8 May 2023 Foreign

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

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E-Mini Dow

Wall Street rallied on Friday after data showing U.S. job growth accelerated in April while wage gains increased solidly suggesting the Federal Reserve may be able to deliver a soft landing.

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Plan A: Remain long as long as market trades above 33398. Targets are 33789 and 33984.

Plan B: Consider short if market stays below 33398. Targets are 33203 and 33008.

E-Mini S&P 500

Earlier bullish sentiment was dented somewhat after Fed Chair Jerome Powell ruled out cutting interest rates because he did not expect inflation to come down quickly enough.

U.S. stocks ended Wednesday’s trading session in the red.

The Dow Jones Industrial Average fell 270.42 points, or 0.8%. The S&P 500 declined 0.7%

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Plan A: Long if market supported firm above 4140. Targets are 4155 and 4169.

Plan B: Short if market failed to support above 4140. Targets are 4135 and 4120.

E-Mini Nasdaq

Nasdaq Composite declined 0.7% and 0.64%, respectively.

The comments come after U.S. Treasury Secretary Janet Yellen said earlier in the week that the U.S. could fail to meet its debt obligations by June 1 and much sooner than expected.

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Plan A: Long if market retraced but supported firm above 13230. Targets are 13268 and 13299.

Plan B: Short if market failed to support above 13230. Targets are 13200 and 13162.

HSI

Hong Kong stocks finished half a percent higher on Friday after paring early gains, with tech and property companies among the big winners.

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Plan A: Remain long if the market stays above 19922. Targets are 20156 and 20234.

Plan B: Consider short only if the market stays below 19922. Targets are 19844 and 19766.

WTI Crude

crude oil rose for the first time in five sessions early on Friday on overnight buying and as robust US hiring last month sent investors back to risk assets.

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Plan A: Remain long as long as oil price stays above 68.75. Targets are 71.88 and 73.44.

Plan B: Consider short only if oil price stays below 68.75. Targets are 67.19 and 65.63.

Gold

Gold beat a fast retreat on Friday after stronger-than-expected U.S. payrolls data tempered expectations of interest rate cuts from the Federal Reserve.

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Plan A: Remain short as long as gold price stays below 2031.3. Targets are 2007.8 and 2000.

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.