3 Feb 2023 Foreign

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

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E-Mini Dow

US major stocks finished mix on Thursday after the Nasdaq 100 and the S&P 500 jumped 3.2% and 1.5%, respectively, and enjoyed a Post-Fed rally boosted by gains from the tech industry's biggest players.

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Plan A: Remain short as long as market trades below 34180. Targets are 33789 and 33594.

Plan B: Consider long if market stays above 34180. Targets are 34375 and 34570.

E-Mini S&P 500

The S&P 500 rose to its highest level in five months on Thursday as better-than-expected Meta results further improved sentiment around technology shares, which led the market lower last year.

Wall Street is coming off a winning session after the Fed on Wednesday announced a 0.25 percentage point interest rate hike. While the central bank gave no indication of an upcoming pause in rate hikes, investors were encouraged by the smaller increase and Chair Jerome Powell’s comments recognizing easing inflation.

Economists, on average, expect Friday’s payrolls data to show 187,000 jobs were added in January, according to Dow Jones estimates. Though, Thursday afternoon Goldman economists said payrolls could be as high as 300,000, a big number that could mean the Fed has further to go to cool the economy and curb inflation.

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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

The tech-heavy Nasdaq Composite advanced 3.25% to 12,200.82, or its highest level since September. The gains come ahead of a trio of Big Tech results after the bell in Apple, Amazon and Alphabet.

Meta surged 23% in its best day since 2013 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.

Other mega-cap tech stocks rose on the back of those results. Shares of Google-parent Alphabet were up nearly 7.3%, while Amazon jumped about 7.4%. Apple shares gained 3.7%.

Tech stocks have outperformed in 2023, buoyed by recent signals of cooling inflation that investors expect could lead to a pause from the Federal Reserve in its aggressive rate hiking campaign. The S&P 500 information technology sector is up more than 14% this year after a decline of more than 28% last year.

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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 stocks slipped after mainland Chinese funds sold into the market rally, erasing earlier gains built on optimism the Federal Reserve will soon end its series of policy tightening moves.

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Plan A: Remain short if the market stays below 22188. Targets are 21719 and 21563.

Plan B: Consider long only if the market stays above  22188. Targets are 22344 and 22500.

WTI Crude

crude oil closed lower early on Thursday with recession worries dominating trading as the European and UK central banks hiked interest rates by 50 basis points, a day after a 25-basis point increase from the Federal Reserve, as they look to slow their economies to lower inflation, while US inventories rose again.

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Plan A: Remain short as long as oil price stays below 78.13. Targets are 75.00 and 74.12.

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

Gold

Gold prices slipped nearly 2% on Thursday as the dollar rebounded and some investors locked in profits after bullion scaled a nine-month peak on dovish remarks from Federal Reserve Chair Jerome Powell.

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Plan A: Remain short as long as gold price stays below 1945.3. Targets are 1921.9 and 1906.3.

Plan B: Attempts long only if gold price stays above 1945.3. Targets are 1953.1 and 1968.8.

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.