5 Apr 2023 Foreign

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

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E-Mini Dow

Wall Street closed lower on Tuesday after evidence of a cooling economy exacerbated worries that the Federal Reserve's campaign to rein in decades-high inflation may cause a deep downturn.

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Plan A: Remain short as long as market trades below 33789. Targets are 33398 and 33203.

Plan B: Consider long if market stays above 33789. Targets are 33984 and 34180.

E-Mini S&P 500

The Dow Jones Industrial Average added more than 300 points on Monday, as Wall Street shows resilience despite an oil output cut from OPEC+ that threatens to stoke inflation and recession fears.

Markets spent much of the trading session digesting the news from OPEC+ which is slashing 1.16 million barrels per day. West Texas Intermediate futures gained 6.28% to settle at $80.42, and Brent futures rose 6.31% to settle at $84.93.

The prospect of higher oil prices could add further unease to Wall Street as the output cut plays out, according to Morningstar energy strategist Stephen Ellis

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Plan A: Long if market supported firm above 4123. Targets are 4129 and 4121.

Plan B: Short if market failed to support above 4095. Targets are 4088 and 4062.

E-Mini Nasdaq

But Wall Street is shaking off the latest development, and adding to a recent string of gains. All three major averages were positive in the first quarter, despite turmoil in the banking sector highlighted by the collapse of Silicon Valley Bank in March. The Nasdaq Composite led the way in the quarter with a gain of 16.8%.

The first week of the new quarter is a shortened one for Wall Street, as trading will be closed for Good Friday. However, there will be several key pieces of economic data for investors, including job openings data on Tuesday, ADP private payrolls report on Wednesday and the closely watched monthly jobs report on Friday.

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Plan A: Long if market retraced but supported firm above 13104. Targets are 13145 and 13179.

Plan B: Short if market failed to support above 13104. Targets are 13072 and 13025.

WTI Crude

crude oil rose for a second day on Tuesday following the surprise 1.1-million barrel per day production cut by OPEC+ on the weekend, but fell off session highs after weak economic data rekindled demand worries.

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Plan A: Remain long as long as oil price stays above 79.69. Targets are 81.25 and 82.81.

Plan B: Consider short only if oil price stays below 79.69. Targets are 78.13 and 76.56.

Gold

Gold extended gains on Tuesday and crossed the key $2,000 level as the dollar and yields fell, while weaker U.S. economic data emboldened bets for slower rate hikes despite mounting concerns over oil-led inflation.

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Plan A: Remain long as long as gold price stays above 2007.8. Targets are 2039.1 and 2049.9.

Plan B: Attempts short only if gold price stays below 2007.8. Targets are 2000 and 1992.2.

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.