20 Nov 2023 Foreign

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

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E-Mini Dow

Wall Street put an inauspicious cherry on the top of a solid week on Friday, with all three major U.S. stock indexes closing little changed/barely green on the session, but posting third-straight weekly gains.

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Plan A: Remain long as long as market trades above 34765. Targets are 35058 and 35156.

Plan B: Consider short if market stays above 34765. Targets are 34667 and 34570.

E-Mini S&P 500

U.S. equity futures were little changed on Morning morning, heading into the shortened Thanksgiving holiday week with all of the major averages coming off of their third straight winning performance.

The yield on the benchmark U.S. 10-year Treasury had also ended Friday at its lowest level since Sept. 20, leading some traders to expect that Treasury yields will continue to compete with equities and become more attractive to investors.

Market bulls remain enthusiastic into the year-end, however, particularly after cooler-than-expected U.S. inflation data released last week calmed investors’ nerves about stubbornly high prices and provided a hopeful indication that the Federal Reserve could stop raising interest rates.

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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

Ahead of the Thanksgiving Day-shortened week, traders are awaiting Nvidia’s earnings and forward guidance out Tuesday. The chipmaker, which has since its stock price skyrocket this year amid the craze around artificial intelligence, is expected to beat on earnings and revenue estimates for the third quarter, according to analysts polled by FactSet. Concerns still exist about the company’s valuation, however.

Investors and techies are also rattled by Friday’s sudden ouster of OpenAI’s former CEO Sam Altman and the resignations of other top executives and staff members at the Microsoft-backed company, igniting broader concerns about the future of the AI industry.

Trading around the Thanksgiving holiday has been choppy in recent years, but November is still the best-performing month for the S&P 500, according to the Stock Traders’ Almanac.

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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 tumbled on Friday as market heavyweight Alibaba was hammered after saying it would call off a planned spinoff of its cloud computing business.

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Plan A: Remain long if the market stays above 17500. Targets are 17813 and 18125.

Plan B: Consider short only if the market stays below 17500. Targets are 17344 and 17188.

WTI Crude

West Texas Intermediate (WTI) crude oil closed higher on Friday, rebounding from a near 5% drop a day earlier that sent prices to the lowest in four months following reports OPEC+ will consider additional steps to support prices when it meets later this month.

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Plan A: Remain long as long as oil price stays above 74.22. Targets are 76.56 and 77.34.

Plan B: Consider short only if oil price stays below 74.22. Targets are 73.44 and 72.66.

Gold

Gold prices held steady on Friday but headed for their biggest weekly gain in four as the dollar and Treasury yields weakened amid growing expectations that the U.S. Federal Reserve is done with its monetary policy tightening.

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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.