Friday, April 26, 2024

26 April 2024 Foreign

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


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E-Mini Dow

Thursday’s sell-off was triggered by new U.S. economic data that showed a sharp slowdown in growth and pointed to persistent inflation. Gross domestic product expanded by 1.6% in the first quarter, compared to a Dow Jones forecast of 2.4%. Meanwhile, the personal consumption expenditures price index for the period rose at a 3.4% pace, well above the previous quarter’s 1.8% increase. 

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Plan A: Remain long as long as market trades above 38089. Targets are 38251 and 38324.

Plan B: Consider short if market stays below 38089. Targets are 37825 and 37775.




E-Mini S&P 500

S&P 500 futures rose in overnight trading Thursday as Big Tech names Alphabet and Microsoft saw shares rally on strong earnings.

Still, major averages are on track for a winning week. The S&P 500 is up 1.6% week to date, on pace to break a three-week losing streak. The Nasdaq has gained more than 2%, headed for its first positive week in five. The Dow is up by a more modest 0.3% this week.

So far, about 38% of the S&P 500 companies have reported quarterly results, and nearly 80% of those beat earnings expectations.



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Plan A: Long if market supported firm above 5080. Targets are 5101 and 5118.

Plan B: Short if market failed to support above 5080. Targets are 5071 and 5063.




E-Mini Nasdaq

Futures linked to the broad market index climbed 0.7%, and Nasdaq 100 futures popped 1%. Futures on the Dow Jones Industrial Average gained 30 points, or 0.08%.

Shares of Alphabet jumped 11% in extended trading following a better-than-expected first-quarter earnings The company also authorized its first ever dividend, as well as a $70 billion buyback.

Microsoft saw shares climb 4% after the software maker posted fiscal third-quarter results that surpassed Wall Street’s expectations. 

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Plan A: Long if market retraced but supported firm above 17256. Targets are 17285 and 17312. 

Plan B: Short if market fall below 17256. Target are 17212 and 17174.

HSI
Hong Kong stocks rose at the start of business on Friday following healthy earnings from tech titans Microsoft and Alphabet, while eyes turn to the release of key US inflation data later in the day.

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Plan A: Remain short if the market stays below 16426. Targets are 16396 and 16362.

Plan B: Consider long only if the market stays above 16426. Targets are 16469 and 16500.


WTI Crude
Oil prices settled higher on Thursday on worries of supply disruptions in Middle East supply as Israel stepped up airstrikes on Gaza's Rafah and on the U.S. Treasury secretary's comments that the economy was performing well.

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Plan A: Remain short as long as oil price stays below 82.76. Targets are 80.25 and 78.14.

Plan B: Consider long only if oil price stays above 82.76. Targets are 83.15 and 85.20.


Gold
Gold prices steadied on Wednesday as risk premiums over tensions in the Middle East eased, while investors strapped in for U.S. economic data due later in the week that could offer clues to the Federal Reserve's interest rate path.
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Plan A: Remain short as long as gold price stays below 2446.87. Targets are 2431.25 and 2419.53.
Plan B: Attempts long only if gold price stays above 2446.87. Targets are 2454.68 and 2462.50.


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. 

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