16 Aug 2023 Foreign

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

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E-Mini Dow

Wall Street headed south on Tuesday, dragged down by the old "higher-for-longer" bugaboo as a robust retail sales print suggested the economy is chugging along just fine under the burden of the Fed's restrictive monetary policy.

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Plan A: Remain short as long as market trades below 35156. Targets are 34961 and 34863.

Plan B: Consider long if market stays above 35156. Targets are 35254 and 35449.

E-Mini S&P 500

Stocks fell Tuesday as concern over the state of the global economy — China in particular — and a decline in U.S. banks combined to pressure Wall Street.

The S&P 500 pulled back by 1.16%, closing at 4,437.86 and ending the session below its 50-day moving average — a move that may signal the beginning of a downtrend.

Investor sentiment also weakened globally after China reported disappointing economic data and its central bank made a surprise rate cut. 

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Plan A: Short if market failed to support above 4457. Targets are 4442 and 4429.

Plan B: Long if market supported firm above 4457. Targets are 4469 and 4482.




E-Mini Nasdaq

The Nasdaq Composite fell 1.14% to 13,631.05.

Regional banks also traded lower Tuesday, with the SPDR S&P Regional Banking ETF (KBE) trading down about 3%. Shares fell after Minneapolis Federal Reserve President Neel Kashkari spoke in favor of “significantly further” capital regulation.

Industrial production in China increased by 3.7% in July from the year-earlier period, missing expectations. Retail sales also grew less than expected, and the People’s Bank of China lowered interest rates by 15 basis points to 2.5% from 2.65%. But that failed to soothe investor concerns and instead only heightened concern about China’s struggling real estate market.

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Plan A: Short if market failed to support above 15122. Targets are 15093 and 15064.

Plan B: Long if market retraced but supported firm above 15122. Targets are 15167 and 15198.

HSI

Hong Kong stocks finished lower on Tuesday over concerns about the Chinese economy.

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Plan A: Remain short if the market stays below 18906. Targets are 18281 and 18125.

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

WTI Crude

crude oil closed with a loss again on Tuesday, falling for a second session as hopes for a revival of demand from China wane with the country again reporting weak economic data and its central bank made surprise rate cuts.

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Plan A: Remain short as long as oil price stays below 82.81. Targets are 80.47 and 80.08.

Plan B: Consider long only if oil price stays above 82.81. Targets are 83.59 and 84.38.

Gold

Gold prices steadied on Tuesday, buoyed a dollar retreat, although expectations that the Federal Reserve will likely keep interest rates higher for longer after strong U.S. data kept bullion near the six-week low.

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Plan A: Remain short as long as gold price stays below 1914.06. Targets are 1898.43 and 1890.62.

Plan B: Attempts long only if gold price stays above 1914.06. Targets are 1917.69 and 1921.87.

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.