Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Monday saw a one-month high for the Dow as investors moved out of AI-related equities and bought some laggards to their portfolios in anticipation of this year's Federal Reserve interest rate cuts, while the Nasdaq fell more than 1%.
As technology stocks, which have led this year's rise with their disproportionate gains, were rotated out of the market, the S&P 500 and Nasdaq finished lower. However, nine of the eleven key industry sectors that make up the S&P 500 saw gains.
For a third session, Nvidia fell 6.68% as investors took advantage of the semiconductor bellwether, which had become the most valuable company in the world last week thanks to its explosive climb.
Plan A: Long positions may be opened above 39616. Targets at 39838/39950 and stop-loss at 39500
Plan B: Consider short position may be opened below 39400. Targets at 39303/39081 and stop loss at 39616
E-Mini S&P 500
In addition to anticipating an earnings report from memory chipmaker Micron Technology, investors cheered forecast-beating quarterly results and profit forecast from global economic bellwether FedEx. September S&P 500 E-Mini futures (ESU24) are up +0.23%, and September Nasdaq 100 E-Mini futures (NQU2024) are up +0.38% this morning.
FedEx Corporation (FDX) saw a jump of more than +13% in pre-market trading on the shipping behemoth's positive Q4 earnings, robust full-year adjusted EPS guidance, and announcement that it will repurchase $2.5 billion in shares over the following 12 months.
Plan A: Short if market supported firm below 5530. Targets at 5518/5500 and stop-loss at 5545
Plan B: Long if market break the resistance at 5550. Targets at 5558/5570 and stop loss at 5530
E-Mini Nasdaq
As investors anticipated crucial inflation data this week for more clues on the Fed's monetary policy direction, the Dow fell from a one-month high on Tuesday, while the Nasdaq surged as Nvidia and other AI-linked firms rallied following brutal selloffs.
Nvidia NVDA, an AI chip company, gained 3.3%, recovering some of its losses following three straight sessions of declines. Since closing at a record high last week, the stock has still dropped 11%.
Plan A: Short if market retraced but resisted firm 19837. Targets at 19805/19638 and stop-loss at 19983
Plan B: Long if market fall rise above 20060. Targets at 20148/20315 and stop loss at 19805
HSI
On Wednesday, Chinese stocks saw a comeback driven by advances in artificial intelligence stocks; however, due to worries about muted domestic economic data, the benchmark CSI300 remained close to four-month lows.
China’s CSI AI Index (.CSI930713) surged 3.7% as local AI startups acted quickly to draw OpenAI customers. On Tuesday, the blue-chip CSI300 index (3 399300) fell to a four-month low.
Plan A: Consider long only if the market stays above 18021. Target at 18182/18300 and stop-loss at 18015
Plan B: Remain short if the market stays below 17924. Targets at 17770/17652 and stop loss at 18035
WTI Crude
The U.S. Energy Information Administration announced on Tuesday that more American electric companies are disclosing the use of batteries for arbitrage, which involves charging batteries by purchasing electricity at a discount and then selling it when prices rise.
Electric utilities in the United States reported using 575 batteries with a total capacity of 15,814 megawatts (MW) at the end of 2023. By the end of 2028, the U.S. battery capacity is expected to quadruple, adding 35,953 MW, according to the EIA.
According to the EIA, which cited utility records, arbitrage is the most frequently reported primary use case for 10,487 MW of battery capacity.
Plan A: Remain long as long as oil price stays above 81.64. Targets at 82.44/82.99 and stop loss at 80.99
Plan B: Consider short only if oil price stays below 80.29. Targets at 79.74/78.94 and stop-loss at 81.08
Gold
As the market anticipated a French election and a significant U.S. inflation report, European stock markets saw gains on Wednesday. The yen was trading slightly below the 160/USD barrier, which kept traders on the lookout for potential intervention.
After Nvidia shares rebounded on Tuesday after three consecutive days of losing, risk sentiment in Europe was generally bullish as investors focused on the monetary policy outlook and the possibility of additional rate cuts.
Head of money and markets at Hargreaves Lansdown Susannah Streeter stated, "Fears of a big imminent market wobble are now receding."
Plan A: Remain short as long as gold price stays below 2322. Targets at 2313/2299 and stop-loss at 2335
Plan B: Attempts long only if gold price stays above 2335. Targets at 2344/2358 and stop loss at 2335
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.
