Where Futures Lies
Daily Futures Trading Strategy 18 August 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Overnight Dow Jones was weighed down by losses in financial and industrial stocks while S&P 500 traded just a point shy of a record intraday high of 3386.15 hit in February.
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Plan A : Attempt long if market trades firmly above 27824. Targets are 27933 and 28070.
Plan B : Cut below 27710.
Plan C : Attempt short if market fails to hold above 27824. Targets are 27630 and 27590.
Plan D : Cut above 27910.
E-Mini S&P 500
The Dow fell 86.11 points, or 0.31%, to 27,844.91. The S&P 500 rose 0.3% to close at 3381.99. The Nasdaq Composite outperformed, rising 1% to 11,129.73. Wall Street kicked off the week with a muted performance as the S&P 500 struggled once again to reach its February record.
The S&P 500 made another run at its Feb. 19 record on Monday, but fell short once more. “The S&P 500 is overbought into key resistance and up against seasonal headwinds,” said one analyst. Should the market “consolidate from here, we’ll be monitoring for an accumulation of cyclical equities to confirm what we expect to be a breakout to a new high.” These struggles come amid a stalemate among lawmakers over a new coronavirus stimulus package.
Shares of Barrick Gold rose 12% after Warren Buffett's Bershire Hathaway disclosed a take in the gold miner. The move higher in Barrick lifted other miners such as Newmont and Freeport-McMoran. Tech shares such as Amazon, Alphabet and Microsoft advanced at least 0.6% each.
Home Depot and Walmart are among the companies set to report earnings on Tuesday.
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Plan A : Short if market failed to support above 3362.25. Targets are 3332.25, 3302.25 and 3272.25.
Plan B : Long if market retraced but supported firm above 3362.25. Targets are 3378.25, 3395.50 and 3415.50.
E-Mini Nasdaq
Stock futures were little changed in Tuesday early morning trade after the S&P 500 on Monday once again failed to reach a record, a level set before the coronavirus crisis hit.
The S&P 500 has rallied more than 50% from its March bottom amid massive fiscal stimulus and better-than-feared earnings results. The tech-heavy Nasdaq Composite hit a new record close and intraday high during Monday’s trading, pushing its 2020 gains to 24%.
The market has been stuck in a tight range as hopes for a new coronavirus stimulus deal dimmed with lawmakers unwilling to break a stalemate. Democrats and Republicans are holding their respective presidential nominating conventions this week and next.
Senate Republicans plan to introduce a narrow coronavirus relief plan that also includes $10 billion for the U.S. Postal Service, NBC News reported Monday evening.
Meanwhile, tensions between the U.S. and China still kept investors on edge. The Trump administration announced on Monday it will further tighten restrictions on Huawei, aimed at cracking down on the Chinese telecom giant access to commercially available chips.
Investors will monitor earnings from retail heavyweights Home Depot, Walmart and Kohl's on Tuesday before the bell to assess how the industry navigated the unprecedented disruptions from the pandemic.
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Plan A : Short if market failed to support above 11167.50. Targets are 11125.25, 11078.50 and 11043.75.
Plan B : Long if market retraced but supported firm above 11167.50. Targets are 11198.25, 11221.50 and 11250.25.
HSI
Hong Kong shares marked their highest close in nearly four weeks on Monday, tracking a regional rise after China's central bank provided more medium-term loans to the country's financial system.
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Plan A : Attempt short if market does not breach above 25470. Targets are 25330 and 25290. Cut above 25550.
Plan B : Consider long if market trades firmly above 25290. Targets are 25390 and 25470. Cut below 25210.
WTI Crude
Oil prices rose on Monday, as OPEC+ producers almost fully complied in July with their global production cut accord, and after U.S. officials said China is in compliance with the first phrase of the two nations' trade deal.
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Plan A : Remain buy as long as oil price stays above 42.6
Plan B : Exit below 41.6
Plan C : Consider selling if oil price surges but fails to breach above 42.6
Plan D : Cut above 43.0
Gold
Gold jumped over 2% to its highest in nearly a week on Monday as a weaker dollar, a pull-back in U.S. Treasury yields along with Warren Buffett's Berkshire Hathaway buying a stake in major gold miner bolstered investor morale.
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Plan A : Attempt buy if gold price trades firmly above 1967
Plan B : Exit below 1955
Plan C : Consider selling if gold price falls back below 1967
Plan D : Cut above 1980
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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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....
