Where Futures Lies
Daily Futures Trading Strategy 4 February 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stock index futures climbed on Monday, following steep declines in the previous session, as China took steps to relieve pressure on its economy from the impact of the corona-virus epidemic.
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Plan A : Attempt to short if market stays below 28369. Targets are 28335, 28295 and 28250.
Plan B : Cut above 28405.
Plan C : Consider to long only if market rebounds from 28369. Targets are 28405, 28445 and 28490.
Plan D : Cut below 28335.
E-Mini S&P 500
The Dow climbed 143.78 points, or 0.51%, to close at 28,399.81. The S&P 500 gained 0.73% to end the day at 3,248.92. The Nasdaq Composite advanced 1.34% to 9,273.40. Stocks rebounded slightly from Friday’s sharp sell-off, but investors are not ready to sound the all-clear just yet.
The major averages cut into some of Friday’s losses, led by sharp moves higher in shares of Nike and Tesla. Better-than-expected manufacturing data from the Institute of Supply Management also gave the market a boost. However, investors are still wary as the number of coronavirus cases keeps rising. The death toll in China from the coronavirus reached 361 on Sunday, surpassing that of the SARS virus which lasted from 2002 to 2003. The Dow, S&P 500 and Nasdaq all pared gains in midday trading after Carnival confirmed one of its guests tested positive for coronavirus six days after leaving one of its ships. Bottom line: While the Wall Street welcomed Monday’s gains, it does not mean investors are ready to look past the coronavirus as a negative catalyst.
Nike shares jumped 3% after analysts at both UBS and JP Morgan recommended investors buy the stock despite worries over the coronavirus. Meanwhile, Tesla surged nearly 20% to break above $700 per share for the first time after an analyst at Argus Research hiked his price target to $808 per target.
Disney is among the companies set to report earnings on Tuesday along with Chipotle Mexican Grill. Investors will also tune into the State of the Union address Tuesday and evaluate the results of Monday’s Iowa Caucus.
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Plan A : Long if market retraced but supported firm above 3268.50. Targets are 3283.25, 3294.50 and 3303.25.
Plan B : Short if market failed to support above 3268.50. Targets are 3253.25, 3241.25 and 3232.75.
E-Mini Nasdaq
U.S. stock index futures were sharply higher on Tuesday morning as fears ease over an economic fallout from the coronavirus outbreak.
At around 2:30 a.m. ET, Dow futures were up 178 points and indicated an implied positive open of more than 198 points, while futures on the S&P 500 and Nasdaq were also higher.
Markets look set to continue the recovery after Friday’s steep sell-off amid concerns over the fast-spreading virus. As of Monday night, the death toll had reached 425 with 20,438 confirmed cases in China.
Atlanta Federal Reserve Bank President Raphael Bostic on Monday said his outlook for the U.S. economy was unmoved by the virus.
Earnings remain high on the agenda, with Alphabet shares sliding after hours Monday after beating earnings estimates but missing on revenues, with Google’s advertising business falling short.
Meanwhile, Tesla’s stock jumped 19.9% to post its biggest single-day gain in six years after Argus Research raised its price target to $808 from $556, citing strong fourth-quarter financials.
ConocoPhillips, Sony, Ralph Lauren and Royal Caribbean are among those reporting before the bell on Tuesday while energy giant BP posted stronger-than-expected full-year net profit before the European open.
Chubb, Disney, Ford and Chipotle will report after trading hours on Tuesday.
U.S. Redbook data for February is due at 8:55 a.m. ET, while December factory orders are expected at 10:00 a.m. ET.
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Plan A : Short if market failed to support above 9213.50. Targets are 9178.25, 9148.25 and 9113.75.
Plan B : Long if market retraced but supported firm above 9166.25. Targets are 9196.25, 9218.25 and 9239.25.
HSI
Investors erased $393 billion from China’s benchmark stock index on Monday, sold the yuan and dumped commodities as fears about the spreading coronavirus and its economic impact drove selling on the first day of trade in China since the Lunar New Year.
The sell-off cast a pall over Asia, though losses were contained because a slide had been expected. Hong Kong's Hang Seng Index, which shed almost 10% in two weeks, closed 0.2% firmer.
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Plan A : Above 26456, do nothing.
Plan B : Below 25803, do nothing.
Plan C : Continue to short if market does not breach 26456.
Plan D : Cut above 26535.
Plan E : Attempt to long if market tested and rebounds from 26200.
Plan F : Cut below 26125.
WTI Crude
Oil fell to its lowest level in more than a year on Monday as the coronavirus outbreak and its potential impact on demand further hammered crude prices.
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Plan A : Remain sell as long as oil price stays below 50.3
Plan B : Cut above 50.6
Plan C : Consider buying only if oil price manage to hold firm above 49.9
Plan D : Cut below 49.6
Gold
Gold fell 1% on Monday as the dollar firmed and investors opted for riskier assets after China took steps to relieve pressure on its economy from the impact of the coronavirus epidemic.
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Plan A : Remain buy as long as gold price stays firm above 1570
Plan B : Cut below 1563
Plan C : Consider selling if gold price fails to regain footings above 1581
Plan D : Cut above 1588
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 and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correctaysion, 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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Ride The Bull Short The Bear
CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
