Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
NEW YORK: The technology-heavy Nasdaq and the S&P 500 index closed at record highs on Wednesday, as data suggesting a slowing economy increased expectations that the Federal Reserve may lower interest rates in September.
The DJI is the Dow Jones Industrial Average.
The Nasdaq Composite IXIC gained 159.54 points, or 0.88%, to 18,188.30, while the S&P 500 SPX gained 28.01 points, or 0.51%, to 5,537.02. The Dow Jones dipped 23.85 points, or 0.06%, to close at 39,308.00.
Plan A: Long positions may be opened above 39656. Targets at 39743/39851 and stop-loss below 39600
Plan B: Consider short position may be opened below 39650. Targets at 39548/38461 and stop loss above 39700
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 5582. Targets at 5568/5546 and stop-loss at 5590
Plan B: Long if market break the resistance at 5590. Targets at 5604/5618 and stop loss at 5585
E-Mini Nasdaq
The technology-heavy Nasdaq and the S&P 500 index closed at record highs on Wednesday, as data suggesting a slowing economy increased expectations that the Federal Reserve may lower interest rates in September.
A truncated trading session ahead of the Fourth of July put pressure on selling in consumer and healthcare companies, which caused the Dow Jones Industrial Average to close marginally down. Due to the U.S. Independence Day holiday on Thursday, the market will remain closed, which will result in low trading volumes all week.
Ahead of Friday's much anticipated non-farm payrolls report, both the ADP Employment report and the weekly statistics on jobless claims indicated that the labor market conditions were improving. The market hopes the Fed would lower interest rates if there are indications of deterioration in the labor market.
Plan A: Short if market retraced but resisted firm 20350. Targets at 20265/20120 and stop-loss at 20496
Plan B: Long if market fall rise above 20440. Targets at 20496/20580 and stop loss at 20330
HSI
Daniel Li has been nominated chairman of PricewaterhouseCoopers' China and Asia-Pacific business, according to a report released on Wednesday by Yicai Global, an auditing firm.
According to the source, Li followed Raymund Chao, who was named chairman of the China division in 2015 and expanded his responsibilities to include APAC in 2017.
According to Yicai, the controversy surrounding troubled real estate developer China Evergrande Group 3333 is what led to the adjustments.
According to earlier media reports, PwC might be fined at least 1 billion yuan for its Evergrande audit. As part of the penalty, some PwC offices on the mainland were also asked to cease operations.
PwC served as Evergrande's auditor for 14 years before leaving in 2023.
Plan A: Consider long only if the market stays above 18000. Target at 18136/18248 and stop-loss at 17980
Plan B: Remain short if the market stays below 17950. Targets at 17885/17747and stop loss at 18020
WTI Crude
A larger-than-expected depletion from U.S. oil stocks caused Brent crude oil prices to remain stable above US$86 per barrel, indicating solid seasonal demand, according to a note released by ANZ Bank on Thursday.
The U.S. Energy Information Administration's weekly data was cited by the bank, which stated that U.S. oil stocks decreased by 12 million barrels versus estimates of a 0.9 million barrel draw and gasoline supplies decreased by 2.2 million barrels against consensus of 1 million barrels.
According to ANZ Bank, the outflow might be ascribed to decreased imports and rising demand from oil refineries.
In the meantime, given the ongoing geopolitical unrest in the Middle East, supply risks continued to be high. Along with major U.S. oil and gas sites, Hurricane Beryl is predicted to have an impact on roughly 73,000 barrels of offshore oil output per day.
Plan A: Remain long as long as oil price stays above 83.42. Targets at 84.39/84.89 and stop loss at 83.25
Plan B: Consider short only if oil price stays below 82.90. Targets at 82.50/81.95 and stop-loss at 83.60
Gold
Gold as a hedge, not for wealth creation
It is not just the equity markets that are riding high. Even gold prices are on their highs. Chirag Mehta, Chief Investment Officer, Quantum Mutual Fund, recently wrote in an article on Moneycontrol that gold “provides your savings the much-needed stability and value preservation in these unpredictable times of crises, wars and global fragmentation.”
But Mehta echoes many experts who say that gold is not an instrument to invest for wealth creation. “Don’t make the mistake of seeing gold returns in isolation. Owning gold is not only about the upside potential, but it is also about minimising risk to the downside. We suggest using it for long-term stability reasons, rather than for short-term investment considerations,” says Mehta.The best way to invest in gold is through a combination of Sovereign Gold Bonds and gold mutual funds.
Plan A: Remain short as long as gold price stays below 2359. Targets at 2345/2321 and stop-loss at 2370
Plan B: Attempts long only if gold price stays above 2360. Targets at 2384/2398 and stop loss at 2380
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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