16 May 2023 Foreign

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

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E-Mini Dow

U.S. stocks on Monday ended marginally higher, with investors closely watching debt ceiling negotiations, economic data and comments from Federal Reserve speakers.

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Plan A: Remain short as long as market trades below 33496. Targets are 33301 and 33203.

Plan B: Consider long if market stays above 33496. Targets are 33594 and 33691.

E-Mini S&P 500

The S&P 500 rose slightly to start the week Monday as traders assessed ongoing debt ceiling negotiations.

On Monday, investors digested the May data for Empire State Manufacturing survey, which showed a collapse in manufacturing activity in New York. The survey fell about 43 points from April to a reading of -31.8, below the Dow Jones estimate of -5.

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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

In focus for investors were debt ceiling talks, which were postponed to this week from Friday. President Joe Biden is expected to host top congressional leaders on Tuesday.

Treasury Secretary Janet Yellen told CNBC last week that failure to hatch an agreement on the debt ceiling would “produce financial chaos,” with the Treasury currently giving June 1 as the date when it could fail to meet its obligations.

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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 enjoyed a strong start to the week on Monday, in line with gains across Asia, as investors kept tabs on US talks to lift the debt ceiling and avert a default.

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Plan A: Remain long if the market stays above 19844. Targets are 20313 and 20469.

Plan B: Consider short only if the market stays below 19844. Targets are 19688 and 19531.

WTI Crude

crude oil rose on Monday as physical oil supply tightened following OPEC+ cuts and other disruptions.

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Plan A: Remain long as long as oil price stays above 70.31. Targets are 71.88 and 72.66.

Plan B: Consider short only if oil price stays below 70.31. Targets are 69.53 and 68.75.

Gold

Gold advanced on Monday on a weaker dollar as traders stuck to bets on interest rate cuts before year-end despite comments from Federal Reserve officials, with focus also on the U.S. debt ceiling talks.

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Plan A: Remain short as long as gold price stays below 2031.3. Targets are 2015.6 and 2007.8.

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.