Monday, May 8, 2023

9 May 2023 Foreign

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

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E-Mini Dow

U.S. stocks paused on Monday after a strong rally in the prior session as investors shift focus to a key inflation reading later this week.

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Plan A: Remain short as long as market trades below 33691. Targets are 33496 and 33984.

Plan B: Consider long if market stays above 33691. Targets are 33789 and 33887.


E-Mini S&P 500

Traders are awaiting key data that will inform the Federal Reserve’s forward path: April’s CPI report is due Wednesday, followed by the producer price index on Thursday.

Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March. The losses came despite a late-week rally that saw volatile regional bank stocks jump off their lows.

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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

Despite last week’s Federal Reserve interest rate hike and the release of several economic indicators, much of the broad economic outlook remains largely the same, according to Brent Schutte, chief investment officer of the Northwestern Mutual Wealth Management Company.

U.S. Treasury yields slipped on Monday, retracing some gains made after the release of better-than-expected nonfarm payrolls data.

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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 shares opened the week with a healthy gain, tracking a rally on Wall Street in response to a strong US jobs report and rebounding regional lenders following last week's banking turmoil.

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Plan A: Remain long if the market stays above 20000. Targets are 20313 and 20469.

Plan B: Consider short only if the market stays below 20000. Targets are 19844 and 19688.


WTI Crude
crude oil closed higher on Monday, rebounding for a second-straight session after unexpectedly robust US jobs data released Friday eased recession fears, while wildfires in Western Canada cut into production there.

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Plan A: Remain long as long as oil price stays above 71.09. Targets are 73.44 and 74.22.

Plan B: Consider short only if oil price stays below 71.09. Targets are 70.31 and 68.75.


Gold
Gold prices ticked up on Monday as the dollar eased and economic risks prevailed, while investors prepared for U.S. inflation data to gauge the Federal Reserve's policy path.
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Plan A: Remain short as long as gold price stays below 2039.1. Targets are 2023.4 and 2015.6.
Plan B: Attempts long only if gold price stays above 2039.1. Targets are 2046.9 and 2054.7.


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. 

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