Where Futures Lies
Daily Futures Trading Strategy 6 April 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 retreated on Friday, with investors awaiting data on business activity and non-farm payrolls to get a clearer picture of the economic hit from the novel coronavirus.
Wall Street gained about 2% on Thursday as oil soared on hints of a Saudi-Russia deal, but doubts returned on whether the rebound would last as the health crisis crushes demand, sparking fears of corporate defaults and mass layoffs.
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Plan A : Short if market does not breach above 21335. Targets are 21305, 21265 and 21220.
Plan B : Cut above 21370.
Plan C : Long if market rebounds from 21335. Targets are 21375 and 21420.
Plan D : Cut below 21295.
E-Mini S&P 500
Stocks fell on Friday to end another volatile week of trading, pressured by a spike in coronavirus-related deaths in New York while investors digested a dismal U.S. jobs report.
The Dow slid 360.91 points, or 1.7%, to 21,052.53. The S&P 500 dropped 1.5% to 2,488.65. The Nasdaq Composite also pulled back 1.5% to close at 7,373.08.
New York Gov. Andrew Cuomo said deaths in the state rose by 562 in 24 hours to more than 2900 for the biggest increase to date. Cuomo added the curve of confirmed cases “continues to go up,” noting there are now over 100,000 cases in New York state.
U.S. payrolls fell by 701,000 in March, marking the worst jobs report since 2009, while the unemployment rate jumped to 4.4%. However, the report failed to capture the full extent of the ongoing economic blow from the coronavirus outbreak. On Thursday, the Labor Department said jobless claims jumped by a record of 6.6 million for the week of March 27.
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Plan A : Long if market supported firm above 2564.25. Targets are 2589.50, 2610.25 and 2629.75.
Plan B : Short if market failed to support above 2564.25. Targets are 2538.75, 2518.25 and 2501.75.
E-Mini Nasdaq
U.S. stock futures rose early Monday morning as slowing death rates in Europe have offered up some hope for international markets.
Dow Jones Industrial Average futures implied a gain of nearly 900 points at the open. S&P 500 and Nasdaq 100 futures also pointed to robust opening gains.
Last week, the major averages posted their third weekly decline in four. The Dow slid 2.7% while the S&P 500 lost 2.1%. The Nasdaq Composite closed last week down 1.7%. Stocks are also deep in bear-market territory as concerns over the coronavirus outbreak have virtually shut down the global economy and have dampened sentiment around corporate profits.
Some optimism has helped to infuse stability in the markets. A marked slowing increase in death rates and new infections in the hardest-hit countries, such as Italy and Spain, has sparked some positive momentum in global equities, with Europe’s Stoxx 600 jumping 2.5% at the open.
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Plan A : Long if market supported firm above 7788.25. Targets are 7825.25, 7860.75 and 7890.25.
Plan B : Short if market failed to support above 7788.25. Targets are 7749.25, 7715.50 and 7689.75.
HSI
Hong Kong stocks slipped on Friday to end the week lower, as risk-averse sentiment strengthened on continued spread of the coronavirus with infections surpassing one million globally.
At the close of trade, the Hang Seng index was down 43.95 points, or 0.19%, at 23,236.11. For the week, HSI lost 1.1%.
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Plan A : Short if market does not breach above 23275. Targets are 23190 and 23095. Cut above 23360.
Plan B : Long if market rebounds from 23145. Targets are 23240 and 23335. Cut below 23075.
WTI Crude
Oil prices dropped during overnight trading on Sunday after OPEC+ announced it was delaying its meeting initially scheduled for Monday, stoking fears on the Street that a production cut might face hurdles.
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Plan A : Remain buy as long as oil price stays firm above 25.8
Plan B : Exit below 25.2
Plan C : Consider selling if oil price surges but fails to breach above 27.3
Plan D : Cut above 28.2
Gold
Gold prices edged higher on Friday after gloomy U.S. nonfarm payrolls data magnified the economic toll from the coronavirus, although a stronger dollar capped bullion's advance.
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Plan A : Attempt selling if gold price fails to breach above 1624.3
Plan B : Cut above 1635.3
Plan C : Consider buying only if gold price trades firmly above 1607
Plan D : Cut below 1604
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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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....
