17 Apr 2023 Foreign

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

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E-Mini Dow

Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Federal Reserve interest rate hike, dampening investor enthusiasm after a series of big U.S. bank earnings launched first-quarter reporting season.

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Plan A: Remain long as long as market trades above 33984. Targets are 34180 and 34277.

Plan B: Consider short if market stays below 33984. Targets are 33887 and 33789.

E-Mini S&P 500

Stocks jumped Thursday as traders cheered another report pointing to cooling U.S. inflation.

The March producer price index, a measure of prices paid by companies and often a leading indicator of consumer inflation, declined by 0.5% month over month versus economists’ expectations for prices to be flat. Excluding food and energy, the core wholesale prices reading shed 0.1% month over month, much better than the 0.2% increase expected by economists polled by Dow Jones.

The PPI data confirmed the easing inflation trend from Wednesday’s March’s consumer price index report, which advanced just 0.1% month over month. Consumer prices grew 5% on an annual basis, the smallest increase in nearly two years.

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Plan A: Long if market supported firm above 4143. Targets are 4153 and 4171.

Plan B: Short if market failed to support above 4143. Targets are 4133 and 4118.

E-Mini Nasdaq

Tech stocks, which were among the hardest hit during periods of rising inflation and rates, leapt Thursday.

Initial job claims came in at 239,000 for the week ending April 8, the Labor Department said Thursday. Economists polled by Dow Jones were forecasting initial claims to come in at 235,000.

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Plan A: Long if market retraced but supported firm above 13055. Targets are 13089 and 13122.

Plan B: Short if market failed to support above 13055. Targets are 13020 and 13000.

HSI

Hong Kong shares closed the week with a gain on Friday, in line with a global rally after softening US inflation fanned hopes the Federal Reserve will end its interest rate hiking campaign soon.

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Plan A: Remain short if the market stays below 20469. Targets are 20234 and 20156.

Plan B: Consider long only if the market stays above 20469. Targets are 20547 and 20625.

WTI Crude

Crude oil closed with a gain on Friday after the International Energy Agency (IEA) warned rising demand from China and developing economies will outpace production in the second half, tightening markets and pushing prices higher, while a larger than forecast drop in US retail sales firmed expectations the Federal Reserve will be able to cut interest rates this year.

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Plan A: Remain long as long as oil price stays above 82.03. Targets are 82.81 and 83.59.

Plan B: Consider short only if oil price stays below 82.03. Targets are 81.64 and 81.25.

Gold

Gold prices pulled back sharply on Friday after surging to a more than one-year peak in the last session, as the dollar bounced and a Federal Reserve official flagged the need for another interest rate hike.

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Plan A: Remain short as long as gold price stays below 2031.3. Targets are 2007.8 and 2000.

Plan B: Attempts long only if gold price stays above 2031.3. Targets are 2039.1 and 2046.9.

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.