Where Futures Lies
Daily Futures Trading Strategy 25 June 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 dropped on Wednesday as investors shunned risky bets with many U.S. states scrambling to fight a spike in coronavirus infections.
Washington state made face masks mandatory in public places, while many other U.S. states saw record cases, including Arizona and Texas, where restrictions meant to slow its spread were lifted early.
The top U.S. infectious disease official said the next two weeks could be critical in containing the outbreak.
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Plan A : Continue to hold short if market stays below 25514. Targets are 25469 and 25414.
Plan B : Cut above 25560.
Plan C :Long if market rebounds from 25478. Targets are 25523 and 25568.
Plan D : Cut below 25433.
E-Mini S&P 500
Stocks fell sharply on Wednesday as the increasing number of newly confirmed coronavirus cases dampened expectations of an economic recovery.
The Dow dropped 710.16 points, or 2.7%, to 25,445.94. The S&P 500 closed 2.6% lower at 3,050.33 while the Nasdaq Composite slid 2.2% to 9,909.17. The tech-heavy Nasdaq posted its first daily decline in nine sessions. It was the worst day for the Dow, S&P 500 and Nasdaq since June 11.
Florida said its confirmed cases jumped by 5,508 on Tuesday, a record, and now total 109,014. The state also said its positivity rate rose to 15.91% from 10.82%. Stocks fell to their session lows after Florida reported its latest case figures. At one point, the Dow had fallen more than 800 points on Wednesday.
Stocks could face turbulence and limited gains in the second half of the year, as the Covid-19 pandemic continues to set the course for markets and the economy.
The S&P 500 had been up more than 20% for the second quarter before Wednesday’s 2.6% decline, as a surge in virus cases in Florida, Texas and other sunbelt states raised fears that the economic rebound could be slowed.
The first half of the year saw stocks rise to new highs amid optimism after the phase one China trade deal, but then plummet in March, as the virus shut down the economy.
But a heavy and rapid dose of fiscal and Fed stimulus pulled markets out of a downward spiral, and the Nasdaq led the pack, as the first index to set new highs. The S&P 500, at 3,050, is still down 5.6% for the year-to-date.
With just a week left in the second quarter, the negative news on the virus is a setback and a reminder that the health crisis could continue to dampen economic activity and strain health systems and local government budgets.
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Plan A : Long if market supported firm above 3022.50. Targets are 3045.25, 3063.75 and 3089.25.
Plan B : Short if market failed to support above 3022.50. Targets are 2998.50, 2976.50 and 2950.25.
E-Mini Nasdaq
Stocks futures were lower in early morning trade on Thursday, following a steep market sell-off triggered by intensifying worries about a coronavirus resurgence.
Futures on the Dow Jones Industrial Average dropped 189 points. S&P 500 futures and Nasdaq 100 futures also traded in negative territory. Trading volumes were thin overnight.
The negative headlines sent the market into a downward spiral on Wednesday. The Dow dropped about 700 points, while the S&P 500 and the Nasdaq fell 2.5% and 2.1%, respectively. All three benchmarks posted their worst day since June 11. The tech-heavy Nasdaq also snapped an eight-day winning streak.
The Trump administration is considering new tariffs on $3.1 billion exports from France, Germany, Spain and the U.K., according to a notice from the U.S. Trade Representative released Tuesday evening. The new duties on olives, beer, gin and trucks can be up to 100%.
Investors will monitor the latest jobless claims data on Thursday at 8:30 a.m. ET. Economists polled by Dow Jones expected a total of 1.35 million first-time claims for unemployment insurance for the week ending June 20, which would be a decline from 1.508 million for the week prior. Weekly jobless claims have stayed above 1 million for 13 weeks as the pandemic roiled the labor market.
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Plan A : Long if market supported firm above 9991.50. Targets are 10020.25, 10053.50 and 10095.75.
Plan B : Short if market failed to support above 9991.50. Targets are 9954.25, 9920.25 and 9895.75.
WTI Crude
Oil prices fell nearly 6% on Wednesday after U.S. crude storage hit another record and coronavirus cases rebound in countries like Germany and surge in heavily populated areas of the United States.
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Plan A : Remain sell as long as oil price stays below 39.2
Plan B : Exit above 39.5
Plan C : Consider buying only if oil price able to trade firmly above 38.1
Plan D : Cut below 37.7
Gold
Gold weakened after hitting more than a 7.5 year high earlier on Wednesday, with investors selling the precious metal along with other asset classes as a global rise in coronavirus cases led to a flight to cash.
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Plan A : Remain buy as long as gold price stays firm above 1769.9
Plan B : Exit below 1764
Plan C : Consider selling only if gold price falls below 1769.9
Plan D : Cut above 1775
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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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....
