Where Futures Lies
Daily Futures Trading Strategy 20 July 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 edged higher on Friday as investors bet on more official stimulus to drive a post-pandemic economic revival, even as COVID-19 cases saw another record rise at home.
As the second-quarter earnings season gets underway, investors are looking for clues on the path of recovery for Corporate America. Investors are also hoping for more fiscal support, as a program that offers additional weekly $600 checks for the unemployed ends this month, leaving millions of gig workers and self employed among others without an income.
The Dow have risen so far this week after promising data on a COVID-19 vaccine helped investors look past a record-breaking increase in coronavirus cases in the United States.
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Plan A : Short if market stays below 26730. Targets are 26685 and 26640.
Plan B : Cut above 26770.
Plan C : Attempt to long if market tested and rebounds from 26365. Targets are 26405 and 26455.
Plan D : Cut below 26320.
E-Mini S&P 500
The Dow slid 62.76 points, or 0.23%, to 26,671.95. The S&P 500 gained 0.28% to 3,224.73. The Nasdaq Composite advanced 0.28% to 10,503.19. The major averages posted a muted performance as a decline in Netflix weighed on major tech stocks.
Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down 6.52%. The company’s weak guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock. Shares of other major tech companies also struggled. Amazon pulled back by 1.26%. Microsoft dipped 0.51% and Apple slid 0.20%.
The U.S. reported 77,200 coronavirus cases on Thursday, a record, according to Johns Hopkins University. That spike brought the total number of confirmed U.S. infections to more than 3.57 million. Covid-related deaths are up to more than 138,000. “There’s definitely a sense of nervousness in the market,” said one trader.
Earnings season continues next week with IBM, Coca-Cola and Microsoft, among others, set to report.
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Plan A : Short if market failed to support above 3199.25. Targets are 3172.25, 3150.50 and 3125.75.
Plan B : Long if market 3199.25. Targets are 3222.25, 3247.50 and 3268.75.
E-Mini Nasdaq
Stock futures declined in early Monday trading, paring earlier gains as investors tried to build on last week’s solid performance.
Dow Jones Industrial Average futures traded 81 points lower. S&P 500 futures and Nasdaq-100 futures also slipped.
Last week, the S&P 500 and Dow rose 1.3% and 2.3%, respectively, for their third straight weekly advances. Those gains came as investors flocked into more beaten-up value names amid positive vaccine trial news from Moderna and a partnership between Pfizer and BioNTech. But those advances came at the expense of major tech stocks such as Facebook, Amazon, Netflix, Alphabet and Microsoft.
Facebook and Alphabet each lost more than 1% last week. Microsoft dropped 5.1% in that time period while Amazon and Netflix slid 7.4% and 10.2%, respectively. Those declines led to the Nasdaq Composite’s first weekly loss in three weeks. These stocks have been the stalwarts on Wall Street this year as investors bet these companies’ business models can keep them growing during the pandemic.
Traders also turned their eyes to Washington as lawmakers begin negotiations on new stimulus measures.
Earlier this year, President Donald Trump signed a stimulus package worth roughly $2 trillion which expanded unemployment benefits for those laid off during the pandemic. Among these expanded benefits, a $600-a-week check was included. However, these extra payments are set to expire later this month.
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Plan A : Long if market doesn't retrace much and supported firm above 10591.25. Targets are 10618.75, 10650.25 and 10690.25.
Plan B : Short if market failed to support above 10591.25. Targets are 10551.50, 10511.50 and 10470.25.
HSI
Hong Kong stocks ended higher on Friday but posted their worst weekly decline in nearly two months, weighed down by a sharp correction on the mainland, where better-than-expected GDP data fuelled worries over the pace of policy easing.
At the close of trade, the Hang Seng index was up 0.47% at 25,089.17.
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Plan A : Attempt short if market recovers but fails to breach above 25302. Targets are 25227 and 25152. Cut above 25377.
Plan B : Attempt long if market rebounds firmly from 24945. Targets are 25020 and 25095. Cut below 24870.
WTI Crude
Oil prices were broadly stable on Friday in early U.S. trading, as expectations of more economic stimulus programmes balanced concerns about the recovery in fuel demand as coronavirus cases surge and major crude-producing nations ready increases in output.
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Plan A : Attempt buy if oil price trades firmly above 40.7
Plan B : Cut below 39.9
Plan C : Consider selling if oil price breaks below 40.7
Plan D : Cut above 41.6
Gold
Gold jumped on Friday, poised for its sixth consecutive weekly gain, as a record-breaking rise in coronavirus infections in the United States fueled uncertainty about an economic recovery, while a weaker greenback also added support.
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Plan A : Attempt sell if gold price trades below above 1807.6
Plan B : Cut above 1816
Plan C : Consider buying if gold price holds firm above 1796
Plan D : Cut below 1791
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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