15 Jan 2024 Foreign

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

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E-Mini Dow

The main U.S. indexes mixed on the day as a mixed bag of big bank earnings reports offset a cooler-than-expected inflation report that lifted hopes for interest-rate cuts from the Federal Reserve.

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Plan A: Remain short as long as market trades below 37695. Targets are 37500 and 37402.

Plan B: Consider long if market stays above 37695. Targets are 37792 and 37890.

E-Mini S&P 500

The Dow Jones industrial Average slipped Friday as traders parsed through the first batch of fourth-quarter earnings and digested the second in a pair of closely watched inflation reports this week.

Investors got some encouraging news on inflation Friday with wholesale prices unexpectedly declining by 0.1% in December. The data follows the more widely followed consumer prices data Thursday, which came in modestly hotter than economists had forecasted, with prices up 0.3% on the month and 3.4% from a year ago.

“PPI affirms that December’s pickup in the CPI was likely a one-off,” said Bill Adams, chief economist for Comerica Bank. “The path continues to clear for the Fed to begin cutting interest rates in 2024 and to slow the pace at which they shrink their balance sheet.”

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Plan A: Long if market supported firm above 4760. Targets are 4779 and 4788.

Plan B: Short if market failed to support above 4760. Targets are 4751 and 4745.


E-Mini Nasdaq

In the fourth quarter, the economy remained healthy, read a Thursday note from the firm. Unemployment remained low even as the labor market cooled, real wages rose, and consumer finances remained intact.

As such, UBS expects that company earnings will have risen 4% to 5% in the fourth quarter from the year-ago period, implying earnings beats of 3% to 5%. “Putting it all together, the macro data suggests a fine 4Q23 earnings season,” read the note.

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Plan A: Long if market retraced but supported firm above 16714. Targets are 16745 and 16778.

Plan B: Short if market fall below 16714. Target are 16685 and 16659

HSI

Hong Kong stocks closed out the week with more losses on Friday as weak data from China added to worries about the world's number two economy, while a forecast-beating US inflation print dented hopes for an early interest rate cut.

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Plan A: Remain short if the market stays below 16406. Targets are 16094 and 15938.

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

WTI Crude

West Texas Intermediate (WTI) crude oil closed with a gain on Friday but fell off early highs after the United States and United Kingdom launched airstrikes against the Houthi militia in Yemen to end the group's attacks on Red Sea shipping.

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Plan A: Remain short as long as oil price stays below 73.44. Targets are 71.88 and 70.31.

Plan B: Consider long only if oil price stays above 73.44. Targets are 74.22 and 75.00.

Gold

Gold prices scaled a one-week peak on Friday as an escalation in the Middle East conflict fuelled safe-haven buying, while softer U.S. producer price inflation boosted bets that the Federal Reserve might cut interest rates sooner.

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Plan A: Remain long as long as gold price stays above 2031.25. Targets are 2054.68 and 2062.50.

Plan B: Attempts short only if gold price stays below 2031.25. Targets are 2023.43 and 2015.62.

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.