10 Jan 2023 Foreign

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

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E-Mini Dow

World stocks rallied on Monday to their highest levels since mid-December after China reopened its borders while benchmark Treasury yields drifted lower as investors scaled back expectations for further rate hikes by the Federal Reserve.

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Plan A: Remain short as long as market trades below 33789. Targets are 33398 and 33203.

Plan B: Consider long if market stays above 33789. Targets are 33984 and 34375.

E-Mini S&P 500

Gains in technology helped the Nasdaq Composite skirt losses on Monday as traders added to bets that inflation may be easing.

Monday’s moves follow a winning, shortened week for the three major indexes, with the Dow and S&P 500 posting their best weeks since November. A chunk of those gains came Friday on the back of the labor and service sector data that spurred hopes the economy was contracting enough to appease the Federal Reserve.

And Monday marked the fifth trading day of 2023, reminding investors of a classic Wall Street rule that suggests the market will end the year up if stocks perform well in the first five sessions. The S&P 500 has ended the year positive 83% of the times it finished the first five trading sessions up — and with an average gain of 14%, according to the Stock Trader’s Almanac. The broad index gained 1.1% over the first five trading days in 2023.

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Plan A: Long if market supported firm above 3884. Targets are 3893 and 3909.

Plan B： Short if market failed to support above 3884. Targets are 3872 and 3869. 

E-Mini Nasdaq

The Nasdaq was the only major index to end the day up as it got boosted by a nearly 6% rally in Tesla shares. The tech-heavy index gained 66.36 points, or 0.6%, to end at 10,635.65 points

The stock got a lift after at Jefferies initiated coverage of the crypto services firm, saying it can weather the challenges the market is facing in a difficult macro environment and in recovering from the FTX scandal. The current lull in trading activity makes the near-term outlook a little overcast, however, and Jefferies issued a hold rating on Coinbase.

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Plan A: Long if market supported firm above 10960. Targets are 10993 and 11025.

Plan B: Short if market failed to support above 10960. Targets are 10925 and 10888.

HSI

The Hang Seng surged 396 points or 1.89% to finish at 21,388 on Monday, its highest close since early July of 2022, continuing last week's upside momentum, boosted by remarks from China's central bank officials that policymakers will ramp up support to boost income and spur household consumption while easing a crackdown on tech companies.

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Plan A: Remain long if the market stays above 20938. Targets are 21563 and 21875.

Plan B: Consider short only if the market stays below 20938. Targets are 20625 and 20313.

WTI Crude

crude oil closed higher on Monday as hopes demand from China will improve as the country issued new import quotas and offered economic supports for its flagging economy, while the dollar weakened.

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Plan A: Remain short as long as oil price stays below 76.56. Targets are 73.44 and 72.66.

Plan B: Consider long only if oil price stays above 76.56. Targets are 76.95 and 77.34.

Gold

Gold prices cooled slightly after hitting an eight-month high on Monday, as a weak dollar's boost was offset by Federal Reserve officials reiterating their aggressive stance against inflation.

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Plan A: Remain long as long as gold price stays above 1859.4. Targets are 1882.8 and 1890.6.

Plan B: Attempts short only if gold price stays below 1859.4. Targets are 1851.6 and 1843.8.

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.