Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Following Federal Reserve Chair Jerome Powell's statement that the "time has come" for monetary policy easing, US benchmark equities indices increased on Friday.
The S&P 500 gained 1.2% to 5,634.6, while the Nasdaq Composite surged 1.5% to 17,877.8. At 41,175.1, the Dow Jones Industrial Average increased by 1.1%. With real estate seeing a 2% increase, all sectors ended the day ahead.
The Nasdaq gained 1.4% and the S&P 500 gained 1.5% for the week. The Dow increased by 1.3%.
At the Kansas City Fed-sponsored economic seminar in Jackson Hole, Wyoming, Powell stated, "The time has come for policy to adjust," and added that the risks of inflation on the upside have "diminished."
"The path of travel is evident, and the rate cuts' timing and speed will be determined by incoming data and the changing outlook."
Plan A: Long positions may be opened above 41277. Targets at 41490/41710 and stop-loss below 41087
Plan B: Consider short position may be opened below 41070. Targets at 40867/40646 and stop loss above 41300
E-Mini S&P 500
Wall Street's main averages ended the trading session on Friday higher, with the blue-chip Dow setting a new three-week high. After the back-office software supplier published better-than-expected Q2 earnings and stated it will significantly boost profitability over the next three years, Workday (WDAY) surged over +12% and was the top percentage gainer on the Nasdaq 100. Additionally, chip stocks increased, with gains of more than +4% recorded by Nvidia (NVDA), Marvell Technology (MRVL), and Arm (ARM). Furthermore, CAVA Group CAVA surged more than +19% on the release of positive Q2 earnings and an increase in the company's full-year guidance for adjusted EBITDA and comparable sales growth in restaurants.
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Plan A: Short if market supported firm below 5662. Targets at 5627/5527 and stop-loss at 5690
Plan B: Long if market break the resistance at 5670. Targets at 5690/5727 and stop loss at 5629
E-Mini Nasdaq
Following the announcement by Federal Reserve Chair Jerome Powell that "the time has come" to lower interest rates, all three of the main U.S. stock indexes saw gains of more than 1% on Friday, with the benchmark S&P 500 approaching an all-time high.
Powell supported immediate policy easing at a much-anticipated annual economic conference in Jackson Hole, noting risks associated with the labor market and inflation approaching the Fed's 2% target.
Additionally, minutes from the Fed's July meeting revealed that several policymakers were prepared to take a look at lowering interest rates in September.
Powell truly is a data-driven person. While the unemployment rate is not particularly high, it is greater than it has ever been, therefore he should address it.
Plan A: Short if market retraced but resisted firm 19850. Targets at 19646/19535 and stop-loss at 19900
Plan B: Long if market rise above 19910. Targets at 20035/20100and stop loss at 19770
HSI
The state-owned business Sinopec, a petroleum powerhouse in China, stated on Sunday that its profit increased marginally in the first half of the year despite the integrated oil titan dealing with weak domestic sales markets.
Even though revenue, also known as operating income, fell to 1.58 trillion yuan in the period, down 1.1% on year, Sinopec, officially known as China Petroleum and Chemical, reported black ink of 35.7 billion yuan in the first half of the year, up 1.7% on the year.
In the first half of the year, Sinopec reported 1% growth in diluted earnings per share.
By some estimates, Sinopec is the biggest oil-refining firm in the world, but the massive crude company also engages in exploration and drilling.
Plan A: Consider long only if the market stays above 17856. Target at 18078/18200 and stop-loss at 17700
Plan B: Remain short if the market stays below 17500. Targets at 17332/17222 and stop loss at 17620
WTI Crude
Following a significant confrontation between Hezbollah and Israel over the weekend, crude oil prices surged, and the prospect of U.S. interest rate reduction encouraged demand.
At the latest check early on Monday, West Texas Intermediate crude climbed 1.2% to US$75.71/b, while Brent crude jumped 1.1% to US$79.89 per barrel. This comes after Israel said it hit Lebanon to avert a more serious attack, to which Hezbollah responded on Sunday by firing rockets and drones into Israel, according to Reuters on Monday.
The battle generated concerns that the Middle East's escalation may cut off oil supplies and escalate into a regional conflict that would attract Israel's principal ally, the United States, as well as Iran, Hezbollah's benefactor.
Plan A: Remain long as long as oil price stays above 76.55. Targets at 78.28/79.28 and stop loss at 74.90
Plan B: Consider short only if oil price stays below 74.00. Targets at 72.28/71.40 and stop-loss at 75.50
Gold
With a 0.35% increase to $2,555.3 per troy ounce, gold futures are hovering near record highs. Prior to a dramatic selloff on Thursday, the precious metal reached a record high of $2,570.4 per troy ounce on August 20. On Friday, the decline in the value of the US dollar and growing optimism regarding potential interest rate reduction by the US Federal Reserve helped to partially undo this catastrophe. In a speech at the Jackson Hole symposium on Friday, Fed Chair Jerome Powell announced that the United States will be cutting interest rates in September. As of right now, market observers say the only remaining concerns are about how much the drop will be. Lower rates generally increase the attraction of non-interest bearing bullion, which is good for gold prices.
Plan A: Remain short as long as gold price stays below 2575. Targets at 2540/2530 and stop-loss at 2590
Plan B: Attempts long only if gold price stays above 2580. Targets at 2605/2620 and stop loss at 2540
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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