28 Jul 2023 Foreign

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

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E-Mini Dow

The Dow Jones Industrial Average finally ran out of steam Thursday as investors cashed in following an historic streak of 13 straight gains.

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Plan A: Remain long as long as market trades above 35547. Targets are 35791 and 35840.

Plan B: Consider short if market stays below 35547. Targets are 35498 and 35449.

E-Mini S&P 500

The S&P 500 was lower by 0.64% to 4,537.41. At one point during the day, the broader index topped the key 4,600 level for the first time since March 2022.

The GDP report also suggested price pressures are easing, with the personal consumption expenditures price index rising 2.6% in the second quarter. That’s lower than the 3.2% increase expected by economists, and the 4.1% rise in the prior quarter.

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Plan A: Long if market supported firm above 4610 Targets are 4626 and 4642.

Plan B: Short if market failed to support above 4610. Targets are 4592 and 4579.

E-Mini Nasdaq

The Nasdaq Composite slid 0.55% to 14,050.11 as investors took some profits in key tech shares like Microsoft and Apple. A pop in the 10-year Treasury yield back above 4% didn’t help sentiment either. If it had gained a 14th day on Thursday, the index would have tied its record winning streak going way back to 1897.

Meta Platforms shares popped 4.4% on better-than-expected results and strong guidance. The company’s numbers were boosted by a rebound in ad revenue. And the latest gross domestic product reading Thursday showed a rise of 2.4% in the second quarter, which was better than the 2% increase expected by economists polled by Dow Jones.

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Plan A: Long if market retraced but supported firm above 15721. Targets are 15759 and 15793.

Plan B: Short if market failed to support above 15721. Targets are 15690 and 15663.

HSI

Global hedge funds snapped up Chinese equities following the politburo meeting this week, buying at their fastest pace since October 2022, Goldman Sachs said in report.

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Plan A: Remain long if the market stays above 19219. Targets are 19531 and 19688.

Plan B: Consider short only if the market stays below 19219. Targets are 19063 and 18906.

WTI Crude

Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts.

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Plan A: Remain long as long as oil price stays above 78.13. Targets are 79.69 and 80.47.

Plan B: Consider short only if oil price stays below 78.13. Targets are 77.34 and 76.56.

Gold

Gold prices extended gains, helped by a weaker dollar and bond yields after the U.S. Federal Reserve delivered a widely expected interest-rate hike and investors digested comments from Chair Jerome Powell.

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Plan A: Remain long as long as gold price stays above 1953.1. Targets are 1980.5 and 1988.3.

Plan B: Attempts short only if gold price stays below 1953.1. Targets are 1949.2 and 1941.4.

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.