WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Global equities rose on Thursday on news that a large group of banks were infusing cash into U.S. lender First Republic Bank and as a lifeline from the Swiss National Bank to Credit Suisse eased fears of a global banking crisis.
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Plan A: Remain long as long as market trades above 32031. Targets are 32520 and 32715.
Plan B: Consider short if market stays below 32031. Targets are 31836 and 31641.
E-Mini S&P 500
Stocks rose Thursday as Wall Street grew increasingly optimistic after a group of banks said it would aid.
The Dow Jones Industrial Average index added 371.98 points, or 1.17%, to close at 32,246.55 points. The S&P 500 gained 1.76% to close at 3,960.28.
All three indexes traded down earlier in the session, with the Dow down more than 300 points at its lowest. But the market turned positive after CNBC’s David Faber reported that a group of banks would deposit $30 billion in First Republic.
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Plan A: Short if market failed to support above 3962. Targets are 3953 and 3938.
Plan B: Long if market supported firm above 3962. Targets are 3977 and 3999.
E-Mini Nasdaq
Investors have been closely watching bank stocks after the closures of Silicon Valley Bank and Signature Bank prompted concerns of contagion in the sector in recent days. Despite concerns in the sector weighing on the minds of investors, all three indexes are on pace to end the week higher, led by the Nasdaq Composite with a 5.2% advance.
’The market is saying, ‘Well, maybe the world’s not gonna end like maybe people thought not that long ago,’” said Bob Doll, chief investment officer at Crossmark Global Investments. “It’s just a sigh of relief.”
Investors around the world also followed the announcement of a further rate hike of 50 basis points from the European Central Bank Thursday.
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Plan A: Short if market failed to support above 12608. Targets are 12572 and 12550.
Plan B: Long if market retraced but supported firm above 12608. Targets are 12639 and 12669.
HSI
Asia-Pacific markets dropped on Thursday, but largely pared losses as the trading day went on as turmoil around Credit Suisse added onto banking fears in the region.
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Plan A: Remain long if the market stays above 19219. Targets are 19453 and 19609.
Plan B: Consider short only if the market stays below 19219. Targets are 19063 and 18984.
WTI Crude
crude oil closed higher on Thursday, rising off a 15-month low as wider markets recover from fears over a spreading financial crisis as Credit Suisse secured funding to firm up its liquidity.
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Plan A: Remain long as long as oil price stays above 67.19. Targets are 71.88 and 75.
Plan B: Consider short only if oil price stays below 67.19. Targets are 65.63 and 64.06.
Gold
Gold prices edged higher on Thursday, bouncing towards last session's 1-1/2 month peak as concerns about the banking crisis continue after the European Central Bank hiked interest rates despite the ongoing financial stability risks.
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Plan A: Remain long as long as gold price stays above 1906.3. Targets are 1937.5 and 1953.1.
Plan B: Attempts short only if gold price stays below 1906.3. Targets are 1890.6 and 1875.
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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