WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Global stocks posted a third straight day of losses and the dollar rose on Tuesday as the market weighed how long the Federal Reserve would keep interest rates high and "restrictive" to the U.S. economy.
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Plan A: Remain short as long as market trades below 33984. Targets are 33398 and 33203.
Plan B: Consider long if market stays above 33984. Targets are 34180 and 34375.
E-Mini S&P 500
Stocks tumbled Tuesday, building on the previous session’s losses, as fears of a recession gripped Wall Street.
The S&P 500 shed 1.44% to close at 3,941.26, while the Nasdaq Composite sank 2% to finish at 11,014.89. The Dow Jones Industrial Average dropped 350.76 points, or 1.03%, to settle at 33,596.34.
Stocks added to Monday’s declines, with the S&P falling for a fourth straight day and its seventh negative session in eight. Tuesday’s moves bring the Dow’s two-day losses to more than 830 points.
Markets are largely expecting the Federal Reserve to slow its hiking pace to a half-percentage-point increase when it meets next week. But investors fear a step down in its clip won’t be enough to stop the economy from entering a recession in 2023.
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Plan A: Long if market retraced but supported firm above 3895. Targets are 3911 and 3927.
Plan B : Short if market failed to support above 3895. Targets are 3879 and 3862.
E-Mini Nasdaq
Stock futures inched higher Wednesday morning.
Futures tied to the Dow Jones Industrial Average were up 52 points, or 0.15% while S&P 500 futures rose 1.16% and Nasdaq 100 futures gained 0.19%.
The moves came as investors lost hope that the Federal Reserve will be able to engineer a soft landing. Instead, concerns swirled around the state of the economy and whether an economic downturn is approaching.
Investors await more economic data this week for clues on what to expect from the Fed. On Wednesday, the Mortgage Bankers Association will release its weekly report of mortgage loan applications.
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Plan A: Short if market rebounded but failed to support above 11656. Targets are 11600 and 11545.
Plan B: Long if market supported firm above 11656. Targets are 11710 and 11761.
HSI
Equities in Hong Kong slipped 116 points or 0.6% to close at 19,401 on Tuesday after closing at more than 3-month high the day before, as worries built that global economic growth is likely to slow further next year amid the cumulative impact of the US Fed rate hikes.
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Plan A: Remain short if the market stays below 19531. Targets are 19219 and 18906.
Plan B: Consider long only if the market stays above 19063. Targets are 19375 and 19688.
WTI Crude
crude oil closed at the lowest in nearly a year on Tuesday as recession worries continue to overhang the market after unexpectedly robust US economic reports released a day earlier raised concerns the Federal Reserve may resort to another outsized interest-rate hike when its policy committee meets next week.
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Plan A: Remain short as long as oil price stays below 78.13. Targets are 73.44 and 71.88.
Plan B: Consider long only if oil price stays above 78.13. Targets are 79.69 and 81.25.
Gold
Gold firmed slightly on Tuesday as the dollar gave up some of its recent gains and U.S. Treasury yields retreated, with traders awaiting further direction from the Federal Reserve's interest rate hike strategy.
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Plan A: Remain short as long as gold price stays below 1796.9. Targets are 1773.4 and 1765.6.
Plan B: Attempts long only if gold price stays above 1796.9. Targets are 1804.7 and 1812.5.
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.
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