Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Ahead of this week's economic data and Federal Reserve officials' speeches that could provide insight into monetary policy, technology shares surged, sending the S&P 500 and Nasdaq to record closing highs on Monday.
In the event that his economic projection comes to pass, Philadelphia Fed President Patrick Harker stated on Monday that the Fed will be able to lower its benchmark interest rate once this year.
Plan A: Short positions may be opened below 39121. Targets at 39002/38989 and stop-loss at 39300
Plan B: Consider long position may be opened above 39289. Targets at 39400/39500 and stop loss at 39100
E-Mini S&P 500
A preview of Rae Wee's upcoming day in the European and international markets
The Reserve Bank of Australia (RBA) maintained rate stability on Tuesday, citing persistent domestic pricing pressures—a problem shared by other central banks across the world.
The attention returns to political unrest within the group following the RBA's rate decision, which ended an otherwise unremarkable day for Asia. However, futures indicate that markets may receive some reprieve following last week's hammering. In Europe, there is a light data schedule.
Plan A: Long if market supported firm above 5540. Targets at 5575/5590 and stop-loss at 5530
Plan B: Short if market failed to support 5530. Targets at 5504/5480 and stop loss at 5550
E-Mini Nasdaq
According to J. Bryant Evans, portfolio manager and investment advisor at Cozad Asset Management in Champaign, Illinois, "there is hope that lower interest rates might come into play going forward, reducing housing costs and helping consumers."
If Philadelphia Fed President Patrick Harker's economic projection comes to pass, the Fed may be able to lower its benchmark interest rate once this year.
Plan A: Long if market retraced but supported firm 20160. Targets at 20280/20320 and stop-loss at 20130
Plan B: Short if market fall below 20120. Targets at 20017/19990 and stop loss at 20160
HSI
According to data released on Monday by the Census and Statistics Department (C&SD), Hong Kong's real gross domestic product (GDP) increased by a modest 2.7% in the first quarter of 2024 as compared to the same period the previous year.
According to the C&SD, Hong Kong's GDP grew by 4.3% in the fourth quarter of 2023 compared to the same period last year.
Regarding the city's economic outlook for the remainder of the year, government representatives are still upbeat. They expect more expansion, bolstered by a rebound in domestic travel and government initiatives to publicize big events.
According to officials, Hong Kong's real GDP is predicted to grow by 2.5% to 3.5% in 2024, with headline inflation coming in at 2.4%.
Plan A: Consider long only if the market stays above 17990. Target at 18050/18124 and stop-loss at 17850
Plan B: Remain short if the market stays below 17830. Targets at 17810/17726 and stop loss at 17890
WTI Crude
A wider risk-on sentiment in markets helped to sustain crude oil prices as robust macroeconomic data exceeded expectations, according to a note from ANZ Bank on Tuesday.
The bank stated that other significant signs point to a slowing pace of inflation, which increases the likelihood of a rate drop by the US Federal Reserve. Despite reduced levels of oil refining in China, where refiners are closing more units than usual due to thin margins, there are signs of improvement in the global oil demand.
Plan A: Remain short as long as oil price stays below 79.17. Targets at 78.80/78.20 and stop loss at 79.66
Plan B: Consider long only if oil price stays above 79.66. Targets at 80.00/80.63 and stop-loss at 78.95
Gold
According to a recent survey, central banks throughout the world anticipate that global gold holdings will rise over the course of the next year, despite growing skepticism about the US dollar.
According to the World Gold Council research, more than four out of five respondents expect reserve managers to raise global bullion holdings, the largest percentage since the annual survey began. Almost thirty percent of banks, including thirteen percent of those in developed nations, intend to increase their own reserves in the upcoming year.
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Plan A: Remain short as long as gold price stays below 2335. Targets at 2319/2309 and stop-loss at 2343.7
Plan B: Attempts long only if gold price stays above 2340. Targets at 2350/2358 and stop loss at 2319
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.