FUTURESCOIN IS GOING GLOBAL

WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

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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.

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

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.

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.

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.

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.