28 Feb 2023 Foreign

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

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E-Mini Dow

Bouncing back from losses posted last week, the major U.S. equity averages finished higher on Monday. The rebound allowed the S&P 500 to bounce off its lowest finish in more than a month.

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Plan A: Remain short as long as market trades below 33203. Targets are 32813 and 32617.

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

E-Mini S&P 500

Stocks rose Monday as traders tried to recover some ground following the worst week of the year on Wall Street. Investors also looked ahead to another big week in retail earnings.

The S&P 500 also got a boost from railroad operator Union Pacific, which climbed 10% after the company announced CEO Lance Fritz will step down this year.

In earnings, just 6% of the S&P 500 will report this week, but investors are looking for insight into the consumer. Several major retailers, restaurants, some travel and entertainment names as well as food companies are set to report. Target, Costco, Lowe’s and Macy’s are some of the big names posting earnings this week.

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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 Nasdaq Composite rose 0.63% to 11,466.98.

The moves came as Treasury yields eased, following a jump on Friday after a hotter-than-expected reading from the Federal Reserve’s favorite inflation metric.

Traders continued to absorb a bigger-than-expected increase in the latest reading for personal consumption expenditures, the central bank’s preferred inflation gauge, which helped sink stocks Friday and pushed Treasury yields higher.

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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 started the week at its lowest level in seven weeks, below 20,000, which is very close to giving up all its year-to-date gains. 

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Plan A: Remain long if the market stays above 19688. Targets are 20156 and 20313.

Plan B: Consider short only if the market stays below 19688. Targets are 19531 and 19375.

WTI Crude

crude oil closed with a loss on Monday with recession worries at the fore after a series of unexpectedly robust US economic reports raised expectations the Federal Reserve will turn even more hawkish as it raises interest rates to dampen inflation.

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Plan A: Remain long as long as oil price stays above 75. Targets are 76.56 and 77.34.

Plan B: Consider short only if oil price stays below 75. Targets are 74.61 and 74.22.

Gold

Gold prices ticked up on Monday as the dollar retreated, although worries of further interest rate hikes from the U.S. Federal Reserve kept bullion near a two-month low.

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Plan A: Remain long as long as gold price stays above 1816.4. Targets are 1832 and 1835.9.

Plan B: Attempts short only if gold price stays below 1816.4. Targets are 1812.5 and 1808.6.

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.