Where Futures Lies
Daily Futures Trading Strategy 8 May 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 jumped on Thursday as a surprise rise in Chinese exports spurred hopes of a faster economic recovery, even as investors braced for data likely to show millions more Americans filed for unemployment benefits last week.
Wall Street has rebounded sharply from a coronavirus-fueled selloff in March, helped by massive monetary and fiscal stimulus and, more recently, hard-hit states reopening businesses following sweeping lockdowns. China’s overseas shipments in April rose for the first time this year as factories raced to make up for lost sales.
A report on Thursday said Sino-U.S. negotiators will hold a phone call as early as next week to discuss progress in implementing a Phase 1 trade deal after President Donald Trump threatened to end it if China was not adhering to the terms.
Later in the day, data is expected to show U.S. jobless claims totaling a seasonally adjusted 3 million for the week ended May 2, down from 3.839 million in the prior week and marking the fifth straight weekly decrease in applications.
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Plan A : Short if market does not breach above 24041. Targets are 24005, 23960 and 23905.
Plan B : Cut above 24075.
Plan C : Long if market able to sustain above 23945 and rebounds. Targets are 23990 and 24040.
Plan D : Cut below 23910.
E-Mini S&P 500
The Dow gained 211.25 points, or 0.89%, to close at 23,875.89. The S&P 500 closed 1.15% higher at 2,881.19. The Nasdaq Composite advanced 1.41% to 8,979.66. The tech-heavy Nasdaq clawed back all of its 2020 losses as tech shares added to their recent gains.
Facebook, Amazon, Apple and Alphabet all closed higher to help lift the Nasdaq into positive territory for the year. The Nasdaq had fallen more than 32% from its all-time high to its March 23 low. “While we have all become even more dependent on the products and services provided by the FAANGMs during the Great Virus Crisis, they might have become more immune to government regulation,” wrote Ed Yardeni, president and chief investment strategist at Yardeni Research. Positive sentiment also increased as investors ratcheted up bets on the economy reopening.
The S&P 500 energy sector rose 2.47% as oil prices regained their footing after snapping a five-day winning streak in the previous session. Big tech also contributed to Thursday’s gains. Facebook rose 1.34% while Amazon, Apple and Alphabet all advanced at least 0.70%.
The monthly U.S. jobs report is set for release on Friday.
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Plan A : Long if market supported firm above 2900.25. Targets are 2926.75, 2945.25 and 2967.75.
Plan B : Short if market failed to support above 2900.25. Targets are 2875.25, 2850.75 and 2832.75.
E-Mini Nasdaq
U.S. stock futures rose Thursday night after more gains in tech led to the Nasdaq Composite erasing all of its losses for 2020.
Dow Jones Industrial Average futures were up by 278 points, implying an opening gain of about 319 points on Friday. S&P 500 and Nasdaq 100 futures also pointed to Friday opening gains for the two indexes.
The tech-heavy Nasdaq rose 1.4% during the cash session, finishing up nearly 0.1% year to date. Gains from Facebook, Amazon Alphabet and Apple helped lift the index back into positive territory for 2020. At one point, the Nasdaq was down more than 25% year to date.
Thursday’s move higher came even after the release of even more dismal employment data. Weekly jobless claims data showed more than 33 million Americans have filed for unemployment benefits over the seven-week period ending May 2.
On Friday, the Labor Department will release its monthly jobs report. Economists polled by Dow Jones expect that more than 21 million jobs were lost in April.
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Plan A : Long if market supported firm above 9178.25. Targets are 9208.25, 9240.75 and 9278.25.
Plan B : Short if market failed to support above 9178.25. Targets are 9143.25, 9110.75 and 9078.25.
HSI
Hong Kong shares ended lower on Thursday, as sentiment was weighed by a bleak outlook for global trade after China reported a double-digit fall in imports in April and renewed tensions between the Washington and Beijing.
The fall in China’s April imports signals more trouble ahead as the global economy sinks into recession, but data showed exports unexpectedly rose for the first time this year as factories raced to make up for lost sales due to the coronavirus crisis.
At the close of trade, the Hang Seng index was down 156.85 points or 0.65% at 23,980.63.
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Plan A : Attempt to short if market does not breach above 23993. Targets are 23908 and 23813. Cut above 24080.
Plan B : Long if market rebounds from 23993. Targets are 24075 and 24170 Cut below 23905.
Gold
Gold on Friday was hovering near a two-week high hit in the previous session as investors awaited the U.S. jobs report to gauge the health of the economy after grim economic indicators raised the prospects of more rate cuts by the Federal Reserve.
Lower interest rates would further weigh on bond yields and boost demand for non-yielding bullion, which hit a near two-week peak in the last session.
Spot gold was steady at $1,715.23 per ounce, as of 0315 GMT, having hit its highest since April 27 at $1,721.76 in the previous session. U.S. gold futures added 0.1% to $1,727.
The metal gained about 2% on Thursday on the back of bleak U.S. economic data, which along with uncertainties over global economic recovery and U.S.-China relations, lifted bullion higher by about 0.9% so far this week.
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Plan A : Long if market supported firm above 1727.20. Targets are 1735.20, 1742.70 and 1748.50.
Plan B : Short if market failed to support above 1727.20. Targets are 1718.10, 1712.80 and 1705.20.
WTI Crude Oil
Oil prices gained on Friday as more countries began relaxing restrictions put in place to halt the coronavirus pandemic, raising hopes that demand for crude and its products will start to pick up.
Brent crude was up by 42 cents, or 1.4%, at $29.88 a barrel by 0447 GMT, having fallen nearly 1% on Thursday.
U.S. oil gained 45 cents, or 1.9%, to $24.00 a barrel, after a decline of nearly 2% in the previous session.
Both contracts are heading for a second week of gains after the lows of April, when U.S. oil crashed below zero, with Brent up around 13% and WTI about 21% higher.
However, crude is still being pumped into storage, raising the prospect that any gains prompted by stronger demand will be capped.
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Plan A : Long if market supported firm above 24.55. Targets are 24.92, 25.32 and 25.71.
Plan B : Short if market failed to support above 24.55. Targets are 24.18, 23.70 and 23.32.
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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