Wednesday, November 29, 2023

30 Nov 2023 Foreign


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


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E-Mini Dow

Wall Street's three main indexes petered out and ended mixed near unchanged as investors decided to rein in risk ahead of a data flood on Thursday.

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Plan A: Remain long as long as market trades above 35400. Targets are 35546 and 35595.

Plan B: Consider short if market stays below 35400. Targets are 35253 and 35156.




E-Mini S&P 500

The 30-stock Dow gained 520 points, or 1.47%, to close at 35,950.89, surpassing its previous high for the year in August. The S&P 500 added 0.4% to 4,567.80.

Data released early Thursday showed that the personal consumption expenditures price index — the Federal Reserve’s favorite inflation gauge — rose 3.5% on a year-over-year basis, a slowing from a 3.7% annual gain in prior month.


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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

The Nasdaq Composite was about 0.2% lower at 14,226.22 as investors took some profits in Big Tech stocks that have led the November comeback.

The 10-year Treasury yield, which had spooked investors by rising above 5% last month, collapsed this month as the cooling inflation data rolled out, helping to boost sentiment for equities. The 10-year yield ticked a higher to 4.34% Thursday.

Technology shares were far and away the big winners in November, but investors took some of those bets off the table as the month came to a close. Nvidia shed 2.9% on Thursday, but still ended the month up 14.7%. Tesla shares were off by 1.7% Thursday following a 19.5% comeback in November. Alphabet and Meta lost 1.8% and 1.5% during the day, respectively.


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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 closed sharply lower on Wednesday, extending a sell-off fuelled by profit-taking, with tech giants leading the losses.

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Plan A: Remain short if the market stays below 17344. Targets are 16875 and 16719.

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

WTI Crude
Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on expectations of fresh supply cuts from OPEC+ and looked past a jump in U.S. crude, gasoline and distillate stockpiles.

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Plan A: Remain long as long as oil price stays above 76.56. Targets are 78.13 and 78.52.

Plan B: Consider short only if oil price stays above 76.56. Targets are 75.78 and 75.00.


Gold

Gold slipped on Thursday but remained on track for a second straight monthly gain as expectations that the Federal Reserve may soon cut interest rates enhanced the appeal of non-yielding bullion.


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Plan A: Remain long as long as gold price stays above 2023.43. Targets are 2062.5 and 2078.12.
Plan B: Attempts short only if gold price stays below 2023.43. Targets are 2007.81 and 2000.


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. 

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