Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Ahead of Nvidia's results release this week, investors shunned tech equities on Monday, placing a premium on blue-chip stocks. The Industrial Average Dow Jones was the sole gainer on Monday as investors avoided the modern tech giants in favor of traditional companies. A minor 0.2% increase, or 66 points, saw the 30-stock index grab a new closing record high of 41,240.52. In the meantime, the broad-based S&P 500 and the technology-heavy Nasdaq Composite both had 0.8% and 0.3% declines.
In the stock market, legacy took precedence over glamour. Money managers were drawn to real-economy companies, like banks and retail, because of their safe-haven appeal, even before the anticipated tech concerns later in the week. NVidia is preparing to release its earnings report, which will boost it.
Plan A: Long positions may be opened above 41370. Targets at 41500/41650 and stop-loss below 41220
Plan B: Consider short position may be opened below 41362. Targets at 41202/41068 and stop loss above 41380
E-Mini S&P 500
Wall Street's main indexes concluded yesterday's trading session in a mixed bag, with the tech-heavy Nasdaq 100 falling to a one-week low and the blue-chip Dow setting a new record high. PDD Holdings PDD fell more than 28% and was the biggest percentage loser on the Nasdaq 100 following the Temu owner's Q2 revenue announcement that was worse than anticipated. Additionally, chip stocks fell sharply, with Marvell Technology (MRVL) falling more than -4% and Arm (ARM) falling about -5%. Furthermore, Tesla's stock price dropped by more than 3% following Canada's announcement that it would impose a new 100% tariff on electric vehicles made in China, which includes Tesla models made there. Energy companies saw gains on the bullish side when WTI crude jumped over +3% to a one-week high, with Marathon Oil MRO leading the way.
Plan A: Short if market supported firm below 5642. Targets at 5614/5592 and stop-loss at 5630
Plan B: Long if market break the resistance at 5650. Targets at 5664/5691 and stop loss at 5635
E-Mini Nasdaq
Tuesday's U.S. stock index futures were flat to slightly higher as traders clung to thoughts of an impending policy relaxation; later in the week, Nvidia's much awaited results and important economic data are anticipated.
On Monday, the Nasdaq IXIC and the benchmark S&P 500 SPX paused their previous week's advance as investors sold tech-related stocks and turned their attention to Nvidia NVDA's (NVDA) impending earnings release. Nvidia's chips are widely used in the artificial intelligence field.
Plan A: Short if market retraced but resisted firm 19650. Targets at 19450/19390 and stop-loss at 19700
Plan B: Long if market rise above 19660. Targets at 19780/19900 and stop loss at 19550
HSI
In July, Hong Kong's total goods imports and exports increased by 9.9% and 13.1%, respectively, compared to the previous year, according to a report released on Tuesday by the Census and Statistics Department.
The report also showed that the value of imports and exports was higher than the growth of 10.7% and 9%, respectively, in the previous month.
Over the course of the month, the value of imports was $412.3 billion, while exports totaled HK$390.4 billion. In July, there was a $21.8 billion trade imbalance, or 5.3% of the total value of goods imported.
The value of total goods imports and exports increased by 8% and 12.4%, respectively, from January to July, leaving a $182.8 billion trade imbalance, or 6.6% of the value of imports, in place.
Plan A: Consider long only if the market stays above 17827. Target at 18000/18100 and stop-loss at 17770
Plan B: Remain short if the market stays below 17800. Targets at 17772/17533 and stop loss at 17869
WTI Crude
The U.S. Energy Information Administration said on Monday that sales of hybrid electric vehicles (HEVs) were the main factor driving the increase in the share of electric and hybrid vehicle sales in the country during the second quarter.
According to the EIA, which cited estimates from Wards Intelligence, the combined sales of hybrid cars, plug-in hybrid electric vehicles (HEVs), and battery electric vehicles (BEVs) in the United States increased to 19% of all new light-duty vehicle sales in the second quarter from 18% in the first.
Sales of hybrid vehicles made up 9.6% of the light-duty market in the second quarter, up from 8.6% in the first, while sales of HEVs increased by 31% year over year. As compared to a year ago, plug-in hybrid electric vehicle (HEV) sales accounted for 2% of the light-duty market.
Plan A: Remain long as long as oil price stays above 76.69. Targets at 78.33/79.25 and stop loss at 76.50
Plan B: Consider short only if oil price stays below 76.60. Targets at 75.77/74.13 and stop-loss at 77.10
Gold
While gold futures are still nearing the record high of $2,570.4 per troy ounce, which was reached on August 20, they are down 0.4% to $2,544.2. According to Commonwealth Bank of Australia analyst Vivek Dhar, the U.S. dollar is currently tracking near its lowest level since July 2023 due to rate cut confidence, which is good news for gold as the metal normally has a negative relationship with the greenback. The notion that gold futures have price risks skewed to the upside is reinforced by the fact that the precious metal can find support in a falling or rising U.S. dollar environment, according to Dhar in a note. This correlation did briefly break earlier this year as the precious metal rallied despite a stronger dollar on central bank, retail, and safe-haven demand.
Plan A: Remain short as long as gold price stays below 2554. Targets at 2545/2534 and stop-loss at 2555
Plan B: Attempts long only if gold price stays above 2554. Targets at 2564/2573 and stop loss at 2550
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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