9 Jun 2023 Foreign

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

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E-Mini Dow

U.S. stocks closed higher on Thursday regaining some of their momentum thanks to a rebound by technology stocks, while volatility dropped to record lows ahead of an eventful economic and policy calendar next week.

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Plan A: Remain long as long as market trades above 33593. Targets are 33984 and 34179.

Plan B: Consider short if market stays below 33593. Targets are 33398 and 33203.

E-Mini S&P 500

Stocks climbed Thursday as the market built on its recent gains, and traders looked ahead to key inflation data next week as well as the Federal Reserve's latest policy announcement.

The S&P 500 is coming off a down session but is still within striking distance of the key 4,300 level. The broader market index also hit its highest level since August this week, adding to a 2.7% rally month to date. The index is higher 11.8% year to date.

Small-cap stocks have been showing strength in recent weeks. The Russell 2000 is up 7.5% in June and almost 7% year to date, indicating a potentially more resilient economy beyond the big-tech boom. However, the index dipped 0.4% on Thursday.

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Plan A: Short if market failed to support above 4267. Targets are 4258 and 4137.

Plan B: Long if market supported firm above 4267. Targets are 4279 and 4294.

E-Mini Nasdaq

Investors seem to be in a holding pattern while awaiting the Fed’s upcoming policy meeting on June 13 and 14. Economic signs suggest that inflation is inching down, even as it remains above the central bank’s 2% target. Mayfield added that the Fed may “feel a little bit more comfortable pausing in June, with plenty of optionality through July and beyond.”

New data released on Thursday showed initial jobless claims reached their highest level since October 2021, indicating a potentially softening labor market. The uptick also raised hopes that the Fed would pause its rate-hiking campaign at its meeting next week.

However, Mayfield noted a pause may not necessarily mean an end to its rate-hike campaign. He said the Bank of Canada’s decision to resume raising rates after a pause earlier this week could “add some color to a Fed decision.”

Markets are pricing a roughly 72% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool.

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Plan A: Short if market failed to support above 13238. Targets are 13204 and 13177.

Plan B: Long if market retraced but supported firm above 13238. Targets are 13269 and 13313.

HSI

Hong Kong shares finished Thursday in positive territory on hopes that the mainland will unveil fresh measures to boost its economy.

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Plan A: Remain long if the market stays above 19063. Targets are 19531 and 19688.

Plan B: Consider short only if the market stays below 19063. Targets are 18906 and 18750.

WTI Crude

crude oil closed with a loss on Thursday, following a report the United States was close to a deal with Iran that will allow it to export oil in return for cutting back on enriching uranium.

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Plan A: Remain short as long as oil price stays below 71.88. Targets are 69.53 and 68.75.

Plan B: Consider long only if oil price stays above 71.88. Targets are 72.66 and 73.44.

Gold

Gold prices climbed more than 1% on Thursday as the dollar and bond yields slipped after data showed U.S. weekly jobless claims surged last week, cementing expectations that the Federal Reserve will pause its interest rate hiking cycle.

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Plan A: Remain long as long as gold price stays above 1968.8. Targets are 1984.4 and 1988.3.

Plan B: Attempts short only if gold price stays below 1968.8. Targets are 1964.8 and 1960.9.

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.