4 Dec 2023 Foreign

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

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E-Mini Dow

Wall Street rallied on Friday after Federal Reserve Chair Jerome Powell offered fresh optimism on its progress to slow the pace of inflation to the U.S. central bank's 2% target without restricting economic growth more than necessary.

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Plan A: Remain long as long as market trades above 35937. Targets are 36523 and 36718.

Plan B: Consider short if market stays below 35937. Targets are 35742 and 35546.

E-Mini S&P 500

Stock futures were fell in overnight trading Sunday after the S&P 500 reached a new 2023 high following a five-week win streak.

The large-cap equity index soared to the highest level since March 2022 on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow has also advanced for five weeks straight and is up 9.4% for the year. The tech-heavy Nasdaq Composite has popped 37% in 2023.

The latest leg up came as investors increasingly bet that the Federal Reserve will stay put at its policy meeting this month and start cutting rates next year. The market turned a blind eye to Fed Chairman Jerome Powell’s effort to tame rate-cut expectations, saying it’s “premature” to anticipate easing in policy.

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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 100 futures inched 0.37% lower.

November was the best month for the 30-stock Dow since October 2022. The S&P 500 and Nasdaq Composite both enjoyed their biggest monthly gains since July 2022. 

Investors are awaiting the November jobs report, scheduled for release on Friday, for confirmation the Fed is done hiking rates. Economists polled by Dow Jones expect the economy to have added 190,000 payrolls.

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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

Wall Street rallied on Friday after Federal Reserve Chair Jerome Powell offered fresh optimism on its progress to slow the pace of inflation to the U.S. central bank's 2% target without restricting economic growth more than necessary.

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Plan A: Remain long if the market stays above 16719. Targets are 17031  and 17188.

Plan B: Consider short only if the market stays below 16719. Targets are 16563 and 16406.

WTI Crude

West Texas Intermediate (WTI) crude oil closed lower for a second day on Friday on disappointment over the scope of the voluntary production cuts announced a day earlier by OPEC+.

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Plan A: Remain short as long as oil price stays below 76.56. Targets are 74.22 and 73.44.

Plan B: Consider long only if oil price stays above 76.56. Targets are 77.34 and 78.13.

Gold

Gold prices rallied to an all-time high on Friday after remarks from Federal Reserve Chair Jerome Powell increased traders' confidence the U.S. central bank had completed its monetary policy tightening and could cut rates starting March.

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Plan A: Remain long as long as gold price stays above 2062.5. Targets are 2156.25 and 2171.87.

Plan B: Attempts short only if gold price stays below 2062.5. Targets are 2046.87 and 2031.25.

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.