6 June 2024 Foreign

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

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E-Mini Dow

The stock indices had a positive closing to the trading day. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) all had increases of 2.04%, 1.18%, and 0.25%, respectively.

The Nonfarm Employment Change report from Automatic Data Processing (NASDAQ:ADP) was released on Wednesday, and the results were worse than anticipated. Nonfarm employment increased by 152,000 in May compared to estimates of a 173,000 increase. The current bounce is a result of investor confidence for rate decreases stoked by this.

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Plan A: Long positions may be opened above 38950. Targets at 39005/39070 and stop-loss at 38800

Plan B: Consider short if market stays below 38800. Targets at 38700/38550 and stop loss at 39000

E-Mini S&P 500

After the S&P 500 and Nasdaq Composite surged to new record highs in the 

previous session, US stock futures remained stable on Thursday

The S&P 500 increased by 1.18%The S&P 11 sectors saw higher closing values, 

with technology, communication services, and industrials leading the way.

These actions occurred as the AI darling Nvidia drove technology stocks higher, 

rising 5% to overtake Apple in value and achieving a $3 trillion market valuation

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Plan A: Long if market supported firm above 5377. Targets at 5388/5400 and stop-loss at 5357

Plan B: Short if market failed to support 5357. Targets at 5323/5300 and stop loss at 5377.



E-Mini Nasdaq

The technology sector led the S&P 500 and Nasdaq indexes to record closing highs on Wednesday, as investors processed economic data that may confirm the Federal Reserve's much-anticipated policy-easing cycle

Among the 11 S&P 500 sectors, technology stocks led the rise, followed by stocks in the communications and industrials sectors. The largest losers were stocks related to consumer staples.

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Plan A: Long if market retraced but supported firm above 19115. Targets at 19180/19211 and stop-loss at 19050 

Plan B: Short if market fall below 19050. Targets at 18950/18810 and stop loss at 19115 

HSI

S&P Global said on Wednesday that Hong Kong business conditions "deteriorated" in May due to lower exports and poor new orders.

According to S&P Global, which cited its monthly poll, the headline seasonally adjusted Hong Kong purchasing managers index (PMI) decreased to 49.2 in May from 50.6 in April, falling below the 50-marker that distinguishes growth from contraction.

For the Hong Kong Special Administrative Region, S&P Global produces a single, comprehensive release rather than separate "manufacturing" and "service sector" PMI reports as it does for other countries or areas.

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Plan A: Consider long only if the market stays above 17800. Targets are 17852 and 17920.

Plan B: Remain short if the market stays below 17800. Targets are 17752 and 17726.

WTI Crude

Despite an unanticipated increase in U.S. crude and gasoline stocks, oil prices rose from four-month lows as market observers thought the current sell-off was excessive. WTI is up 0.9% to $74.73 a barrel, while Brent is up 0.8% at $79.03 a barrel. In contrast to predictions of a 1.6 million barrel decline, U.S. commercial crude oil stocks increased by 1.2 million barrels in the week ending May 31, according to the Energy Information Administration. 

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Plan A: Remain short as long as oil price stays below 74.50. Targets are 71.33 and 69.55.

Plan B: Consider long only if oil price stays above 76.00. Targets are 77.80 and 78.25.

Gold

On Thursday, gold prices reached a two-week high as investors braced themselves for U.S. non-farm payrolls data and U.S. bond yields dropped amid indications of a softening labor market, supporting the case for a September interest rate decrease by the Federal Reserve.

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Plan A: Remain long as long as gold price stays below 2380. Targets are 2400.15 and 2411.55.

Plan B: Attempts short only if gold price stays below 2365. Targets are 2330.21 and 2352.50.

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.