17 Aug 2023 Foreign

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

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E-Mini Dow

Wall Street ended lower on Wednesday after the Federal Reserve's minutes showed central bank officials were divided over the need for more interest rate hikes at their last meeting.

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Plan A: Remain short as long as market trades below 35156. Targets are 34766 and 34570.

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

E-Mini S&P 500

Stocks fell Wednesday as investors digested a summary of the Federal Reserve’s July meeting, which hinted at potentially higher rates.

The S&P 500 dipped 0.76%, closing at 4,404.33.

The federal funds rate is currently in a range between 5.25% to 5.5%, the highest level in more than 22 years.

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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

In the central bank’s July meeting minutes, officials said additional tightening may be necessary to bring down inflation.

Intel fell more than 3% to lead the Dow lower. Communications services, real estate and consumer discretionary were among the worst-performing S&P 500 sectors, losing more than 1% each.

Meanwhile, the back end of the corporate earnings season rolled on. Target shares rose roughly 3% even after the retailer cut its full-year outlook. Insurance company Progressive jumped nearly 9%, also on the back of its earnings report.

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Plan A: Short if market failed to support above 14957. Targets are 14925 and 14890.

Plan B: Long if market retraced but supported firm above 14957. Targets are 14983 and 15011.

HSI

Hong Kong shares closed sharply lower for a fourth consecutive session on Wednesday, on growing concerns over the stuttering Chinese economy.

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Plan A: Remain short if the market stays below 18750. Targets are 17969 and 17556.

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

WTI Crude

crude oil fell for a third-straight session on Wednesday, dropping under US$80.00 for the first time in two weeks as concerns over demand from China offset another oversized draw on US inventories

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Plan A: Remain short as long as oil price stays below 81.25. Targets are 78.91 and 78.13.

Plan B: Consider long only if oil price stays above 81.25. Targets are 82.03 and 82.81.

Gold

Gold prices eased on Wednesday as the dollar ticked higher, while minutes from the Federal Reserve's July policy meeting highlighted that policymakers remained divided over the need for more rate hikes.

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Plan A: Remain short as long as gold price stays below 1906.25. Targets are 1890.62 and 1882.81.

Plan B: Attempts long only if gold price stays above 1906.25. Targets are 1910.15 and 1917.96.

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.