Where Futures Lies
Daily Futures Trading Strategy 20 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 eased on Tuesday, as disappointing results from Home Depot weighed on sentiment. Shares in the home improvement chain dropped 2.2% in premarket trade, the most among the 30 Dow Industrials components as it missed profit estimates in the first quarter due to the COVID-19 pandemic.
Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin will also be grilled later in the day by the Senate Banking Committee on action still needed to keep the world’s largest economy afloat and missteps in rolling out some $3 trillion in aid so far.
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Plan A : Short if market falls below 24420. Targets are 24375 and 24320.
Plan B : Cut above 24460.
Plan C : Long if market tested and rebounds from 24040. Targets are 24085 and 24130.
Plan D : Cut below 23995.
E-Mini S&P 500
The Dow slid 390.51 points, or 1.59%, to 24,206.86. The S&P 500 fell.1.05% to close at 2,922.94. The Nasdaq Composite advanced 0.54% to 9,185.10. Wall Street took a breather on Tuesday following a massive rally in the previous session.
Investors turned their attention to Washington as Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee. Mnuchin said the government is “fully prepared to take losses” on coronavirus business bailouts. Powell noted “this is the biggest response by Congress ever and the fastest and biggest from us,” referring to the Fed’s and Congress’ efforts to stimulate the economy during the pandemic.
Walmart shares led the Dow lower with a 2.12% loss. The retail giant’s stock had traded higher earlier in the session before closing lower. Home Depot slid 2.95%.
Fed minutes are set for release Wednesday along with mortgage applications data.
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Plan A : Long if market doesn't retrace much and supported firm above 2931.25. Targets are 2956.25, 2978.75 and 3000.50.
Plan B : Short if market failed to support above 2931.25. Targets are 2906.75, 2884.25, 2860.25.
E-Mini Nasdaq
U.S. stock futures ticked higher in early morning trading and pointed to modest gains at the open on Wednesday, following a weak session that snapped a three-day winning streak for markets.
Fueling the volatility is uncertainty around a possible coronavirus treatment and vaccine and how economies will fare as they prepare to reopen.
Dow futures rose 132 points, implying a Wednesday opening gain of about 154 points. The futures contracts for the S&P 500 and Nasdaq also pointed to a positive open for the two indexes.
On Tuesday, stocks traded most of the day around the flatline until a report raised concerns about previously publicized trial results for Moderna’s potential coronavirus vaccine. Banks and retailers weighed down the major averages. The Dow Jones Industrial Average lost 390 points. The S&P 500 also registered a loss, dropping 1.05%.
The Nasdaq Composite was the relative outperformer, registering a loss of 0.5%. The tech-heavy index is only 6% from its all-time record high thanks to the recent strength in the so-called FANG stocks.
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Plan A : Long if market doesn't retrace much and supported firm above 9368.25. Targets are 9401.50, 9430.25 and 9465.75.
Plan B : Short if market failed to support above 9368.25. Targets are 9335.25, 9302.75 and 9271.75.
HSI
Hong Kong shares closed higher on Tuesday, tracking gains on Wall Street, as encouraging data from an early-stage trial for a COVID-19 vaccine lifted hopes of a faster recovery from the pandemic-driven economic slump.
At the close of trade, the Hang Seng index was up 453.36 points, or 1.89%, at 24,388.13.
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Plan A : Attempt to short if market does not breach above 24325. Targets are 24240 and 24145. Cut above 24410.
Plan B : Long if market rebounds from 24035. Targets are 24120 and 24205. Cut below 23950.
WTI Crude
Oil prices rose on Tuesday amid signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.
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Plan A : Attempt sell if oil price trades below 31.8
Plan B : Cut above 32.3
Plan C : Consider buying if oil price retraces but holds firm above 30.9
Plan D : Cut below 30.0
Gold
Gold rose on Tuesday on uncertainty over how economies would emerge from a deep slowdown, although optimism about a potential vaccine for the novel coronavirus capped bullion's advance.
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Plan A : Remain buy as long as gold price stays firm above 1737
Plan B : Exit below 1734
Plan C : Consider selling only if gold price stays below 1750
Plan D : Cut above 1754
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
4.9 / 5.0
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....
