Where Futures Lies
Daily Futures Trading Strategy 28 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 futures rose on Monday after a two-day slide for Wall Street, as bets on a more dovish outlook from the U.S. Federal Reserve brightened the mood ahead of a busy week for quarterly earnings reports from companies including Boeing and Apple.
Dow logged their first weekly decline in four on Friday, following concerns over escalating coronavirus cases in southern and western U.S. states, rising tensions between the U.S. and China, and data that showed a recovery in the U.S. job market unexpectedly stalled.
While no major announcements are expected at the end of the U.S. central bank’s two-day meeting on Wednesday, analysts expect policymakers to lay the groundwork for more action in September or in the fourth quarter.
Investors are also keeping a close watch on progress over the next round of government aid with less than a week before enhanced unemployment benefits expire.
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Plan A : Short if market does not breach above 26680. Targets are 26640 and 26595.
Plan B : Cut above 26720.
Plan C : Attempt to long if market holds firm above 26545. Targets are 26590 and 26635.
Plan D : Cut below 26500.
E-Mini S&P 500
The Dow climbed 114.88 points, or 0.43%, to 26,584.77. The S&P 500 gained 0.74% to 3,239.41. The Nasdaq Composite outperformed, rising 1.67% to 10,536.27. Gains across the major tech names lifted the broader market as traders braced for the busiest week of the earnings season.
The move higher in stocks came as gold prices soared to a new record high. Gold futures hit an intraday high of $1,941.90 per ounce and settled 1.8% higher at $1,931.50. Monday’s gain put the precious metal up more than 26% year to date, on pace for its biggest one-year gain since 2010.
Amazon gained 1.54% after several analysts hiked their 12-month price targets on the e-commerce giants. Apple also rose 2.37% and was among the best-performing Dow stocks. Facebook, Netflix, Alphabet and Microsoft ended the day higher as well.
The Federal Reserve’s two-day policy meeting kicks off on Tuesday. McDonald's, Pfizer, Starbucks and AMD are among the companies set to report earnings.
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Plan A : Long if market doesn't retrace much and supported firm above 3233.25. Targets are 3255.25, 3279.25 and 3301.75.
Plan B : Short if market failed to support above 3233.25. Targets are 3201.25, 3185.25 and 3158.50.
E-Mini Nasdaq
Stock futures were flat in overnight trading as investors prepared for a slew of earnings from major U.S. businesses on Tuesday.
Senate Majority Leader Mitch McConnell unveiled the Republican coronavirus relief plan Monday after the bell. The legislation would include relief for jobless Americans, another direct payment to individuals of up $1,200, more Paycheck Protection Program small business loan funds, among other provisions. McConnell said the bill would set federal unemployment insurance at 70% of a worker’s previous wages, replacing the $600 per week which states stopped paying out this week.
The Nasdaq Composite jumped 1.7%, helped by big gains in technology darlings. Netflix rose more than 3%, Amazon gained 1.5% and Apple rose nearly 2.5%.
The busiest week of earnings season continues on Tuesday with 3M, McDonald’s Pfizer, JetBlue and Raytheon Technologies all set to report before the opening bell.
Visa, Advanced Micro Devices, Amgen, eBay, Mondelez International and Starbucks report after the bell on Tuesday.
The Federal Reserve starts its two-day policy meeting on Tuesday, followed by an interest rate decision on Wednesday. The FOMC decided to maintain the target range for the federal funds rate at 0-0.25% at its last meeting in June as it continued to deal with the impact of the coronavirus (COVID-19) pandemic on the U.S. economy.
The Conference Board’s consumer confidence index for July will be released at 10 a.m. on Tuesday. Economists polled by Dow Jones are expecting a read of 96, down from June's read of 98.1.
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Plan A : Long if market doesn't retrace much and supported firm above 10675.25. Targets are 10710.25, 10732.25 and 10770.50.
Plan B : Short if market failed to support above 10675.25. Targets are 10634.25, 10580.50 and 10532.25.
HSI
Hong Kong shares fell on Monday, extending losses from the previous session on rising Sino-U.S. tensions, and as a jump in COVID-19 cases in the city weighed on investor sentiment.
At the close of trade, the Hang Seng index was down 102.07 points, or 0.41%, at 24,603.26. The index had dropped 2.2% on Friday after China ordered the closure of the U.S. consulate in the southwestern city of Chengdu.
The U.S. mission was shut after Washington ordered China’s consulate in Houston, Texas to close. China said on Monday that it had taken over the premises of the Chengdu U.S. consulate.
Hong Kong announced further restrictions to curb a surge in locally transmitted coronavirus cases, including a ban on gatherings of more than two people, a total bar on restaurant dining and mandatory face masks in all public places, including outdoors.
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Plan A : Attempt short if market recovers but does not breach above 24814. Targets are 24740 and 24665. Cut above 24889.
Plan B : Attempt long if market rebounds from 24693. Targets are 24765 and 24840. Cut below 24615.
WTI Crude
Oil prices edged higher on Monday helped by a weak dollar and expected U.S. stimulus measures but gains were capped by rising global coronavirus cases and tensions between the United States and China.
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Plan A : Remain buy as long as oil price stays firm above 41.6
Plan B : Exit below 41.1
Plan C : Consider selling if oil price fails to hold above 41.6
Plan D : Cut above 42.4
Gold
Gold touched record prices as worries over issues such as the coronavirus pandemic as well as U.S.-China tensions weighed on investor sentiment.
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Plan A : Remain buy as long as gold price stays firm above 1937
Plan B : Exit below 1933
Plan C : Consider selling if gold price surges but fails to breach above 1962
Plan D : Cut above 1967
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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