Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
In line with the rising foreign indexes, Wall Street shares withdrew from their record highs set early on Thursday. Meanwhile, Treasury yields increased as they anticipated fresh supply the next week, despite weak U.S. data.
The dollar strengthened as differences with declining non-dollar rates grew wider due to increased U.S. yields. It approached the 160 yen zone that spurred Tokyo's intervention to defend its currency in late April.
Plan A: Long positions may be opened above 39591. Targets at 39777/39878 and stop-loss at 39488
Plan B: Consider short position may be opened below 39406. Targets at 39341/39500 and stop loss at 39188
E-Mini S&P 500
King Dollar is stepping up to bring the week to a whole new level. In particular, the yen has returned to its rightful place, breaking through the widely watched 159 per dollar mark that was last observed in late April, when Tokyo was had to incur significant costs for currency intervention in order to pull it back from the precipice.
There was no compelling data that would have forced the Federal Reserve to raise interest rates, which would have prevented the greenback from rallying sharply overnight.
Plan A: Long if market supported firm above 5552. Targets at 5579/5602 and stop-loss at 5536
Plan B: Short if market failed to support 5531. Targets at 5517/5490 and stop loss at 5570
E-Mini Nasdaq
Following significant inflows drawn by spot U.S. bitcoin exchange traded funds (ETFs) since their inception in January, Bernstein increased its estimate for the price of bitcoin in 2025 to $200,000 from $150,000 earlier.
The price of bitcoin was $66,000 at the last trade, up 55% so far this year following the historic regulatory approval for bitcoin-tracking ETFs by the US government.
"We see bitcoin ETFs as on the cusp of approvals at major wirehouses/large private bank platforms in Q3/Q4,"
"The institutional basis trade looks like the 'Trojan Horse' for adoption, and these investors are in the process of evaluating 'net long' positions."
Presently, broker platforms are the source of around 80% of the spot flows for bitcoin ETFs from self-directed retail investors, with institutional linkages with wirehouses still in the early stages of development.
Plan A: Long if market retraced but supported firm 19959. Targets at 20125/20200 and stop-loss at 19888
Plan B: Short if market fall below 19940. Targets at 19869/19800 and stop loss at 20161
HSI
The China Evergrande New Energy Vehicle 708 shares surge up to 61% at HK$0.475, the highest level since June 7, and are expected to end a five-session losing run.
Top percentage gainer on the Hong Kong exchange, stocks are poised for their greatest day since May 27 if the momentum continues.
Stocks on track to gain 32.4% by the end of the week, marking the largest weekly increase since mid-May.
According to brokers, the market is waiting for new trading incentives, therefore this is more of a bounce following the recent dip.
China Evergrande Group 3333's electric vehicle (EV) unit warned this week that it could lose assets if local government organizations demanded that its units repay 1.9 billion yuan ($261.9 million) in subsidies.
Plan A: Consider long only if the market stays above 18201. Target at 18357/18453 and stop-loss at 18105
Plan B: Remain short if the market stays below 18100. Targets at 17955/19850 and stop loss at 18182
WTI Crude
Friday's crude oil futures saw minimal movement, but they were expected to rise for a second week due to improving demand and declining fuel and oil stocks in the United States, which consumes the most oil globally.
After increasing 0.8% the previous session, Brent futures for August settlement fell 18 cents to $85.53 a barrel by 0656 GMT.
The price of a barrel of U.S. West Texas Intermediate oil futures (CL1!) for August delivery dropped 14 cents to $81.15. On Thursday, the July contract terminated at $82.17, up 0.7%.
Since the start of the month, prices have increased by around 5%, reaching their highest point in more than seven weeks.
Plan A: Remain short as long as oil price stays below 80.83. Targets at 80.16/79.82 and stop loss at 81.18
Plan B: Consider long only if oil price stays above 80.91. Targets at 81.77/82.16 and stop-loss at 80.65
Gold
Friday's crude oil futures saw minimal movement, but they were expected to rise for a second week due to improving demand and declining fuel and oil stocks in the United States, which consumes the most oil globally.
After increasing 0.8% the previous session, Brent futures for August settlement fell 18 cents to $85.53 a barrel by 0656 GMT.
The August delivery of U.S. West Texas Intermediate oil futures (CL1!) was down 14 cents to $81.15 per barrel. On Thursday, the July contract terminated at $82.17, up 0.7%.
Since the start of the month, prices have increased by around 5%, reaching their highest point in more than seven weeks.
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Plan A: Remain short as long as gold price stays below 2365. Targets at 2345/2336 and stop-loss at 2380.5
Plan B: Attempts long only if gold price stays above 2375.2. Targets at 2386.2/2394.4 and stop loss at 2365
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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