19 May 2023 Foreign

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

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E-Mini Dow

Wall Street gained on Thursday with the Nasdaq the leading major index as investors shifted into high-growth stocks amid optimism about a U.S. debt ceiling deal being reached soon, while shares of Walmart rallied after an upbeat annual sales forecast.

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Plan A: Remain long as long as market trades above 33301. Targets are 33691 and 33887.

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

E-Mini S&P 500


The S&P 500 and Dow are poised to end the week up 1.8% and 0.7%, respectively.

His comments come with just two weeks until June 1, which is the earliest day the U.S. could default, according to Treasury Secretary Janet Yellen. Jeff Kilburg, CEO of KKM Financial, said traders have been able to “look through” some of the drama surrounding the debt ceiling negotiations.

But investors’ sentiment was reined in somewhat after Dallas Fed President Lorie Logan said the latest economic data doesn’t argue for a pause in rate hikes yet. She noted the June policy decision will be based on inflation and employment data that hasn’t been released yet.

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Plan A: Short if market failed to support above 4198. Targets are 4180 and 4165.

Plan B: Long if market supported firm above 4198. Targets are 4203 and 4211.

E-Mini Nasdaq

Thursday’s advance boosted weekly gains for the indexes. The Nasdaq has led the charge up, on pace to end the week 3.3% higher.

House Speaker Kevin McCarthy said Thursday that he’s optimistic congressional negotiators could reach a deal in time for a House vote next week.

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Plan A: Short if market failed to support above 12688. Targets are 12652 and 12612.

Plan B: Long if market retraced but supported firm above 12688. Targets are 12725 and 12766.

HSI

Hong Kong stocks finished on a strong note on Thursday as global markets advanced on optimism that US lawmakers will soon raise the country's borrowing limit and avert a painful debt default.

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Plan A: Remain long if the market stays above 19375. Targets are 19531 and 19688.

Plan B: Consider short only if the market stays below 19375. Targets are 19219 and 19063.

WTI Crude

crude oil closed with a loss on Thursday as investors looked to cut risk as debt-ceiling negotiations continue in Washington.

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Plan A: Remain long as long as oil price stays above 71.09. Targets are 72.66 and 73.44.

Plan B: Consider short only if oil price stays below 71.09. Targets are 70.31 and 69.53.

Gold

Gold has dropped around 4% from year-to-date highs reached earlier this month on increasing confidence that Congress will raise the debt ceiling and avoid a default. That may be a good buying opportunity, with many drivers in place that could push it to record highs later this year, according to UBS.

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Plan A: Remain short as long as gold price stays below 1984.4. Targets are 1953.1 and 1945.3.

Plan B: Attempts long only if gold price stays above 1984.4. Targets are 1992.2 and 2000.

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.