27 Feb 2023 Foreign

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

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E-Mini Dow

The Dow closed 336 points lower on Friday after dropping 450 points during the session, while the S&P 500 and Nasdaq 100 were down 1% and 1.7%, respectively, as investors remain worried after another stronger-than-expected inflation report that signaled further rate hikes by the Federal Reserve.

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Plan A: Remain short as long as market trades below 33203. Targets are 32617 and 32520.

Plan B: Consider long if market stays above 33203. Targets are 33301 and 33496.

E-Mini S&P 500

Stocks closed higher amid volatile trading Thursday as investors remained concerned about the path of the Federal Reserve’s rate hikes.

The S&P 500 gained 0.53% to close at 4,012.32 and snap a four-day losing streak.

Gross domestic product increased 2.7% at an annualized pace in the fourth quarter, down from the initial 2.9% estimate. Economists surveyed by Dow Jones had not been expecting a change in the first revision.

The primary reason for the downward revision was that consumer spending, which drives about two-thirds of the economy, wasn’t as strong as the initial estimate. Personal consumption expenditures increased just 1.4% for the quarter, weighed down by a decline in purchases of long-lasting goods such as appliances and autos.

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Plan A: Short if market failed to support above 3970. Targets are 3960 and 3942.

Plan B: Long if market supported firm above 3970. Targets are 3985 and 4002.

E-Mini Nasdaq

The Dow Jones Industrial Average gained 108.82 points, or 0.33%, closing at 33,153.91. The Nasdaq Composite rose 0.72%, ending the session at 11,590.40.

The Fed has been a focal point for investors this week since the rollout of its latest meeting minutes. Policymakers indicated that inflation “remained well above” the central bank’s 2% target, even as data has shown “a welcome reduction in the monthly pace of price increases.”

Brendan Murphy, head of core fixed income, North America at Insight Investment, said that a recession is not necessary to achieve the Fed’s 2% target for inflation.

In other economic news, jobless claims edged lower to 192,000 for the week ended Feb. 18, the Labor Department reported. That was 3,000 less than the week before and slightly below the 197,000 Dow Jones estimate.

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Plan A: Short if market failed to support above 11986. Targets are 11953 and 11924.

Plan B: Long if market retraced but supported firm above 11986. Targets are 12012 and 12048.

HSI

The Hang Seng index fell 1.7 per cent, while China’s CSI 300 lost 1 per cent. Although ecommerce group Alibaba beat analysts’ expectations with its fourth-quarter earnings, its shares fell 5.4 per cent, suggesting investor skittishness over China’s economy despite the government easing Covid-19 restrictions.

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Plan A: Remain short if the market stays below 20313. Targets are 19375 and 19063.

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

WTI Crude

crude oil rose for a second day on Friday as traders bid up the commodity despite rising US inventories and another economic report showing the US economy is still running hot.

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Plan A: Remain long as long as oil price stays above 75. Targets are 77.34 and 78.13.

Plan B: Consider short only if oil price stays below 75. Targets are 74.22 and 73.44.

Gold

Gold prices dropped to their lowest in eight weeks on Friday, pushed down by a stronger dollar and bond yields as the market braced for more interest rate hikes by the U.S. Federal Reserve in the coming months.

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Plan A: Remain short as long as gold price stays below 1832. Targets are 1812.5 and 1804.7.

Plan B: Attempts long only if gold price stays above 1832. Targets are 1835.9 and 1839.8.

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.