16 Dec 2024 Global Index Futures

 Crude, Gold, Dow, S&P 500 and Nasdaq

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E-Mini Dow

US benchmark equity indexes closed mixed Friday as markets awaited the Federal Reserve's monetary policy decision due next week.

Official US data released during the week showed that monthly consumer inflation accelerated in line with market estimates in November, while producer prices rose more than expected.

The odds that the central bank's Federal Open Market Committee will cut interest rates by 25 basis points next week reached 93% Friday, up from 86% a week earlier, according to the CME FedWatch tool.

(News Source: MTNews)

Plan A: Long above 44, 000, Target around 44,150/44,295

Plan B: Sell below 44, 000, target  around 43,920/ 43,888

E-Mini S&P500

The The S&P 500 was little changed at 6,051.1. The central bank is widely expected to cut interest rates by 25 basis points on Wednesday, but market attention will be on the updated policy statement and Fed Chair Jerome Powell’s forward guidance.

Investors will also review preliminary purchasing managers’ index data set for release later today.

(News Source: Tradingeconomics)

Plan A: Long if supported above 6050, target around 6069/6080

Plan B: Short if below 6050, target around 6039, 6015

E-Mini Nasdaq

U.S. stocks closed out the trading week near the unchanged mark in a subdued session on Friday, with the S&P 500 and Dow posting weekly declines, while the Nasdaq secured its fourth consecutive week of gains. The Nasdaq Composite gained 23.88 points, or 0.12%, to 19,926.72.

Broadcom forecast quarterly revenue surpassing Wall Street expectations and predicted robust growth in demand for its custom AI chips over the next few years. The optimistic outlook propelled the company’s shares 24% higher, pushing its market capitalization past $1 trillion for the first time.

Technology stocks continued their upward momentum, driving the Nasdaq above the 20,000 mark for the first time on Wednesday. The rally was further bolstered by an in-line inflation report, which solidified expectations for a 25 basis-point interest rate cut from the Federal Reserve in its meeting next week.

Wall Street had taken a breather in the previous session after recent gains and some hot economic data ahead of the Fed's meeting, setting up the benchmark S&P 500 and the Dow for weekly losses. However, the Nasdaq ended the week higher.

(News Source: Reuters)

Plan A: Short if market failed to support above 21,770. Targets are 21,335/20,992. Take reasonable stop loss for each trade. 

Plan B: Long only if market supported firm above 20,992. Targets are 21,335/21,770.  Take reasonable stop loss for each trade. 

WTI Crude Oil

Oil futures eased from their highest levels in weeks as investors awaited a meeting of the Federal Reserve later this week for indication of further rate cuts.

Falls were limited however by concerns of supply disruptions in the event of more US sanctions on major suppliers Russia and Iran.

Brent crude futures fell 21 cents, or 0.3 percent, to US$74.28 a barrel by 0110 GMT after settling at their highest level since Nov 22 on Friday.

US WTI crude dropped 30 cents, or 0.4 percent, to US$70.99 a barrel after reaching its highest settlement level since Nov 7 in the previous session.

(News Source: Businesstimes)

Plan A: Long if prices retraced but supported above 69.37 Targets are 70.53/71.53.

Plan B: Consider short if market failed to support above 71.53. Targets are 70.53/69.37.

Gold

Gold prices fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week.

Spot gold was down 1.1 per cent at $2,652.29 per ounce at 01:43 p.m.(ET), as the US dollar was steady at its highest in more than two weeks, Reuters reported.

Bullion hit its highest since November 6 on Thursday, and has risen over 0.8 per cent so far for the week. The US gold futures settled 1.2 per cent lower at $2,675.80.

Underpinned by easing monetary policies, robust central bank buying, and safe-haven demand, gold has shattered multiple record peaks this year.

(News Source: MSN)

Plan A: Consider long if market retraced but supported firm above 2637, Targets are 2679/2723.

Plan B: Short if market prices resilient to 2723. Targets are 2682/2636.

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.