16 Nov 2023 Foreign

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

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E-Mini Dow

Wall Street ended modestly higher on Wednesday, building on Tuesday's surge as a raft of economic data helped solidify bets that the Fed is done hiking interest rates.

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Plan A: Remain long as long as market trades above 34570. Targets are 35156 and 35351.

Plan B: Consider short if market stays above 34570. Targets are 34375 and 34180.

E-Mini S&P 500

Stocks climbed on Wednesday, building on the strong rally from the previous session, on the back of more encouraging inflation data.

The S&P 500 advanced 0.16%, closing at 4,502.88. 

October’s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020. Not all of the economic data was positive, however, since retail sales also declined.

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Plan A: Long if market supported firm above 4520. Targets are 4539 and 4550.

Plan B: Short if market failed to support above 4520. Targets are 4512 and 4499.




E-Mini Nasdaq

Nasdaq Composite inched higher by 0.07% and ended at 14,103.84. 

Wall Street is coming off a strong session in which the S&P 500 and Nasdaq had their best day since April. Those market gains came after the consumer price index remained flat for October, while a Dow Jones consensus expected a slight increase.

In corporate news, Target popped nearly 18% on better-than-expected results for the third quarter. Shares of apparel company V.F. Corp added 14% following a JPMorgan upgrade to neutral from underweight.

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Plan A: Long if market retraced but supported firm above 15920. Targets are 15968 and 15993.

Plan B: Short if market failed to support above 15920. Targets are 15895 and 15866.

HSI

Hong Kong stocks soared almost four percent on Wednesday after a smaller-than-forecast rise in US inflation fanned optimism that the Federal Reserve will not need to hike interest rates further.

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Plan A: Remain long if the market stays above 17656. Targets are 18438 and 18594.

Plan B: Consider short only if the market stays below 17656. Targets are 17500 and 17344.

WTI Crude

West Texas Intermediate (WTI) crude oil closed with a loss on Wednesday as a report showed another rise in US inventories, while the dollar recovered some ground lost after the United States on Tuesday said inflation rose less than expected last month, while fresh data showed the largest drop in the producer price index in more than three years.

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Plan A: Remain short as long as oil price stays below 78.13. Targets are 75.78 and 75.00.

Plan B: Consider long only if oil price stays above 78.13. Targets are 78.91 and 79.69.

Gold

Gold steadied below one-week highs on Wednesday, weighed by a stronger dollar, but expectations that the U.S. Federal Reserve is done with hiking interest rates put a floor under prices.

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Plan A: Remain long as long as gold price stays above 1953.12. Targets are 1972.65 and 1976.56.

Plan B: Attempts short only if gold price stays below 1953.12. Targets are 1945.31 and 1937.50.

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.