report of job cuts at the Facebook parent.

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Plan A: Remain long as long as market trades above 32422. Targets are 32813 and 33203.

Plan B: Consider short if market stays below 32422. Targets are 32227 and 32031.

E-Mini S&P 500

Stocks rallied Monday as investors looked ahead to a packed week with congressional midterm elections and key inflation data on deck over the next few days, and shrugged off a supply warning from Apple.

The Dow Jones Industrial Average traded higher by 423.78 points, or 1.31%, to 32,827.00. The S&P 500 gained 0.96% to 3,806.80. The Nasdaq Composite rose 0.85% to 10,564.52, after trading between gains and losses earlier in the session. All three major averages notched a second straight positive day.

On the economic front, investors are anticipating that Thursday’s consumer price index report will give further insight into how far the Federal Reserve needs to go to bring down inflation. A hot report could signal to investors that a pivot from a prolonged period of higher interest rates may not be imminent.

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Plan A: Short if market rebounded but failed to support above 3895. Targets are 3872 and 3850.

Plan B: Long if market supported firm above 3895. Targets are 3917 and 3941.

E-Mini Nasdaq

Stock futures were flat Monday evening following a winning day for markets as investors looked ahead to U.S. midterm elections on Tuesday.

Futures tied to the Dow Jones Industrial average rose 12 points or 0.04%, after erasing earlier gains. S&P 500 futures and Nasdaq 100 futures were both fractionally lower. Shares of Lyft fell 13% while Take-Two Interactive and Tripadvisor slumped more than 15% each after reporting disappointing quarterly results.

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Plan A: Short if market failed to support above 11037. Targets are 10979 and 10928.

Plan B: Long if market supported firm above 11037. Targets are 11091 and 11145.

HSI

The Hang Seng climbed 434.77 points or 2.69% to close at 16,595.91 on Monday, continuing its upward movement after enjoying its best week in a decade last week, boosted by signs that Beijing may start to prepare for a relaxation of its COVID-zero policy.

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Plan A: Remain long if the market stays above 16250. Targets are 16875 and 17188.

Plan B: Consider short only if the market stays below 16250. Targets are 15938 and 15313.

WTI Crude

Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world's top crude importer, potentially relaxing its strict COVID-19 restrictions.

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Plan A: Remain long as long as oil price stays above 90.63. Targets are 93.75 and 95.31.

Plan B: Consider short only if oil price stays below 90.63. Targets are 89.84 and 89.06.

Gold

Gold prices steadied on Monday near a three-week peak hit in the previous session, buoyed by a weaker dollar, while investors looked forward to U.S. inflation data later this week that could influence the size of Federal Reserve rate-hike.

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Plan A: Remain long as long as gold price stays above 1656.3. Targets are 1687.5 and 1703.1.

Plan B: Attempts short only if gold price stays below 1656.3. Targets are 1640.6 and 1625.

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.