3 Mar 2023 Foreign

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

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E-Mini Dow

U.S. stocks bounced back on Thursday as a Federal Reserve official said that he favors the U.S. central bank sticking with quarter-point rate increases, though concerns over the impact of higher rates on growth linger.

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Plan A: Remain long as long as market trades above 32813. Targets are 33105 and 33301.

Plan B: Consider short if market stays below 32813. Targets are 32715 and 32617.

E-Mini S&P 500

Stocks rose Thursday in an afternoon rally as traders tried to shake off concerns over higher interest rates.

Rates pressed higher, with the benchmark 10-year note yield topping 4%. The 2-year note yield reached levels not seen in more than a decade.

A surge in labor costs and a pullback in jobless claims reported early Thursday point to the likelihood that the Fed will raise its benchmark interest rate another 0.25 percentage point later this month.

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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 Dow Jones Industrial Average popped 341.73 points, or 1.05%, to close at 33,003.57. Salesforce boosted the Dow, rallying 11.5% on a strong quarter and forward guidance.

Wall Street is coming off a mixed session, with the S&P 500 and Nasdaq Composite falling Wednesday, while the Dow posted a small gain. All of the major averages are on track for a winning week, with the Dow set to snap a four-week losing streak.

The rise in bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days, putting a dent in the early 2023 rally.

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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

Asian stocks were a mixed bag on Thursday as markets weighed a potential Chinese economic recovery against concerns over rising inflation and interest rates in the rest of the globe.

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Plan A: Remain long if the market stays above 20313. Targets are 20781 and 20938.

Plan B: Consider short only if the market stays below 20313. Targets are 20156 and 20000.

WTI Crude

crude oil rose for a third day on Thursday as expectations demand from China is on the rise more than offset worries over higher interest rates.

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Plan A: Remain long as long as oil price stays above 77.34. Targets are 78.13 and 78.52.

Plan B: Consider short only if oil price stays below 77.34. Targets are 76.95 and 76.56.

Gold

Gold prices edged lower on Thursday as the U.S. weekly jobs data hinted at a tight labour market that could keep the Federal Reserve on its rate-hiking cycle, underpinning the dollar and Treasury yields.

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Plan A: Remain long as long as gold price stays above 1835.9. Targets are 1847.7 and 1855.5.

Plan B: Attempts short only if gold price stays below 1835.9. Targets are 1832 and 1828.1.

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.