WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Dow Jones closed 57 points lower on Wednesday, while the S&P 500 and Nasdaq 100 edged up 0.1% and 0.4%, respectively, after Powell’s remarks in the past two days and hot employment data that reinforced the view of a higher-for-longer outlook for interest rates.
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Plan A: Remain short as long as market trades below 33008. Targets are 32617 and 32520.
Plan B: Consider long if market stays above 33008. Targets are 33203 and 33496.
E-Mini S&P 500
The Dow Jones Industrial Average shed 574.98 points, or 1.72%, to end at 32,856.46. The S&P 500 lost 1.53% to close at 3,986.37 and below the 4,000 level. The Nasdaq Composite dropped 1.25% to settle at 11,530.33.
As the major stock indexes fell, the 2-year Treasury yield jumped to its highest level since 2007 at 5%. Tuesday’s selloff brings the Dow into negative territory for 2023, down about 0.9%.
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Plan A: Short if market failed to support above 3985. Targets are 3972 and 3960.
Plan B: Long if market supported firm above 3985. Targets are 3999 and 4019.
E-Mini Nasdaq
The comments indicated that the Fed may consider a larger rate hike than last month’s 25 basis point increase at its next policy meeting on March 21-22.
They also signaled a potential return to a half-point rate hike at the central bank’s March meeting, depending on the strength of incoming economic data, according to Morgan Stanley.
Powell’s remarks could also mean that the peak rate for federal funds, also called the terminal rate, will likely go higher than previously expected, despite investor hopes that the Fed might stop hiking soon.
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Plan A: Short if market failed to support above 12142. Targets are 12112 and 12187.
Plan B: Long if market retraced but supported firm above 12142. Targets are 12178 and 12202.
HSI
Hong Kong shares dropped more than 2% after Federal Reserve Chairman Jerome Powell cautioned that interest rates may need to be higher than expected, fueling concerns of a potentially larger hike at the next policy meeting.
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Plan A: Remain short if the market stays below 20313. Targets are 20000 and 19844.
Plan B: Consider long only if the market stays above 20313. Targets are 20469 and 20625.
WTI Crude
crude oil closed lower for a second day on Wednesday after Federal Reserve chair Jerome Powell signaled the central bank is ready to turn more hawkish, raising interest rates faster and higher to slow the economy and lower inflation, while yet another report showed the US labor market remains unexpectedly robust.
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Plan A: Remain short as long as oil price stays below 78.13. Targets are 75.78 and 75.
Plan B: Consider long only if oil price stays above 78.13. Targets are 79.69 and 80.47.
Gold
Gold prices edged higher on Thursday as the dollar eased, although U.S. Federal Reserve Chair Jerome Powell's hawkish remarks limited further gains in zero-yielding bullion.
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Plan A: Remain short as long as gold price stays below 1835.9. Targets are 1812.5 and 1796.9.
Plan B: Attempts long only if gold price stays above 1835.9. Targets are 1843.8 and 1851.6.
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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