7 June 2024 Foreign

 

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

 

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E-Mini Dow

 

As markets anticipated the official jobs report for May, which is expected to be issued on Friday, US benchmark equity indices closed neutral on Thursday.

 

The S&P 500 remained unchanged at 5,353, while the Nasdaq Composite dropped 0.1% to 17,173.1. In the previous session, both indices closed at all-time highs. At 38,886.2, the Dow Jones Industrial Average increased by 0.2%. Consumer discretionary led the gainers in this category, with utilities posting the largest decline.

 

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Plan A: Long positions may be opened above 39090. Targets at 39115/39 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

The US500 CFD rose to 5363.00 Index Points, its highest point ever.

The United States Stock Market Index (US500) rose 3.37% over the previous four weeks and 24.89% over the previous twelve months.

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 above 5373. Targets at 5388/5400 and stop-loss at 5357

Plan B: Short if market failed to support 5356. Targets at 5348/5335 and stop loss at 5379

E-Mini Nasdaq

 

Ahead of an important labor market report, the S&P 500 and Nasdaq composite ended Thursday's trading slightly lower, retreating from record highs hit earlier in the day. The Dow experienced a minor increase.

Investors will be observing the important U.S. nonfarm payrolls report on Friday. The most recent evidence of an improving labor market, which would enable the Federal Reserve to start lowering interest rates, came from the weekly jobless claims report. 

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Plan A: Long if market retraced but supported firm above 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

As investors awaited the release of significant US jobs data, Hong Kong stocks lost Thursday's gains to close the week in the red. The region's economic conditions had deteriorated in May due to soft exports and weak new orders.

The Hang Seng Index ended Friday's trading day at 18,366.95, down 0.59%, or 109.85 points. To close at 6,510.37, the Hang Seng China Enterprises Index decreased by 0.68%, or 44.69 points

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Plan A: Consider long only if the market stays above 18569. Target at 18599/18630 and stop-loss at 18373

Plan B: Remain short if the market stays below 19243. Targets at 18165/18110 and stop loss at 18370

WTI Crude

Although there has been a selloff in oil prices following OPEC+'s decision to gradually reintroduce some barrels into the market later this year, prices are still expected to drop each week. 

WTI and Brent crude are both unchanged at $75.51 and $79.81 a barrel, respectively. Fresh expectations for interest rate reductions in the United States following the European Central Bank's rate lowering for the first time since 2019 helped both indexes reclaim some ground on Thursday. 

 

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Plan A: Remain short as long as oil price stays below 75.76. Targets at 76.21/76.50 and stop-loss at 75.00

Plan B: Consider long only if oil price stays above 74.01. Targets at 73.40/72.90 and stop loss at 75.00

 

Gold

Ahead of the release of the U.S. nonfarm payroll statistics later on Friday, gold futures are trading rangebound at $2,391.6 per troy ounce, essentially unchanged. This week, the price of precious metal has mostly moved flat, rising barely 1.1% since last Friday. 

The market will be expecting for lower-than-expected numbers to bolster the argument that the Federal Reserve can begin relaxing monetary policy as soon as possible. The appeal of gold is generally diminished by higher interest rates for longer periods of time when it comes to non-interest bearing bullion

.

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Plan A: Remain long as long as gold price stays above 2383.7. Targets at 2395.5/2405.0 and stop-loss at 2375.0

Plan B: Attempts short only if gold price stays below 2359.5. Targets at 2346.8/2339.7 and stop loss at 2376.5

 

 

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.