18 May 2023 Foreign

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

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E-Mini Dow

U.S. stocks showed vigor on Wednesday on optimism over a potential deal on the $31.4 trillion debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles.

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Plan A: Remain long as long as market trades above 33301. Targets are 33496 and 33594.

Plan B: Consider short if market stays below 33301. Targets are 33203 and 33105.

E-Mini S&P 500

Stocks rose Wednesday as investors hoped congressional leaders and President Joe Biden could come to a deal on the U.S. debt ceiling and avoid a catastrophic default.

On Wednesday morning, Biden said from the White House that he and the other lawmakers had a “productive” meeting.

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Plan A: Short if market failed to support above 4158. Targets are 4140 and 4125.

Plan B: Long if market supported firm above 4158. Targets are 4169 and 4180.

E-Mini Nasdaq

At the conclusion of a meeting between the president and congressional leaders Tuesday, House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.” The White House said that Biden canceled a second leg of an upcoming international trip to focus on the negotiations.

Treasury Secretary Janet Yellen has said 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 12500. Targets are 12472 and 12420.

Plan B: Long if market retraced but supported firm above 12500. Targets are 12548 and 12583.

HSI

Hong Kong stocks closed with a steep loss on Wednesday as investors kept a nervous watch on US talks to avert a debt default, with lawmakers making slow progress.

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Plan A: Remain long if the market stays above 19531. Targets are 19844 and 20000.

Plan B: Consider short only if the market stays below 19531. Targets are 19375 and 19219.

WTI Crude

crude oil closed higher on Wednesday on forecasts for higher demand, even as US inventories unexpectedly rose last week

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Plan A: Remain long as long as oil price stays above 71.88. Targets are 73.44 and 74.22.

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

Gold

Gold retreated on Wednesday as the dollar advanced after hawkish comments from U.S. Federal Reserve officials raised doubts over interest-rate cuts this year.

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Plan A: Remain short as long as gold price stays below 2000. Targets are 1976.6 and 1968.8.

Plan B: Attempts long only if gold price stays above 2000. Targets are 2007.8 and 2015.6.

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.