25 Apr 2023 Foreign

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

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E-Mini Dow

The Dow and the S&P 500 finished slightly above the flatline on Monday, while the Nasdaq lost 0.3% as investors’ focus is on a week packed with big tech earnings and economic data.

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Plan A: Remain long as long as market trades above 33838. Targets are 34033 and 34131.

Plan B: Consider short if market stays below 33838. Targets are 33789 and 33691.

E-Mini S&P 500

But it may be difficult for tech stocks to rally on the back of financial reports after already advancing significantly this year, said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance. Communication services and information technology stocks within the S&P 500 have posted the biggest year-to-date gains of the index’s 11 total sectors, adding more than 19% and 18%, respectively.

Roughly 76% of S&P 500 companies that have reported quarterly results through Monday morning beat analysts’ earnings estimates, according to FactSet data. However, first-quarter earnings for S&P 500 companies are estimated to decline an overall 5.2%, per Refinitiv. 

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Plan A: Long if market supported firm above 4127. Targets are 4132 and 4149.

Plan B: Short if market failed to support above 4127. Targets are 4110 and 4100.

E-Mini Nasdaq

The Nasdaq Composite slipped on Monday as investors awaited the release of a slew of corporate earnings reports from big technology companies and fresh economic data.

The tech-heavy index slid 0.29% to close at 12,037.20.

Investors are also keeping a close eye on new economic data that will provide insight into whether inflation is cooling and if the Federal Reserve will announce another rate hike at its next meeting in early May. GDP numbers for the first quarter and April’s consumer sentiment data are both among data points slated for release later in the week.

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Plan A: Long if market retraced but supported firm above 12935. Targets are 12962 and 12999.

Plan B: Short if market failed to support above 12935. Targets are 12901 and 12875.

HSI

Hong Kong shares ended lower on Monday in mixed Asian trade, with investors mostly treading water ahead of key data releases this week.

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Plan A: Remain short if the market stays below 20156. Targets are 19688 and 19375.

Plan B: Consider long only if the market stays above 20156. Targets are 20313 and 20469.

WTI Crude

crude oil closed higher on Monday on hopes for higher travel demand from China demand over the five-day Labor Holiday beginning April 29.

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Plan A: Remain long as long as oil price stays above 78.13. Targets are 79.69 and 80.47.

Plan B: Consider short only if oil price stays below 78.13. Targets are 77.34 and 76.56.

Gold

Gold firmed on Monday, helped by a weaker dollar, although prices were stuck in a tight range as traders turned their attention to this week's economic data that may influence the U.S. Federal Reserve's next policy decision.

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Plan A: Remain long as long as gold price stays above 1996.1. Targets are 2011.7 and 2019.5.

Plan B: Attempts short only if gold price stays below 1996.1. Targets are 1992.2 and 1980.5.

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.