17 Nov 2023 Foreign

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

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E-Mini Dow

Wall Street caught its breath on Thursday, ending the session little changed as disappointing earnings and weak economic data, combined, had investors wondering whether to sell or celebrate.

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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

Stock futures oscillated near the flatline Friday as investors looked to keep this month’s gains going.

In after-hours action, Gap shares leapt 15% as the company posted better-than-expected results in the third quarter. Electric vehicle charging network ChargePoint slid 29% after announcing a shake-up in its C-suite and cutting its forecast for third-quarter revenue.

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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

All three averages are on pace for weekly gains — and that would mark their third straight positive week. The S&P 500 and the Nasdaq are up more than 2% through Thursday’s close, while the Dow is on pace for a 1.9% rise.

Soft readings for October’s consumer price index and the producer price index carried stocks during the week. CPI was flat from the previous month, while wholesale prices dropped 0.5% for their largest monthly decline since April 2020.

The results lifted investors’ hopes that the worst of inflation — as well as the Federal Reserve’s tough stance on rate policy — may be in the rearview mirror.

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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 fall below 15920. Target are 19880 and 19855

HSI

Hong Kong stocks dropped on Thursday, giving back some of the previous day's near-four percent rally as profit-takers moved in on a subdued day for Asian markets.

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Plan A: Remain short if the market stays below 17813. Targets are 17344 and 17188.

Plan B: Consider long only if the market stays above 17813. Targets are 17969 and 18125.

WTI Crude

West Texas Intermediate (WTI) crude oil weakened for a second day on Thursday, dropping 4.9% as rising inventories amid record production in the United States continue to heighten demand concerns.

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Plan A: Remain short as long as oil price stays below 75.00. Targets are 71.88 and 71.09.

Plan B: Consider long only if oil price stays above 75.00. Targets are 76.56 and 78.13.

Gold

Gold prices rose more than 1% on Thursday as the dollar and Treasury yields dipped after U.S. weekly jobless claims increased more than expected, cementing expectations that the Federal Reserve will pause its interest rate hiking cycle.

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Plan A: Remain long as long as gold price stays above 1968.75. Targets are 1992.18 and 2000.

Plan B: Attempts short only if gold price stays below 1968.75. Targets are 1960.93 and 1945.31.

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.