Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
With the market close to record highs, investors were looking for new catalysts in the last few trading days of June and the first half of 2024. As a result, US stock futures saw minimal movement on Monday.
Despite concerns about the direction of the economy and potential interest rate cuts from the Federal Reserve, technology stocks continued to rise last week, pushing the S&P 500 and Nasdaq Composite to all-time highs.
The last two sessions saw pressure on both benchmark indexes, meanwhile, as investors cashed out of Nvidia and other hot tech firms with ties to artificial intelligence.
As traders moved into more fairly valued industries including financials, consumer staples, and energy, the Dow increased by 1.5% last week.
Plan A: Long positions may be opened above 39688. Targets at 39793/39899 and stop-loss at 39459
Plan B: Consider short position may be opened below 39408. Targets at 39371/39280 and stop loss at 39477
E-Mini S&P 500
A look at the day ahead in European and global markets from Wayne Cole.
It's been a mildly risk-off start to the week with most share indices in the red, the dollar up and Treasury yields down a touch, though there was no obvious catalyst for the moves.
The dollar got as far as 159.94 yen in early trading sparking the usual warnings from Japanese officials against "excessive" volatility, shorthand for an intervention alarm. The 160.00 level is seen as a red line for the Japanese given they intervened in late April when the dollar reached 160.245.
Plan A: Long if market supported firm above 5553. Targets at 5566/5582and stop-loss at 5530
Plan B: Short if market failed to support 5531. Targets at 5518/5503and stop loss at 5545
E-Mini Nasdaq
Wall Street's explosive gains since the latter quarter of 2023 have mostly come from companies like Nvidia and a few other highly weighted equities with ties to artificial intelligence. Analysts have raised concerns about the sustainability of the significant increase in their valuations, though.
"The biggest firms in the S&P 500 are outstanding, exceedingly lucrative, and expanding swiftly... however, they are becoming somewhat pricey," stated Chris Zaccarelli, chief investment officer of Independent Advisor Alliance.
"We wouldn't be surprised if the market takes a breather and cools off a bit in the short term."
Plan A: Short if market retraced but supported firm 19994. Targets at 19902/19822 and stop-loss at 20050
Plan B: Long if market fall rise above 20166. Targets at 20246/20320 and stop loss at 20080
HSI
After trading noticeably lower in morning trade, the Hang Seng concluded Monday's trading day flat at 18,028 as gains from financials outweighed losses from tech, consumers, and real estate.
This week, investors were looking forward to important US economic data, such as PCE figures, the Fed's preferred inflation benchmarks, and final Q1 GDP figures.
Additionally, traders were ready for a political event that would take place on Thursday in Atlanta: the first presidential debate of 2024 between US President Biden and US President Trump.
Plan A: Consider long only if the market stays above 18159. Target at 18257/18307 and stop-loss at 18080
Plan B: Remain short if the market stays below 18022. Targets at 17969/17874 and stop loss at 18080
WTI Crude
The U.S. Energy Information Administration announced on Friday that New England's and the country's overall electricity demand increased last week due to the abnormally high temperatures that blanketed the area.
According to the EIA, hourly demand in the Independent System Operator (ISO-NE) electric grid area of New England peaked at 23,324 megawatts (MW) on June 20, evening, nearing the top of 24,043 MW last year.
Peak hourly electricity demand on June 19 and June 20 was marginally less than the 24,553 MW predicted in the summer evaluation by ISO-NE. With the dropping temperatures, ISO-NE predicted reduced demand for the weekend and the first part of this week.
Plan A: Remain long as long as oil price stays above 81.03. Targets at 81.56/82.40 and stop loss at 80.50
Plan B: Consider short only if oil price stays below 80.50. Targets at 80.12/79.52 and stop-loss at 80.96
Gold
The Federal Reserve's interest rate trajectory may be affected by the inflation data that is scheduled for later this week, which could lead to an increase in gold prices on Monday as U.S. Treasury yields decreased.
As of 08:34 GMT, spot gold was up 0.4% at $2,330.56 an ounce, following a 1% decline on Friday as a result of a stronger dollar. Gold futures in the US increased by 0.5% to $2,343.30.
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Plan A: Remain short as long as gold price stays below 2347. Targets at 2312/2294 and stop-loss at 2357
Plan B: Attempts long only if gold price stays above 2357. Targets at 2366/2390 and stop loss at 2225
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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