12 May 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 ended lower on Thursday, dragged down by Walt Disney Co as it lost subscribers, while PacWest led declines in regional banks after posting a drop in deposits.

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Plan A: Remain short as long as market trades below 33496. Targets are 33203 and 33105.

Plan B: Consider long if market stays above 33496. Targets are 33594 and 33789.

E-Mini S&P 500

The S&P 500 declined 0.17% to close at 4,130.62. The 30-stock Dow shed 221.82 points, or 0.66%, to end at 33,309.51. 

The producer price index, a measurement of wholesale prices, increased just 0.2% on a monthly basis in April. Economists polled by Dow Jones estimated PPI advanced 0.3% last month. The PPI data follows the consumer price index report from Wednesday, which showed inflation rose 4.9% from a year ago, below expectations.

Initial jobless claims grew by 22,000 for the week ending May 6 to 264,000, the Department of Labor said on Thursday. The latest jobless data was the highest reading since Oct. 30, 2021.

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Plan A: Short if market failed to support above 4137. Targets are 4120 and 4111.

Plan B: Long if market supported firm above 4137. Targets are 4149 and 4155.

E-Mini Nasdaq

The Nasdaq Composite added 0.18%, ending the day at 12,328.51.

Disney shares fell more than 8% the day after the media giant released its fiscal second-quarter results. While higher prices helped Disney’s streaming division narrow its losses, it dealt a harsh blow to subscriber growth. The company also announced it would take on impairment charges of $1.5 billion to $1.8 billion as it removes more content from its streaming platforms.

The Bank of England raised interest rates by 25 basis points and noted it no longer sees a recession taking place in the U.K. The bank’s policymaking committee voted 7-2 in favor of the increase.

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Plan A: Short if market failed to support above 12328. Targets are 12292 and 12269.

Plan B: Long if market retraced but supported firm above 12328. Targets are 12357 and 12399.

HSI

Hong Kong stocks closed in negative territory again on Thursday following mainland inflation data suggesting the recovery in the world's number two economy remained fragile, while a further slowdown in US prices was unable to boost sentiment.

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Plan A: Remain short if the market stays below 19922. Targets are 19609 and 19453.

Plan B: Consider long only if the market stays above 19922. Targets are 20000 and 20078.

WTI Crude

crude oil settled lower for a second day early on Thursday, as demand worries heightened.

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Plan A: Remain short as long as oil price stays below 71.88. Targets are 70.7 and 70.31.

Plan B: Consider long only if oil price stays above 71.88. Targets are 72.66 and 73.44.

Gold

Gold retreated on Thursday as rival safe-haven dollar advanced and outweighed support for bullion from lingering economic risks, while traders digested the impact of weak data on the interest rate outlook.

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Plan A: Remain short as long as gold price stays below 2031.3. Targets are 2015.6 and 2011.7.

Plan B: Attempts long only if gold price stays above 2031.3. Targets are 2039.1 and 2050.8.

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.