WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street finished with a mixed performance on Friday, as ongoing uncertainty about the Federal Reserve led to another choppy session. The Dow ended the day higher, while the S&P 500 recorded its third lower finish in the past four sessions.
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Plan A: Remain long as long as market trades above 33691. Targets are 34082 and 34277.
Plan B: Consider short if market stays below 33691. Targets are 33594 and 33398.
E-Mini S&P 500
U.S. stocks were mixed on Friday as stubbornly high inflation and a rebound in rates continued to weigh on investor sentiment.
Yields on the 10-year and 2-year U.S. Treasury bonds hit levels not seen since November, weighing on equities early in the session.
Stocks are mixed on the week. The Dow ended down 0.13% for the week, its third negative week in a row — a first since September. The S&P 500 has shed 0.28% for the week, its second negative week in a row.
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Plan A: Short if market failed to support above 4067. Targets are 4059 and 4042.
Plan B: Long if market supported firm above 4067. Targets are 4073 and 4089.
E-Mini Nasdaq
Investors continue to worry about how the economy and equities will hold up as the Federal Reserve hikes rates to tame stubbornly high inflation. In a Friday speech, Federal Reserve Governor Michelle Bowman said there’s a long way to go before the central bank reaches its target of 2% inflation.
The moves came after major averages shed more than 1% on Thursday, after the Labor Department said the producer price index — an inflation metric that tracks wholesale prices — rose 0.7% last month. That was more than economists expected.
Next week, investors will continue to watch earnings season for signs of consumer strength or weakness.
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Plan A: Long if market retraced but supported firm above 12353. Targets are 12395 and 12428.
Plan B: Short if market failed to support above 12353. Targets are 12324 and 12296.
HSI
Asia Pacific markets traded lower on Friday as investors digested more economic data out of the U.S. and more hawkish commentary from the Federal Reserve.
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Plan A: Remain short if the market stays below 20938. Targets are 20469 and 20391.
Plan B: Consider long only if the market stays above 20938. Targets are 21094 and 21250.
WTI Crude
crude oil closed lower on Friday, dropping for a fourth-straight session as recession worries remain front of mind following a series of economic reports this week that show the US economy is still running hot, inviting further interest-rate hikes from the Federal Reserve that could tip the country into recession.
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Plan A: Remain short as long as oil price stays below 78.13. Targets are 75.78 and 75.
Plan B: Consider long only if oil price stays above 78.13. Targets are 78.91 and 79.69.
Gold
Gold prices edged higher on Friday but were still on track for their third straight weekly dip, weighed down by an overall stronger dollar and bond yields following fresh hawkish rhetoric from U.S. Federal Reserve officials.
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Plan A: Remain long as long as gold price stays above 1835.9. Targets are 1859.4 and 1867.2.
Plan B: Attempts short only if gold price stays below 1835.9. Targets are 1828.1 and 1820.3.
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.
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