FUTURESCOIN IS GOING GLOBAL

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

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E-Mini S&P 500

The Dow gained 177.10 points, or 0.68%, to close at 26,067.28. The S&P 500 climbed 0.78% to 3,169.9. The Nasdaq Composite notched another record close, rising 1.44% to 10,492.50. Gains in major tech companies helped the major averages regain some of the losses from Tuesday's session.

Microsoft shares rose 2.20% while Apple gained 2.23% to hit a record. Amazon and Netflix advanced 2.70% and 1.95%, respectively. This gain in tech came as coronavirus cases in the U.S. topped 3 million. “It seems like you flip a switch when those Covid cases go up, the country takes a step back in terms of re-opening the economy and all those names find high demand,” said one trader.

Wednesday’s move higher comes as the U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday. The total number of confirmed U.S. cases now totals more than 3 million, according to Johns Hopkins University. 

E-Mini Nasdaq

Futures contracts tied to the major U.S. stock indexes held steady during the overnight session Wednesday evening just hours after the Nasdaq Composite clinched its 25th record close for 2020.

The after-hours moves Wednesday evening followed a positive regular session on Wednesday, with the major indexes brushing off a record daily increase in new U.S. Covid-19 cases. Big Tech continued to carry the broader market higher on during regular trading and again allowed the Nasdaq Composite to outpace the S&P 500 and Dow industrials.

The Nasdaq rose 1.44% between a 2.3% rally in Apple, a 2.7% rise in Amazon and a 3.49% climb in Nvidia. The index closed at a record high 10,492.50.

The Nasdaq is up 29.68% over the last three months.

The latest iteration of the Labor Department report on weekly jobless claims will be released Thursday morning.

The weekly figures provide Wall Street with critical insight on how many Americans continue to collect unemployment benefits, known as continuing claims.

Another 1.39 million workers are expected to have filed first-time claims for state unemployment benefits during the week ended July 4. That would mark a deceleration from the prior week, though still well above any reading prior to the pre-Covid era. 

Last week, the government said initial jobless claims rose by 1.427 million in the final week of June. That marked the 15th straight week in which initial claims remained above 1 million.

Plan A : Long if market retraced slightly and supported firm above 10603.25. Targets are 10630.25, 10659.50 and 10692.75.

Plan B : Short if market failed to support above 10603.25. Targets are 10570.25, 10535.75 and 10502.50.

HSI

Hong Kong stocks edged higher on Wednesday, ending near a four-month high hit in the previous session, as market sentiment was lifted on hopes of recovery in the Chinese economy after a seventh straight session of gains in mainland shares.

At the close of trade, the Hang Seng index was up 0.6% at 26,129.18, near a four-month high hit on Tuesday.

Plan A : Remain buy as long as oil price stays firm above 40.6

Plan B : Exit below 39.9

Plan C : Consider selling if oil price surges but fails to breach above 40.9

Gold

Gold soared past the technical $1,800 threshold on Wednesday, scaling its highest since September 2011, as investors bolted for safety from the novel coronavirus and central banks poured in powerful stimulus to cushion its economic fallout.

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Plan A : Short if market still fails to breach above 26036. Targets are 25991 and 25945.

Plan B : Cut above 26081.

Plan C : Attempt to long if market tested and rebounds from 25955. Targets are 26005 and 26050.

Plan D : Cut below 25910.

Weekly jobless claims data are set for release Thursday morning.

Plan A : Short if market failed to support above 3157.25. Targets are 3132.50, 3115.25 and 3090.75.

Plan B : Long if market doesn't retrace much and supported firm above 3157.25. Targets are 3182.25, 3205.25 and  3222.75.

Oil prices edged up on Wednesday on signs of a recovery in gasoline consumption in the United States, but rising U.S. crude inventories and an increase in coronavirus infections limited gains.

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Plan A : Remain buy as long as gold price stays firm above 1807.6
Plan B : Exit below 1803
Plan C : Consider selling if gold price surges but fails to breach above 1830
Plan D : Cut above 1838.1

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.