WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street closed higher on Thursday as market participants were reassured by U.S. Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' deposits safe.
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Plan A: Remain short as long as market trades below 32422. Targets are 32031 and 31836.
Plan B: Consider long if market stays above 32422. Targets are 32617 and 32813.
E-Mini S&P 500
Stocks ended higher on Thursday in what was a turbulent trading session as traders bet that the Federal Reserve may be nearing the end of its rate hiking cycle.
McMillan said the market “shrugged” at the interest rate hike of 25 basis points announced Wednesday because it was already expected. Despite the market somewhat bouncing around during Chair Jerome Powell’s press conference, McMillan said stocks largely remained calm in what he sees as a sign that Wall Street has moved attention from interest rate hikes to the financial sector’s woes.
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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 hiked rates by 25 basis points Wednesday, as expected. It also hinted that its inflation-fighting tightening campaign could be nearing the end, with the removal of the phrase “ongoing increases” from its statement.
The Fed’s decision and subsequent comments by Chair Jerome Powell at the conclusion of the policymakers’ two-day meeting on Wednesday weighed on stocks. While Powell said that “rate cuts are not in our base case” for the remainder of 2023, traders priced in expectations of the central bank lowering rates this year.
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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
Hong Kong’s Hang Seng index was the sole outperformer for the day, rising 0.7% on strength in heavyweight technology stocks after Tencent Holdings Ltd logged better-than-expected annual results. The reading helped spur some optimism over a Chinese economic recovery this year.
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Plan A: Remain long if the market stays above 19531. Targets are 20000 and 20156.
Plan B: Consider short only if the market stays below 19531. Targets are 19375 and 19219.
WTI Crude
crude oil closed lower on Thursday as another hike to interest rates by the Federal Reserve and a prediction from the central bank of more to come renewed recession concerns.
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Plan A: Remain short as long as oil price stays below 70.31. Targets are 68.75 and 67.97.
Plan B: Consider long only if oil price stays above 70.31. Targets are 71.09 and 71.88.
Gold
Gold futures are rising Thursday, helped by declines in the U.S. dollar and Treasury yields after the Federal Reserve raised interest rates by 25 basis points but indicated it might pause its monetary tightening cycle.
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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 2000 and 2007.8.
Plan B: Attempts short only if gold price stays below 1968.8. Targets are 1960.9 and 1945.3.
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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