FUTURESCOIN IS GOING GLOBAL

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

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E-Mini S&P 500

Stocks ended the day sharply higher and investors cheered positive news about a coronavirus treatment from Gilead Sciences. The Dow Jones Industrial closed the trading session up 368 points or 1.43% on Friday. The S&P 500 gained about 32 points or 1.04%. The Nasdaq Composite jumped 0.66% for a record close. All three major average finished the week with gains. 

Stock futures rose in early morning trading on Monday as investors looked past a record spike in coronavirus cases in Florida.

Futures on the Dow Jones Industrial Average gained 185 points, pointing to a more than 200-point gain at Monday’s open. The S&P 500 futures and the Nasdaq 100 futures contracts also pointed to a positive Monday start for the two indexes.

The Dow and the S&P 500 are coming off two consecutive weeks of gains, while the resilience in tech shares pushed the Nasdaq to a new record after three straight positive weeks. For July, the Dow and the S&P 500 have risen 1.0% and 2.7%, respectively. The tech-heavy Nasdaq outperformed, climbing 10.7% this month as Amazon, Apple, Netflix, Alphabet all reclaimed new highs. 

Earnings season is set to kick off this week with big banks and others reporting their quarterly results. JPMorgan, Citigroup and Wells Fargo are scheduled to report on Tuesday. Pepsi will report earnings on Monday before the market open.

Corporate profits are expected to fall by 44% in the second quarter, which would be the biggest drop in quarterly earnings since the fourth quarter of 2008, according to Refinitiv data. However, the market could shrug off the sharp profit decline as long as companies signal a recovery on the horizon.

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Plan A : Long if market retraced but supported firm above 3153.25. Targets are 3178.50, 3197.75 and 3218.25.

Plan B : Short if market failed to support above 3153.25. Targets are 3128.25, 3103.50 and 3085.25. 

E-Mini Nasdaq

This stock market is like the old line about having one foot in a bucket of scalding water and the other in a bucket of ice, netting out to a neutral, if not comfortable, temperature.

There’s the blistering Nasdaq, with its unassailable technology gatekeepers and a combustible frenzy in Tesla stealing much of the market’s oxygen. Then there’s the chill enveloping smaller stocks, vestiges of the physical consumer economy and legacy financial institutions.

The crucial question swirling around the Nasdaq’s ascent and refusal of the Big Six stocks to take anything but a quick rest for months is whether investors are in danger of overpaying for the perceived certainty of secure cash flows, durable growth and entrenched franchises in the digital economy.

There is no denying both that the Nasdaq complex in the short-term appears technically stretched and over-loved, while large-cap tech is getting richly valued.

SentimenTrader.com notes that about three-quarters of Nasdaq stocks are above their 200-day moving average, the shorthand definition of a longer-term uptrend.

The Nasdaq 100 has pushed more than 22% above its 200-day average, according to Baycrest Partners’ Jonathan Krinsky, the most extreme spread with the index at a high since 2000.

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Plan A : Long if market retraced but supported firm above 10779.25. Targets are 10809.50, 10836.25 and 10868.50.

Plan B : Short if market failed to support above 10779.25. Targets are 10745.25, 10715.25 and 10689.50.

HSI

Hong Kong stocks fell on Friday, tracking Chinese equities as a heated rally there ground to a halt after state funds announced stake cuts in companies and on signs of renewed Sino-U.S. tensions.

Record-breaking rises in coronavirus cases across several U.S. states further dented sentiment, stoking concerns that lockdown measures may be re-imposed, derailing a nascent economic recovery.

At the close of trade, the Hang Seng index was down 482.75 points, or 1.84%, at 25,727.41.