2 Feb 2023 Foreign

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

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E-Mini Dow

Wall Street closed higher on Wednesday after Federal Reserve chair Jerome Powell acknowledged that inflation was starting to ease, in remarks he made following a quarter-point rate hike by the U.S. central bank.

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Plan A: Remain long as long as market trades above 33984. Targets are 34277 and 34375.

Plan B: Consider short if market stays below 33984. Targets are 33789 and 33594.

E-Mini S&P 500

S&P 500 futures advanced Wednesday night as investors looked beyond the latest interest rate hike and commentary from the Federal Reserve.

The moves follow a positive day for the three major indexes. The S&P 500 reversed losses to end the regular session with a jump of 1.05%, while the Nasdaq Composite closed 2% higher. Meanwhile, the Dow eked out a narrow 0.02% gain after dropping more than 500 points earlier in the day.

Investors closely watched the Fed meeting Wednesday, where a 0.25 percentage point interest rate hike was announced. That marked a pull back from the 0.5 percentage point increase at December’s meeting, bolstering investor optimism that inflation is cooling enough for the central bank to take notice. But the bank gave no indication of an upcoming pause in rate hikes.

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Plan A: Short if market failed to support above 4138. Targets are 4115 and 4092.

Plan B: Long if market supported firm above 4138. Targets are 4159 and 4180.

E-Mini Nasdaq

Futures tied to the broad market index added 0.1%. Nasdaq 100 futures gained 0.7%, helped by Meta shares. Futures connected to the Dow Jones Industrial Average ticked down 93 points.

Meta surged more than 19% in extended trading after reporting a fourth-quarter beat on revenue and announcing a $40 billion stock buyback. That helped investors look past losses in the business unit overseeing the metaverse.

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Plan A: Long if market retraced but supported firm above 12450. Targets are 12502 and 12561.

Plan B: Short if market failed to support above 12450. Targets are 12398 and 12345.

HSI

Hong Kong shares rebounded after two days of falls, as the country's manufacturing activity showed an improvement, with investors being hopeful ahead of the Federal Reserve's rate action.

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Plan A: Remain long if the market stays above 22031. Targets are 22500 and 22656.

Plan B: Consider short only if the market stays below 22031. Targets are 21875 and 21719.

WTI Crude

Crude oil closed lower on Wednesday a report showing a much larger than expected rise in US inventories.

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Plan A: Remain short as long as oil price stays below 78.13. Targets are 75.78 and 75.00.

Plan B: Consider long only if oil price stays above 78.13. Targets are 78.91 and 79.69.

Gold

Gold prices rebounded sharply on Wednesday as the Federal Reserve chief's surprisingly dovish remarks on the central bank's fight to bring down inflation sank the dollar and signalled to investors that a peak in interest rates was likely approaching.

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Plan A: Remain long as long as gold price stays above 1937.5. Targets are 1968.8 and 1984.4.

Plan B: Attempts short only if gold price stays below 1937.5. Targets are 1921.9 and 1906.3.

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.