Where Futures Lies
Daily Futures Trading Strategy 30 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 rose on Wednesday, bolstered by solid earnings reports from Google-parent Alphabet and Boeing that provided some optimism as the country moved cautiously to ease lockdowns, while investors braced for data which could reveal a sharp contraction in the domestic economy.
Wall Street’s main indexes closed down on Tuesday, as investors shifted out of growth stocks and into more value-oriented cyclical companies.
But the main indexes have recovered 30% from their lows in March, boosted by aggressive stimulus efforts and, more recently, hopes of an economic revival as states begin to relax lockdown measures.
The U.S. economy likely contracted in the first quarter at its sharpest pace since the Great Recession as strict lockdown measures curbed consumer activity, ending the longest expansion in the nation’s history.
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Plan A : Short if market fails to breach above 24605. Targets are 24560, 24505 and 24450.
Plan B : Cut above 24660.
Plan C : Long if market tested and rebounds from 24575. Targets are 24630 and 24685.
Plan D : Cut below 24530.
E-Mini S&P 500
The overnight moves followed a bounce in U.S. equities during normal trading hours on Wednesday that put the S&P 500 up more than 13% for the month and on track for its biggest one-month gain since 1974.
The Dow rose 532.31 points, or 2.2%, to 24,633.86 during Wednesday’s session. The S&P 500 gained 2.66% to 2,939.51 while the Nasdaq Composite closed 3.57% higher at 8,914.71.
Investors cited developments at Gilead Sciences for the market’s pop during Wednesday’s session after the biotech company reported positive results from two tests that showed its drug remdesivir could be a Covid-19 treatment. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said remdesivir shows a “clear-cut” positive effect when treating the virus.
U.S. traders will on Thursday pore over the Labor Department’s latest report on jobless claims. Another 3.5 million workers are expected to have filed for benefits last week, which would bring the total number of Americans seeking unemployment benefits over the last six weeks to about 30 million.
The Labor Department’s prior jobless claims report — released April 23 — showed the number of Americans who had filed for unemployment insurance benefits over the previous five weeks was 26.45 million.
That number exceeded the 22.442 million positions added to the American economy since November 2009, when the U.S. economy began to add jobs back to the economy after the Great Recession.
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Plan A : Short if market failed to support above 2942.50. Targets are 2915.25, 2894.75 and 2871.25.
Plan B : Long if market doesn't retrace much and supported firm above 2942.50. Targets are 2965.25, 2990.75 and 3007.75.
E-Mini Nasdaq
Futures contracts tied to the major U.S. stock indexes were little changed in the overnight session Wednesday evening as both Facebook and Microsoft rallied after each issued better-than-expected revenue projections in their earnings reports.
Dow futures ticked up 20 points, but implied an opening gain of around 59 points. S&P 500 and Nasdaq-100 futures also pointed to slight Thursday opening gains.
Both Facebook and Microsoft equity climbed in after-hours trading Wednesday evening after each reported promising revenue figures despite the global coronavirus outbreak.
Facebook soared more than 10% in the overnight session after it reported that, after an initial “significant” pullback in advertising revenues in March thanks to Covid-19, it’s seen sales stabilize in the first three weeks of April. It reported first-quarter per-share earnings of $1.71 and revenues of $17.74 billion.
Microsoft rose about 2.15% in after-hours trading after the company reported fiscal third-quarter sales growth of 15% thanks to growth in its cloud business. The software giant said in a statement that the disease "had minimal net impact on the total company revenue" in the three months ended March 31, but cautioned that “effects of COVID-19 may not be fully reflected in the financial results until future periods.”
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Plan A : Short if market failed to support above 9077.25. Targets are 9035.25, 9002.25 an d 8974.25.
Plan B : Long if market supported firm above 9077.25. Targets are 9110.25, 9132.75 and 9167.50.
WTI Crude
Oil prices jumped more than 20% on Wednesday after data showed a smaller-than-expected build in U.S. inventories, as well as on the hope that economies will reopen sooner than expected.
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Plan A : Attempt buy as long as oil price stays firm above 14.9
Plan B : Cut below 14.4
Plan C : Consider selling if oil price surges but fails to breach and holds firm above 16.0
Plan D : Cut above 16.8
Gold
Gold fell on Wednesday as optimism around the easing of coronavirus-led lockdowns and hopes of a potential treatment drug propped up risk assets, while the U.S. Federal Reserve promised to keep interest rates near zero until it is comfortable that the U.S. economy is back on its feet and full employment has returned.
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Plan A : Attempt buy if gold price trades firmly above 1709
Plan B : Cut below 1704
Plan C : Consider selling if gold price falls below 1709
Plan D : Cut above 1718
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....
