23 May 2023 Foreign

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

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E-Mini Dow

Wall Street shares were mixed and European stocks finished little-changed as talks in Washington resumed to avert a U.S. default, while gold prices retreated under pressure from hawkish remarks by Federal Reserve officials.

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Plan A: Remain short as long as market trades below 33496. Targets are 33398 and 33301.

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

E-Mini S&P 500

The S&P 500 finished little changed on Monday as Wall Street awaited a pivotal debt ceiling meeting and government officials scrambled to avert a default.

President Joe Biden and House Speaker Kevin McCarthy are set to meet Monday at 5:30 p.m. ET to continue debt ceiling talks, with just 10 days left before the earliest date that Treasury Secretary Janet Yellen said the U.S. could realistically default.

Veteran negotiators on both sides resumed talks Monday morning in the Capitol, but mandatory government spending cuts remain a major obstacle. Republicans insist on paring back spending to baseline 2022 levels, but Biden said that any cuts across the board without additional tax hikes are out of the question.

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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

Major averages are coming off a winning week. Led by technology stocks, equities continue grinding higher despite uncertainty in Washington and sticky inflation, with the S&P 500 hovering just below the 4,200 level.

While the technology trade may have further to run, some on Wall Street say stronger market breadth is needed for a rally to continue longer term.

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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 sharply higher on Monday on hopes for US debt talks and a possible thaw in China-US relations.

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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

Oil prices edged up 1% on Monday with a rise in U.S. gasoline futures and forecasts for oil demand to rise in the second half of the year, while supplies from Canada and OPEC+ declined in recent weeks.

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Plan A: Remain long as long as oil price stays above 71.48. Targets are 72.66 and 73.05.

Plan B: Consider short only if oil price stays below 71.48. Targets are 71.09 and 70.70.

Gold

Gold prices inched lower as hawkish comments from two U.S. Federal Reserve officials on Monday weighed on non-yielding bullion and markets looked for more clarity around U.S. debt ceiling negotiations.

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Plan A: Remain short as long as gold price stays below 1984.4. Targets are 1968.8 and 1960.9.

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.