Where Futures Lies
Daily Futures Trading Strategy 20 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 bounced more than 2% on Friday as President Donald Trump laid out plans to re-open an economy shut down by the coronavirus outbreak and on reports of encouraging data on a drug to potentially treat COVID-19.
Late on Thursday, Trump announced new guidelines to re-open the economy in a staggered, three-stage process, but the plan was a set of recommendations rather than orders and left the decision largely up to state governors.
“With news of a potential beneficial treatment on the same day that Trump laid out plans to re-open the U.S. economy, there is a clear optimism over the possibility that some semblance of normality could soon return,” Joshua Mahony, senior market analyst at IG in London wrote in a note.
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Plan A : Short if market falls below 24005. Targets are 23955, 23915 and 23865.
Plan B : Cut above 24040.
Plan C : Long if market constantly trade above 24015. Targets are 24060 and 24105.
Plan D : Cut below 23980.
E-Mini S&P 500
Stocks surged on Friday after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have plunged the economy into a recession.
The Dow rallied 704.81 points, or 3%, to 24,242.49. It was the Dow’s first close above 24,000 since March 10. The &P 500 closed 2.7% higher, at 2,874.56 while the Nasdaq Composite advanced 1.4% to 8,650.14.
Boeing shares jumped 14.7% after the airplane maker said it would resume production in the Seattle area as early as April 20. The company also said Friday it would resume operations in the Philadelphia area.
Friday’s gain led the S&P 500 to its first back-to-back weekly gains since early February and propelled it above its 50-day moving average. The broader market index climbed 3% for the week while the Dow gained 2.2%. The Nasdaq advanced 6.1% week to date. Through Friday’s close, the major averages were all up more than 25% from their late-March lows.
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Plan A : Short if market resisted around 2838.25. Targets are 2810.25, 2792.75 and 2773.25.
Plan B : Long if market doesn't retrace much and supported firm above 2838.25. Targets are 2860.25, 2881.25 and 2905.75.
Plan C : Short if market failed to support above 2792.25. Targets are 2766.25, 2745.50 and 2722.75.
Plan D : Long if market retraced but supported firm above 2792.25. Targets are 2817.25, 2838.25 and 2859.50.
E-Mini Nasdaq
U.S. stock futures traded lower early Monday morning as investors weighed the latest coronavirus news along with a sharp decline in U.S. crude prices.
Dow futures fell 183 points, pointing to a Monday opening drop of around 153 points. S&P 500 and Nasdaq 100 futures also pointed to a lower Monday open for the two indexes.
Stock futures followed the decline of U.S. oil prices. The May contract for West Texas Intermediate plunged about 19% to $14.79 per barrel on weak demand outlook and storage capacity issues. WTI’s June contract slid over 6% to $23.43 per barrel.
The market was coming off its first back-to-back weekly gains in more than two months. Stocks got a jolt after a report last week said patients with severe virus symptoms were quickly recovering after using remdesivir, a Gilead Sciences drug. The Dow, S&P 500 and Nasdaq all rose more than 2% last week.
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Plan A : Short if market failed to support above 8726.25. Targets are 8686.50, 8652.25 and 8623.25.
Plan B : Long if market supported firm above 8726.25. Targets are 8758.25, 8788.25 and 8820.75.
HSI
Hong Kong’s benchmark share index closed higher on Friday as investors shrugged off a sharp contraction in China’s first-quarter gross domestic product (GDP) and bet on hopes of recovery as the impact of the coronavirus pandemic recedes.
The Hang Seng index ended 373.55 points higher, or 1.56% at 24,380.00.
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Plan A : Short if market surges but does not breach above 24605. Targets are 24520 and 24425. Cut above 24690.
Plan B : Long if market rebounds from 24415. Targets are 24505 and 24600. Cut below 24330.
WTI Crude
Oil prices fell on Friday as news of President Donald Trump's plans to ease the U.S. coronavirus lockdown to get the American economy moving again were quickly overshadowed by China's worst quarterly economic contraction on record.
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Plan A : Attempt selling if oil price fails to hold above 24.4
Plan B : Cut above 24.9
Plan C : Consider buying if oil price plunge but holds firmly above 22.9
Plan D : Cut below 22.0
Gold
Gold fell as much as 2% on Friday after President Donald Trump's new guidelines to re-open the U.S. economy and encouraging early data related to a potential COVID-19 treatment drove investors towards riskier assets.
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Plan A : Remain sell as long as gold price trades below 1700
Plan B : Cut above 1709
Plan C : Consider buying if gold price falls but holds firm above 1676
Plan D : Cut below 1670.7
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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