19 Jan 2024 Foreign

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

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E-Mini Dow

Stocks rebounded on Thursday, after two days of broad selling, as AI optimism drove Nvidia and other chip stocks higher, while investors also continued to evaluate when the Federal Reserve is likely to begin cutting rates.

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Plan A: Remain long as long as market trades above 37207. Targets are 37500 and 37695.

Plan B: Consider short if market stays below 37207. Targets are 37109 and 37011.

E-Mini S&P 500

S&P 500 futures oscillated near the flat line on Thursday night.

On Thursday, Congress also passed a bill to avert a partial government shutdown. This stopgap measure keeps the federal government funded through March 1 and March 8. The Senate voted 77-18 to pass the bill, while the House voted to move it forward, 314-108. The bill goes to President Joe Biden for signing.

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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 extended trading, iRobot plunged about 40% after The Wall Street Journal reported that the European Commission would likely reject Amazon’s bid to acquire the Roomba manufacturer. The Journal cited people familiar with the matter.

On Thursday, Congress also passed a bill to avert a partial government shutdown. This stopgap measure keeps the federal government funded through March 1 and March 8. The Senate voted 77-18 to pass the bill, while the House voted to move it forward, 314-108. The bill goes to President Joe Biden for signing.

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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 rose on Thursday on bargain-buying but were still well down for the year so far as traders fret over China's struggling economy, while expectations for an early US interest rate cut fade.

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Plan A: Remain short if the market stays below 15625. Targets are 15156 and 14844.

Plan B: Consider long only if the market stays above 15625. Targets are 15938 and 16250.

WTI Crude

West Texas Intermediate (WTI) crude oil closed with a gain on Thursday as inventories in the United States fell more than expected, even as the International Energy Agency cut its forecast for 2024 oil demand growth and a report said US oil inventories rose last week.

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Plan A: Remain long as long as oil price stays above 71.88. Targets are 74.22 and 74.61.

Plan B: Consider short only if oil price stays below 71.88. Targets are 71.48 and 71.09.

Gold

Gold prices firmed on Thursday, aided by safe-haven demand amid the Middle East conflict, while investors looked out for further clarity on the U.S. Federal Reserve's future interest rate path.

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Plan A: Remain short as long as gold price stays below 2031.25. Targets are 2023.43 and 2007.81.

Plan B: Attempts long only if gold price stays above 2031.25. Targets are 2039.06 and 2046.87.

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.