9 Aug 2023 Foreign

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

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E-Mini Dow

U.S. stocks ended lower on Tuesday after downgrades of several banks by Moody's reignited worries about the health of the U.S. banking sector.

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Plan A: Remain long as long as market trades above 35303. Targets are 35449 and 35547.

Plan B: Consider short if market stays below 35303. Targets are 35254 and 35156.

E-Mini S&P 500

Stocks retreated Tuesday as an August selloff was reignited by a downgrade of the banking sector by credit rating agency Moody’s.

The S&P 500 dipped 0.42% to end at 4,499.38, bringing the broad index’s month-to-date loss to almost 2%.

The corporate earnings season has so far been better-than-anticipated. With 89% of S&P 500 stocks done reporting quarterly results, about four-fifths of them have beaten Wall Street’s expectations, according to FactSet. But it appears a lot of those results were already priced into the market, given the recent pullback.

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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

Tuesday was the fifth negative day out of six sessions for both the S&P 500 and the Nasdaq. At session lows, both were down more than 1%. Though all three indexes closed off their lowest respective points in the session, none ever broke into positive territory.

Banks fell broadly after Moody’s downgraded the credit rating on several regional banks, including M&T Bank and Pinnacle Financial, citing deposit risk, a potential recession and struggling commercial real estate portfolios. The credit agency also placed Bank of N.Y. Mellon and State Street on review for a downgrade.

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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 finished sharply lower on Tuesday as another batch of worse-than-forecast Chinese data added to long-running worries about the world's number two economy.

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Plan A: Remain short if the market stays below 19375. Targets are 18906 and 18750.

Plan B: Consider long only if the market stays above 19375. Targets are 19531 and 19688.

WTI Crude

crude oil closed at the highest in nearly four months on Tuesday, overcoming early weakness as import data from China showed slowing demand, as the focus returned to tight supplies following Saudi production cuts.

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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 79.69.

Gold

Gold prices fell to a near one-month low on Tuesday as investors took refuge in the dollar after weak Chinese trade data, while caution prevailed ahead of U.S. inflation figures later this week.

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Plan A: Remain short as long as gold price stays below 1937.5. Targets are 1921.87 and 1917.69.

Plan B: Attempts long only if gold price stays below 1937.5. Targets are 1941.40 and 1945.37.

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.