17 May 2023 Foreign

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

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E-Mini Dow

U.S. stocks closed lower on Tuesday and benchmark Treasury yields extended their rise as mixed economic data, weak corporate results and ongoing debt ceiling negotiations in Washington dampened investor risk appetite.

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Plan A: Remain short as long as market trades below 33398. Targets are 33008 and 32910.

Plan B: Consider long if market stays above 33398. Targets are 33496 and 33594.

E-Mini S&P 500

Stock futures were modestly higher Wednesday morning as investors awaited news of developments in the negotiations between congressional leaders and President Joe Biden on the U.S. debt ceiling.

The offshore Chinese yuan weakened further to 7.0061 against the greenback, breaching the 7-mark for the first time in 2023 on Wednesday morning.

The onshore yuan also weakened 0.18% to 6.9913 against the U.S. dollar as investors further digested China’s economic data that missed estimates on Tuesday.

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Plan A: Short if market failed to support above 4107. Targets are 4092 and 4071.

Plan B: Long if market supported firm above 4107. Targets are 4115 and 4123.

E-Mini Nasdaq

Futures tied to the Dow Jones Industrial Average added 45 points, or 0.14%. S&P 500 futures and Nasdaq-100 futures gained 0.19% and 0.23%, respectively.

The White House said Tuesday that Biden has directed staff to meet daily on outstanding issues. The president also canceled the second leg of an upcoming international trip given the negotiations, the White House said.

Treasury Secretary Janet Yellen reiterated her warning that the government needs to raise the limit immediately as the country faces the possibility of defaulting as early as June 1.

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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

Hang Seng index slips as energy stocks lead, real estate lags

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Plan A: Remain short if the market stays below 20000. Targets are 19688 and 19531.

Plan B: Consider long only if the market stays above 20000. Targets are 20156 and 20313.

WTI Crude

crude oil closed lower on Tuesday even after the International Energy Agency (IEA) raised its demand estimate for this year while US retail sales rose less than expected last month.

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Plan A: Remain short as long as oil price stays below 71.09. Targets are 70.31 and 69.53.

Plan B: Consider long only if oil price stays above 71.09. Targets are 71.88 and 72.66.

Gold

Gold fell below $2,000 on Tuesday after U.S. economic data and hawkish remarks from Federal Reserve officials drove bets that interest rate cuts may be delayed, while traders kept an eye on the U.S. debt-ceiling talks.

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Plan A: Remain short as long as gold price stays below 2007.8. Targets are 1992.2 and 1984.4.

Plan B: Attempts long only if gold price stays above 2007.8. Targets are 2015.6 and 2023.4.

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.