Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Our nation's leadership in the world could be jeopardized by our perilous political differences, but our financial, technological, and industrial innovation inspires the world more than anything else.
While it hasn't brought Democrats and Republicans together, the unsuccessful attempt on the life of former President Donald Trump has sent waves of patriotic investors into the stock market. Following his near-death experience, Trump Media & Technology Group saw a 50% increase in trading volume on 20 times the typical daily trading volume when the market opened for business.
At the rally, it was proposed that Trump's fans showed their support by purchasing the stock like a Make America Great Again hat. Moreover, the S&P 500 index increased.
Plan A: Long positions may be opened above 41277. Targets at 41387/41518 and stop-loss below 41235
Plan B: Consider short position may be opened below 41233. Targets at 41138/41021 and stop loss above 41280
E-Mini S&P 500
Both stock averages tread into record territory after holiday-shortened session saw investors excited about Tesla shares.
The S&P 500 and the Nasdaq Composite are on a roll. Record after record, these two Wall Street darlings wrapped up Wednesday’s holiday-shortened session at fresh all-time highs. The broad-based equity average added 0.5% on the day to clock out at 5,537 points — its second straight close above the key 5,500 milestone. And the tech-heavy Nasdaq added 0.9% to finish at 18,188.30.
Driving the gains was a solid push higher in Tesla shares. The EV maker notched another 6.5% on the day, extending the 10% gain from a day earlier. Markets were still running high on the conviction that maybe Tesla is out of the slump after the latest delivery figures came in above estimates. And indeed, Tesla has nearly wiped out its 40% loss on the year.
Independence Day is today and stock markets will be closed to celebrate the Fourth of July holiday. Normal trading activities are set to resume Friday when the US Labor Department will release its key figure — the US jobs report. Prepare for volatility and trading opportunities once the number drops. Expectations are set for 189,000 new jobs to have been added over the month of June.
Plan A: Short if market supported firm below 5684. Targets at 5674/5663 and stop-loss at 5695
Plan B: Long if market break the resistance at 5720. Targets at 5733/5749 and stop loss at 5715
E-Mini Nasdaq
Though it did little to stifle expectations of interest rate cuts by the Federal Reserve this year, unexpectedly robust retail sales data suggested sustained strength in the U.S. economy and set Wall Street up for a higher start on Tuesday.
Earnings for corporations were also emphasized. The decline in Bank of America's interest revenue and increased reserves for anticipated credit losses contributed to the company's second-quarter earnings decline. Nonetheless, premarket trading saw a 1.7% increase in shares of the second-largest US bank due to a positive net interest-income estimate.
Charles Schwab (SCHW) plummeted 5% following earnings, while Morgan Stanley (MS) sank 2.6% after reporting wealth management income that fell short of projections.
According to a Commerce Department data, June retail sales were flat compared to expectations of a 0.3% decline.
Plan A: Short if market retraced but resisted firm 20428. Targets at 20344/20259 and stop-loss at 20513
Plan B: Long if market fall rise above 20614. Targets at 20695/20793 and stop loss at 20580
HSI
Major indices in China traded in narrow ranges on Wednesday as investors anticipated policy announcements from a crucial leadership meeting in Beijing, which is scheduled to conclude on Thursday. China equities were struggling to get traction.
A prolonged housing slump and employment concerns dashed hopes for a weak rebound, as data released on Monday revealed that the second-largest economy in the world expanded far more slowly than anticipated in the second quarter.
Investors are also concerned that, should Donald Trump win the US presidential election, China will play a significant role in his thinking about foreign policy.
More proof of the hard line the United States would take against China during a second Trump presidency comes from his selection of J.D. Vance as his vice presidential running mate.
Plan A: Consider long only if the market stays above 17768. Target at 17885/18026 and stop-loss at 17722
Plan B: Remain short if the market stays below 17720. Targets at 17620/17495 and stop loss at 17770
WTI Crude
Despite losses being limited by falling U.S. oil stocks, oil prices dropped on Wednesday, with the global benchmark Brent crude oil price closing in on a one-month low that was reached in the previous session due to concerns of waning demand in China.
By 0620 GMT, Brent crude oil futures (BRN1!) had dropped 15 cents, or 0.2%, to $83.58 per barrel. The U.S. West Texas Intermediate crude futures CL1! dropped to $80.63 by 13 cents, or 0.2%.
In the last three sessions, both benchmarks saw declines. On Tuesday, Brent oil futures hit a record low of $83.30, its lowest level since June 17.
According to Priyanka Sachdeva, the decline in U.S. inventories is a factor limiting the downside in oil prices, even while worries about Chinese demand continue to affect investor mood.
Plan A: Remain long as long as oil price stays above 80.97. Targets at 81.72/82.68 and stop loss at 80.50
Plan B: Consider short only if oil price stays below 80.50. Targets at 80.01/79.26 and stop-loss at 81.10
Gold
Based on the daily chart, Comex gold futures should continue their recent upward trend to challenge year-to-date resistance at $2,477/oz, according to technical analyst Joseph Chai of RHB Retail Research. According to Chai, the futures' "higher high" price action and rising moving averages suggest a bullish underlying momentum. According to Chai, in a bullish setting, a bullish breakout is probably where the commodity should continue to rise and form a new "higher high" price pattern. According to Chai, if profit-taking occurs, the $2,400/oz level will likely provide a safety net on the downside. Spot gold is down 0.2% at $2,464.30 per ounce.
Plan A: Remain short as long as gold price stays below 1455. Targets at 2436/2405 and stop-loss at 2460
Plan B: Attempts long only if gold price stays above 2458. Targets at 2486/2505 and stop loss at 2430
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.