22 Jan 2024 Foreign

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

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E-Mini Dow

The S&P 500 posted a record high close on Friday for the first time in two years, fueled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence.

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Plan A: Remain long as long as market trades above 37500. Targets are 37988 and 38183.

Plan B: Consider short if market stays below 37500. Targets are 37402 and 37304.

E-Mini S&P 500

Stock futures rose on Sunday evening, with investors looking to build on the S&P 500′s fresh all-time high from Friday.

Stocks roared back to life on Friday after losing ground earlier in the week. The S&P 500 broke both its intraday and closing record from January of 2022. The Dow Jones Industrial Average and tech-heavy Nasdaq Composite also closed higher, with all three major indexes now in the green so far in 2024. Friday’s gain officially signaled that Wall Street is indeed in a bull market stemming from an October 2022 low.

Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.

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Plan A: Long if market supported firm above 4877. Targets are 4889 and 4999.

Plan B: Short if market failed to support above 4877. Targets are 4862 and 4851.


E-Mini Nasdaq

Tech stood out among S&P 500 sectors on Friday, gaining 2.35% on the day and 4% on the week.

Wall Street’s strength will seemingly depend on whether or not the U.S. central bank will capture an economic soft landing. Investors are hoping for a series of benchmark interest rate cuts beginning in March, although they are less sure the initial cut will come to fruition.

Data from the CME Group’s FedWatch Tool as of Friday shows investors are now pricing in a roughly 47% chance of a Fed rate cut in March, a steep decrease from 81% a week earlier.

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Plan A: Long if market retraced but supported firm above 17533. Targets are 17582 and 17619.

Plan B: Short if market fall below 17533. Target are 17501 and 17482.

HSI

Hong Kong stocks ended a dire week with another loss on Friday as worries over China's economic outlook overshadowed a tech-fuelled rally in New York and across most of Asia.

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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 loss on Friday, with trading continuing in a tight range as weak demand and sufficient suppy is balanced with geopolitical worries amid rising Middle East tensions.

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Plan A: Remain long as long as oil price stays above 71.88. Targets are 74.22 and 75.00.

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

Gold

Gold firmed on Friday but was poised to record its biggest weekly decline in six, as comments from Federal Reserve policymakers through the week lowered expectations of an early rate cut.

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Plan A: Remain long as long as gold price stays above 2015.62. Targets are 2039.06 and 2054.68.

Plan B: Attempts short only if gold price stays below 2015.62. 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.