14 Dec 2023 Foreign

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

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E-Mini Dow

The Dow Jones industrial average hit its first record closing high since January 2022 and the S&P 500 and Nasdaq rallied more than 1% each on Wednesday after the Federal Reserve signaled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.

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Plan A: Remain long as long as market trades above 36718. Targets are 37304 and 37695.

Plan B: Consider short if market stays below 36718. Targets are 36523 and 36328.

E-Mini S&P 500

The Dow Jones Industrial Average jumped to a record Wednesday as the Federal Reserve signaled it would cut rates several times next year, satisfying investors who hoped the central bank would finally start to acknowledge the slowing trend of inflation with a less-aggressive monetary stance.

The S&P 500 jumped 1.37% to finish the session at 4,707.09 — crossing 4,700 for the first time since January 2022 

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Plan A: Long if market supported firm above 4720. Targets are 4740 and 4760.

Plan B: Short if market failed to support above 4720. Targets are 4700 and 4792.




E-Mini Nasdaq

The Nasdaq Composite climbed 1.38%. to 14,733.96. All three major averages hit fresh 52-week highs.

The central bank held the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range as expected, but more importantly it forecast three rate cuts in 2024, which were more than it had previously indicated. Investors have been increasingly hoping for the Fed to give a clearer signal that it would start cutting rates next year with recent inflation data easing.

The Fed’s meeting statement acknowledged that inflation “has eased” over the past year and the central bank formally lowered its inflation forecast for 2024, seeing a 2.4% rate down from 2.6%.

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Plan A: Long if market retraced but supported firm above 16870. Targets are 16900 and 16926.

Plan B: Short if market fall below 16870. Target are 16825 and 16799

HSI

Hong Kong stocks closed with big losses on Wednesday as traders were left disappointed Chinese leaders did not unveil any major stimulus plans for the economy at this week's economic meeting.

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Plan A: Remain long if the market stays above 16172. Targets are 16484 and 16563.

Plan B: Consider short only if the market stays below 16172. Targets are 16094 and 16016.

WTI Crude

West Texas Intermediate (WTI) crude oil closed higher on Wednesday as OPEC issued a rosy outlook for 2024 demand growth even after as countries at the COP28 meeting in Dubai agreed to transition away from fossil fuels by 2050.

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Plan A: Remain long as long as oil price stays above 68.75. Targets are 70.31 and 71.09.

Plan B: Consider short only if oil price stays above 68.75. Targets are 68.36 and 67.58.

Gold

Gold prices rose more than 1% on Wednesday after the U.S. Federal Reserve flagged an end to its interest rate hike cycle and indicated possible rate cuts next year.

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Plan A: Remain long as long as gold price stays above 2000. Targets are 2046.87 and 2054.68.

Plan B: Attempts short only if gold price stays below 2000. Targets are 1992.18 and 1976.56.

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.