1 Jun 2023 Foreign

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

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E-Mini Dow

U.S. stocks closed down on Wednesday as a deal to raise the federal debt ceiling headed for a crucial vote in Congress, while unexpectedly strong labor market data rattled investors who fear the Federal Reserve might hike interest rates again in June.

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Plan A: Remain short as long as market trades below 33105. Targets are 32813 and 32715.

Plan B: Consider long if market stays above 33105. Targets are 33203 and 33301.

E-Mini S&P 500

Stock futures were mixed on Thursday morning after the U.S. House advanced the debt ceiling bill in a crucial step to avoid a U.S. default, advancing it to the Senate just days ahead of the default deadline.

The S&P 500 inched up 0.3% in the month, while the blue-chip Dow fell almost 3.5%, dragged down by Nike, Walt Disney and Chevron

Beyond the debt ceiling battle, investors are looking ahead to the Federal Reserve’s June 13-14 policy meeting as another possible market catalyst. Philadelphia Fed President Patrick Harker said Wednesday that he’s leaning toward skipping a rate hike at the upcoming gathering. However, he added that Friday’s payrolls report could change his mind.

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Plan A: Short if market failed to support above 4179. Targets are 4160 and 4147.

Plan B: Long if market supported firm above 4179. Targets are 4188 and 4202.

E-Mini Nasdaq

Futures on the Dow Jones Industrial Average was close to the flatline. S&P 500 futures were up 0.14% and Nasdaq 100 futures were also flat.

The market wrapped the month of May, marked by a dramatic rally in artificial intelligence-related stocks.

The Nasdaq Composite ended May with a 5.8% gain as enthusiasm around AI continued to boost related stocks. Chipmaker Nvidia jumped 36% in May, briefly touching a $1 trillion market cap this week. Alphabet, Meta and Amazon all rose at least 10% during the month.

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Plan A: Short if market failed to support above 12975. Targets are 12942 and 12913.

Plan B: Long if market retraced but supported firm above 12975. Targets are 13027 and 13069.

HSI

Hong Kong shares closed heavily down on Wednesday on worries about the outlook for China's economy and US Republican threats to torpedo a bill aimed at lifting the debt ceiling to avoid a default.

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Plan A: Remain short if the market stays below 18438. Targets are 17969 and 17813.

Plan B: Consider long only if the market stays above 18438. Targets are 18750 and 19063.

WTI Crude

crude oil fell to the lowest in more than two months on Wednesday, dropping for a second-straight session on weak demand from China and a stronger dollar.

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Plan A: Remain short as long as oil price stays below 70.31. Targets are 67.19 and 66.41.

Plan B: Consider long only if oil price stays above 70.31. Targets are 71.09 and 71.88.

Gold

Gold firmed on Wednesday supported by lower Treasury yields but the dollar's strength, with more interest rate hikes in the offing and optimism about a U.S. debt deal kept bullion on course for its first monthly dip in three.

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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1992.2 and 2000.

Plan B: Attempts short only if gold price stays below 1968.8. Targets are 1960.9 and 1953.1.

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.