2 Dec 2022 Foreign

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

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E-Mini Dow

Stocks saw broad gains Wednesday after Federal Reserve Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign that has weighed on markets.

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Plan A: Remain long as long as market trades above 33984. Targets are 34766 and 35156.

Plan B: Consider short if market stays above 33984. Targets are 33789 and 33398.

E-Mini S&P 500

S&P 500 futures were slightly lower early Friday as investors looked ahead to the November jobs report.

Investors are focused on the Labor Department’s report on non-farm payrolls, the unemployment rate and hourly wages, due at 8:30 a.m. ET on Friday. Economists expect the economy to have added 200,000 jobs in November, according to Dow Jones. That would be a decrease from the 261,000 it added in October.

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Plan A: Long only if market supported firm above 4084. Targets are 4092 and 4108.

Plan B: Short if market rebounded but failed to support above 4084. Targets are 4075 and 4063.
 

E-Mini Nasdaq

Futures tied to the benchmark stock index dipped 0.16%. Dow Jones Industrial Average futures were lower by 0.1% and Nasdaq 100 futures fell 0.33%.

Those moves followed a mixed batch of economic data, including a core personal consumption expenditures report that was slightly better than expected on a monthly basis and a bigger-than-expected decline in the ISM Manufacturing Index. The so-called PCE deflator is one of the Federal Reserve’s preferred inflation gauges.

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Plan A: Long if market supported firm above 12041. Targets are 12078 and 12108.

Plan B: Short if market rebounded but failed to support above 12041. Targets are 12012 and 11987.

HSI

Hong Kong’s economy, including its stock market, has been battered by Beijing’s prolonged zero-Covid policy that has shut out travelers from mainland China and dampened consumer confidence. Shares listed in Hong Kong have whipsawed between sell-offs and rallies within a single trading day on unconfirmed rumors that hinted at a shift in China’s policies.

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Plan A: Remain long if the market stays above 18125. Targets are 19375 and 19688.

Plan B: Consider short only if the market stays below 18125. Targets are 17813 and 17500.

WTI Crude

Oil prices are defying expectations and are barely higher on the year, as the outlook for oil demand continues to deteriorate for now.

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Plan A: Remain long as long as oil price stays above 78.13. Targets are 81.25 and 82.18.

Plan B: Consider short only if oil price stays below 78.13. Targets are 77.34 and 75.00.

Gold

Gold prices eased on Friday ahead of a key U.S. jobs report, but were set for their best week in three as the dollar weakened on prospects of slower U.S. interest rate hikes.

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Plan A: Remain long as long as gold price stays above 1799.2. Targets are 1804.9 and 1834.7.

Plan B: Attempts short only if gold price stays below 1765.6. Targets are 1757.8 and 1750.

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.