7 Aug 2023 Foreign

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

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E-Mini Dow

Wall Street closed lower on Friday after a report of slowing U.S. labor market growth, and all three major indexes posted weekly losses as investors braced for more possible downside surprises a day after disappointing earnings from Apple.

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Plan A: Remain short as long as market trades below 35449. Targets are 35156 and 34961.

Plan B: Consider long if market stays above 35449. Targets are 35645 and 35742.

E-Mini S&P 500

Stock futures were little changed Wednesday as traders contended with Fitch’s recent downgrade of the United States’ long-term rating.

Futures tied to the S&P 500 fell 0.1%.

Investors are turning their focus on Thursday to tech bellwether Apple and e-commerce giant Amazon, as both will be posting results after the close. Thus far, nearly 67% of the constituents in the S&P 500 have issued their latest quarterly reports, with about 81% of those companies beating expectations, according to FactSet.

In the way of economic data, traders will be gearing up for weekly initial jobless claims, as well as durable goods orders. The main event will be Friday’s July payrolls report.

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Plan A: Short if market failed to support above 4524. Targets are 4510 and 4499.

Plan B: Long if market supported firm above 4524 Targets are 4539 and 4549.

E-Mini Nasdaq

 Nasdaq 100 futures also dropped 0.08%.

In after-hours action, shares of chipmaker Qualcomm slipped nearly 7% after the company missed analysts’ expectations on fiscal third-quarter revenue and guidance for the current period. DoorDash added 4.2% after beating expectations on revenue.

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Plan A: Short if market failed to support above 15388. Targets are 15352 and 15317.

Plan B: Long if market retraced but supported firm above 15388. Targets are 15423 and 15448.

HSI

Hong Kong stocks ended slightly higher Friday, bringing the curtain down on a volatile week, with attention focused on the release later in the day of key US jobs data.

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Plan A: Remain short if the market stays below 20000. Targets are 19375 and 19063.

Plan B: Consider long only if the market stays above 20000. Targets are 20313 and 20625.

WTI Crude

crude oil closed at the highest in nearly four months on Friday, a day after Saudi Arabia said it is extending a one-million barrel per day production cut through September, while OPEC+'s monthly meeting ended with no policy changes.

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Plan A: Remain long as long as oil price stays above 81.25. Targets are 83.59 and 84.38.

Plan B: Consider short  only if oil price stays below 81.25. Targets are 80.47 and 78.91.

Gold

Gold prices rose on Friday after a slightly weaker-than-expected U.S. jobs report pushed the dollar and Treasury yields lower, offering some respite to bullion which was still on track for its worst week in six.

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Plan A: Remain long as long as gold price stays above 1933.59. Targets are 1945.31 and 1953.12.

Plan B: Attempts short only if gold price stays below 1933.59. Targets are 1929.68 and 1925.78.

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.