22 Feb 2023 Foreign

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

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E-Mini Dow

Wall Street posted its worst performance of the year on Tuesday, with the main benchmarks ending down as investors interpreted a rebound in U.S. business activity in February to mean interest rates will need to stay higher for longer to control inflation.

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Plan A: Remain short as long as market trades below 33594. Targets are 33008 and 32813.

Plan B: Consider long if market stays above 33594. Targets are 33789 and 33984.

E-Mini S&P 500

U.S. stocks dropped Tuesday as higher rates continue to pressure market sentiment, and the latest batch of retail earnings raised concerns about the state of the consumer.

The benchmark 10-year Treasury yield climbed to 3.9%, while the 2-year rate advanced to 4.7%. Both rates also reached levels not seen since November, as traders grappled with hotter-than-expected inflation data. Traders are worried that stubborn inflation will lead the Federal Reserve to keep rates higher for longer — which could tip the economy into a recession.

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Plan A: Short if market failed to support above 4003. Targets are 3995 and 3982.

Plan B: Long if market supported firm above 4003. Targets are 4015 and 4029.

E-Mini Nasdaq

The Dow Jones Industrial Average dropped 697.10 points, or 2.06%, to close at 33,129.59. This was the index’s worst downturn since Dec. 15, when it fell 2.3%. All sectors ended lower, with consumer discretionary stocks seeing the largest decline of 3.3%. The tech-heavy Nasdaq Composit pulled back by 2.50%, ending at 11,492.30.

The Fed on Wednesday is scheduled to release the minutes from its Jan. 31-Feb. 1 meeting. The central bank hiked rates by 25 basis points at that gathering.

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Plan A: Long if market retraced but supported firm above 12084. Targets are 12115 and 12148.

Plan B: Short if market failed to support above 12084. Targets are 12052 and 12021.

HSI

Asia-Pacific markets were mixed on Tuesday as investors await regional private surveys for factory activity.

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Plan A: Remain short if the market stays below 20938. Targets are 20391 and 20313.

Plan B: Consider long only if the market stays above 20938. Targets are 21016 and 21094.

WTI Crude

Crude oil closed lower on Tuesday as a rising US dollar offset expectations of higher demand from China.

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Plan A: Remain short as long as oil price stays below 77.34. Targets are 75.78 and 75.

Plan B: Consider long only if oil price stays above 77.34. Targets are 78.13 and 78.91.

Gold

Gold prices eased on Tuesday as the dollar strengthened and bond yields rose, while investors looked toward U.S. economic data later this week for more clues on the rate-hike trajectory of the Federal Reserve.

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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.