WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Major U.S. indexes ended down sharply on Wednesday, finishing at or near session lows to snap a two-session win streak, after the Federal Reserve hiked interest rates by 25 basis points and comments from U.S. Treasury Secretary Janet Yellen about bank deposits.
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Plan A: Remain short as long as market trades below 32617. Targets are 32031 and 31836.
Plan B: Consider long if market stays above 32617. Targets are 32813 and 33008.
E-Mini S&P 500
Stocks tumbled on Wednesday as the Federal Reserve continued hiking rates, while at the same time acknowledging turmoil in the banking sector could slow the already fragile economy. Regional bank shares led the slide.
Adding to the stock market’s decline and the drop in regional bank shares were comments from Treasury Secretary Janet Yellen, who told the U.S. Senate appropriations subcommittee that the U.S. was not currently working on “blanket insurance” for bank deposits.
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Plan A: Short if market failed to support above 3959. Targets are 3942 and 3937.
Plan B: Long if market supported firm above 3959. Targets are 3969 and 3988.
E-Mini Nasdaq
The Fed raised rates by 25 basis points, as was widely expected. In a statement, the Fed’s policymaking committee said it “will closely monitor incoming information and assess the implications for monetary policy.” Additionally, the central bank removed the phrase “ongoing increases” from its statement.
On the bullish side, the latest Fed projections called for just one more hike this year. But, Powell said in the news conference that the inflation fight is far from over.
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Plan A: Short if market failed to support above 12742. Targets are 12718 and 12685.
Plan B: Long if market retraced but supported firm above 12742. Targets are 12777 and 12810.
HSI
Asia-Pacific stocks increased Wednesday, March 22, with the Hong Kong market climbing for the second day.
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Plan A: Remain long if the market stays above 19375. Targets are 19844 and 20000.
Plan B: Consider short only if the market stays below 19375. Targets are 19219 and 19063.
WTI Crude
crude oil closed higher on Wednesday despite another 25 basis point rise in US interest rates and an unexpected rise in US oil inventories.
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Plan A: Remain long as long as oil price stays above 68.75. Targets are 71.09 and 71.88.
Plan B: Consider short only if oil price stays above 68.75. Targets are 67.97 and 67.19.
Gold
Gold futures settled higher on Wednesday, then extended those gains into the electronic trading after the Federal Reserve announced a hike in its benchmark fed funds rate of a quarter of one percentage point to a 4.75% to 5% range.
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Plan A: Remain long as long as gold price stays above 1953.1. Targets are 1976.6 and 1984.4.
Plan B: Attempts short only if gold price stays below 1953.1. Targets are 1937.5 and 1929.7.
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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