Plan A: Remain long as long as market trades above 31445. Targets are 31641 and 31836.
Plan B: Consider short if market stays below 31445. Targets are 31250 and 31055.
E-Mini S&P 500
Stocks rose Wednesday — trying to shake off a three-week slide — as rates and oil prices eased, cooling investor concerns about continued high inflation.
The S&P 500 rose 1.83% to 3,979.87.
U.S. Treasury yields dipped following a jump on Tuesday. Oil prices slumped, with West Texas Intermediate crude settling at $81.94 a barrel — its lowest close since January. The British pound hit its lowest level against the U.S. dollar since 1985.
Markets have been hoping that the Fed would start to hand out smaller increases starting in September, but at one point in the day, they were pricing in an 86% chance of a 0.75 percentage point hike.
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Plan A : Short if market failed to support above 3986. Targets are 3973 and 3965.
Plan B : Long if market supported above 3986. Targets are 3993 and 4012.
E-Mini Nasdaq
Stock futures were flat early morning Thursday as Wall Street looked to build on its best day in nearly a month.
The Nasdaq Composite ticked up 2.14% to 11,791.90.
Even with Wednesday’s rally, stocks remain in a downtrend overall. Concerns about a slowing economy and further rate hikes from the Federal Reserve are pushing some investors away from riskier parts of the market.
On Thursday morning, investors will get the latest look at the U.S. economy with jobless claims data. Economists surveyed by Dow Jones expect 235,000 initial unemployment claims, up slightly from 232,000 in the previous week
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Plan A : Short if market failed to support above 12299. Targets are 12263 and 12233.
Plan B : Long if market supported firm above 12299. Targets are 12323 and 12351.