Where Futures Lies
Daily Futures Trading Strategy 24 August 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Friday's Dow rose 0.69% to end at 27,930 while The S&P 500 and Nasdaq closed at records high with both lifted by Apple after data pointed to some pockets of strength in the U.S. economy.
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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 trades below 27824. Targets are 27630 and 27590.
Plan D : Cut above 27910.
E-Mini S&P 500
The Dow climbed 190.6 points, or 0.7%, to close at 27,930.33. The S&P 500 climbed 0.3% to end the day at 3397.16, another closing record. The Nasdaq Composite advanced 0.4% to 11,311.80, also a record close. Wall Street wrapped up a record setting week with solid gains on the back of strong U.S. economic data.
Data from IHS Markit showed U.S. manufacturing activity hit its highest level in 19 months in August, while services were at their highest level in 17 months. Meanwhile, existing home sales for July saw a record month-over-month spike of 24.7%. The average selling price for homes also hit an all-time high, jumping to $304,100.
Apple shares rose 5% to a fresh all-time high, building on its rally for the week. Deere, meanwhile, climbed 4% on the back of better-than-expected results for the previous quarter.
Consumer confidence and even more housing numbers are set for release next week. The Federal Reserve is also set to hold its annual symposium on monetary policy.
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Plan A : Long if market retraced but supported firm above 3379.25. Targets are 3395.25, 3412.50 and 3431.25.
Plan B : Short if market failed to support above 3390.25. Targets are 3360.50, 3335.50 and 3302.25.
E-Mini Nasdaq
Stock futures climbed higher in early morning trading on Monday as Wall Street tries to build on a record-setting week.
Futures on the Dow Jones Industrial Average rose 115 points. The S&P 500 futures and the Nasdaq 100 futures also traded in positive territory.
An unstoppable rally in major technology shares last week pushed the S&P 500 to levels above its previous record set before the pandemic. The broad equity benchmark posted its fourth straight positive week and closed at a fresh record on Friday.
Apple jumped more than 8% last week ahead of its 4-for-1 stock split, bringing its 2020 gains to nearly 70%.
The tech-heavy Nasdaq Composite gained 2.6% last week, posting a six-week winning streak and notching its 36th intraday high. The Nasdaq has gained 26% this year.
Investors remained on high alert for updates on the coronavirus pandemic as the world attempts to ease restrictions and revive economic growth.
Plan A : Long if market retraced but supported firm above 11372.25. Targets are 11400.25, 11429.75 and 11470.75.
Plan B : Short if market failed to support above 11523.25. Targets are 11480.25, 11438.25 and 11398.75.
HSI
Hong Kong stocks climb on Friday, helped by IT and consumer firms, but posted a marginal weekly drop as uncertainty over Sino-U.S. trade talks weighed on sentiment.
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Plan A : Attempt short if market does not breach above 25158. Targets are 25030 and 24900. Cut above 25210.
Plan B : Consider long if market trades firmly above 24900. Targets are 25030 and 25150. Cut below 24820.
WTI Crude
Oil prices dropped on Friday as the economic recovery worldwide runs into stumbling blocks due to renewed coronavirus lockdowns, even as major global cride producers limit crude supply.
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Plan A : Attempt buy as long as oil price stays above 42.3
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
Plan D : Cut above 43.0
Gold
Gold dropped to its lowest in over a week and was en route to its second weekly decline on Friday, as a strong rebound in the dollar and a resurgence in U.S. business activity dented bullion's allure.
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Plan A : Attempt buy if gold price trades firmly above 1930
Plan B : Cut below 1922
Plan C : Consider selling if gold price trades 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....
