12 Dec 2024 Global Index Futures

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

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E-Mini Dow

U.S. stock index futures moved higher on Wednesday as investors stuck to their bets of the Federal Reserve cutting interest rates this month following the release of November inflation data.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.3% on a monthly basis in November, versus the 0.3% increase forecast by economists polled by Reuters. Annually, it stood at 2.7%, compared to an estimated 2.7% rise.

The core figure, which excludes volatile food and energy components, rose 0.3% on a monthly basis against an expectation of a 0.3% advance. Annually, it came in at 3.3%, versus an estimated 3.3% increase.

(News Source: Reuters)

Plan A: Short if market resisted below 44,200. Targets are 44,112/44,029. 

Plan B: Long if market retraced but supported firm above 44,200. Targets are 44,275/44,377. 

E-Mini S&P500

US stock futures pulled back slightly on Thursday after another record-setting rally, with the tech-heavy Nasdaq Composite closing above the 20,000 for the first time.

In regular trading on Wednesday, the S&P 500 and Nasdaq Composite jumped 0.82% and 1.77%, respectively, while the Dow shed 0.22%.

(News Source: MTNews,Tradingeconomics)

Plan A: Short only if market failed to support above 6,080. Targets are 6,064/6048. 

Plan B: Long if market retraced but supported firm above 6,080. Targets are 6,099/6,119.

E-Mini Nasdaq

The Nasdaq Composite Index hit 20,000 for the first time on Wednesday, putting an exclamation point on a year in which excitement over artificial intelligence and expectations of falling interest rates fueled a searing rally in technology stocks.

The tech-heavy index is up more than 33% on the year, driven by a cluster of giant technology-focused companies including Apple, Nvidia (.NVDA), Google-parent Alphabet and in recent weeks, electric carmaker Tesla . Wednesday’s gains came after a U.S. inflation report that cemented expectations of a Fed rate cut next week.

(News Source: Reuters)

Plan A: Long only if market retraced but supported firm above 21,590. Targets are 21,652/21,750. Take reasonable stop loss for each trade. 

Plan B: Short only if market rebounded but failed to support above 21,590. Targets are 21,442/21,380.  Take reasonable stop loss for each trade. 

Hang Seng

The Hang Seng lost 156 points or 0.8% to end at 20,155 on Wednesday, shifting from gains in the morning session after the Asian Development Bank lowered its GDP growth forecasts for Hong Kong this year and the next, citing a slowdown in private consumption, fixed investment, and exports. 

The city's GDP growth for 2024 was cut to 2.5% from an earlier estimate of 2.8%, while growth is expected to slow to 2.3% from 3.0% in 2025. Cautious traders braced for the result of a key policy meeting in China after a pledge from the Politburo to support the economy on Monday lacked detailed measures. 

On Wall Street, shares closed lower Tuesday, with US-listed shares of Chinese firms down over 4% after China opened a probe into potential antimonopoly law violations by chipmaker Nvidia Corp. 

(News Source: tradingeconomics)

Plan A: Long if market supported firm above 20,117. Targets are 20266/20478. Take reasonable stop loss for each trade. 

Plan B: Short if market resilient to 20,478. Targets are 20,260/20,110. Take reasonable stop loss for each trade. 

WTI Crude Oil

As traders balanced the possibility of limited global petroleum supplies against indications of sluggish demand, WTI crude oil futures held steady at $70 per barrel on Thursday, halting recent advances.

Although worries about a shortage of Russian oil were heightened by the EU's 15th round of sanctions, EIA data showing higher-than-expected inventories of gasoline and distillate indicated a slowdown in domestic fuel demand.

For the sixth consecutive month, OPEC reduced its forecasts for the rise of global oil demand in 2024 and 2025, citing a decline in Chinese consumption and an increase in supply from non-OPEC+ countries. This further depressed market sentiment.

(News Source: Trading Economics)

Plan A: Long if supported at above 69.75. Targets are 71.07/71.84.

Plan B: Consider short if break down 69.50, Targets are 69.98/67.66

Gold

Gold eased toward $2,700 per ounce on Wednesday, taking a breather after a three-day rally as investors continued digesting the latest US inflation data.

November’s report showed headline inflation rising as expected, while core inflation remained unchanged.

(News Source: Tradingeconomics)

Plan A: Consider long if break up 2700, Targets are 2733/2761.

Plan B: Short if resisted at below 2700. Targets are 2662/2620.

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 the investment.