Where Futures Lies
Daily Futures Trading Strategy 27 August 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks surged on Wednesday, pushing the S&P 500 to its fourth straight record closing high while Dow gained 83-points, as investors stayed focused on large-cap momentum stocks that have outperformed since the onset of the coronavirus pandemic.
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Plan A : Remain long as long as market trades firmly above 28160. Targets are 28330 and 28418.
Plan B : Exit below 28100.
Plan C : Attempt short if market surges but stays below 28418. Targets are 28330 and 28220.
Plan D : Cut above 28480.
E-Mini S&P 500
The Dow climbed 83.48 points, or 0.3%, to close at 28,331.92. The S&P 500 rose 1.02% to 3,478.73. The Nasdaq Composite outperformed, jumping 1.7% to end the day at 11,665.06. A rally in tech shares propelled the S&P 500 and Nasdaq to fresh record highs.
Shares of Salesforce rallied more than 26% on the back of blowout results for the previous quarter. Netflix jumped 12% and Facebook closed 8% higher. Amazon, Alphabet, Microsoft and Apple also rose on Wednesday.
Sentiment was also helped by positive news on the coronavirus vaccine front and solid U.S. economic data. Moderna said its coronavirus vaccine showed promising results in a small trial of patients aged 56 and older. The company’s stock jumped 6% on the news. U.S. durable goods orders jumped by 11.2% in July, easily topping a 4.3% estimate from Refinitiv.
Federal Reserve Chairman Jerome Powell is set to deliver a highly anticipated speech on Thursday. Weekly jobless claims data is scheduled for release as well.
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Plan A : Short if market failed to support above 3467.25. Target are 3440.25, 3418.50 and 3395.25.
Plan B : Long if market retraced but supported firm above 3442.25. Targets are 3459.25, 3472.25 and 3490.75.
Plan B : Long if market retraced but supported firm above 3442.25. Targets are 3459.25, 3472.25 and 3490.75.
E-Mini Nasdaq
Futures contracts tied to the major U.S. stock indexes slipped during the overnight session Wednesday evening as Wall Street turned its attention to an upcoming address from Federal Reserve Chairman Jerome Powell.
Thursday’s trading is likely to be driven in large part by comments from Fed Chair Jerome Powell, who is expected at 9:10 a.m. ET to introduce a new pandemic-era tool to combat the economic impact of Covid-19 and foster inflation in the U.S. The Fed’s annual symposium will be held virtually this year instead of the usual locale of Jackson Hole, Wyoming.
The central bank has for years tried to keep inflation at 2%, a rate of price increase that policymakers consider both manageable and indicative of a healthy economy. But ever since the financial crisis, inflation in the U.S. has more often than not lagged the Fed’s target.
A tech-led rally led the S&P 500 up 1% to 3478.73 on Wednesday while the Nasdaq popped 1.7% to finish the day at 11,665.06.
Investors will also pore through the government’s latest report on jobless claims on Thursday. The Labor Department at 8:30 a.m. ET will release figures on how many Americans filed for unemployment benefits for the first time during the week ended August 22.
Economists polled by Dow Jones expect some 1 million workers filed initial claims last week. That would be a deceleration from the prior week’s print of 1.1 million first-time claims.
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Plan A : Short if market failed to support above 11913.25. Targets are 11870.25, 11835.25 and 11780.75.
Plan B : Long if market supported firm above 11823.25. Targets are 11851.25, 11883.25 and 11913.50.
HSI
Hong Kong shares recovered from earlier losses and finished largely flat on Wednesday, as gains in the information technology sector offset weakness in mainland markets.
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Plan A : Attempt short if market stays below 25530. Targets are 25410 and 25310. Cut above 25580.
Plan B : Consider long if market trades firmly above 25410. Targets are 25510 and 25610. Cut below 25330.
WTI Crude
Oil prices steadied on Wednesday, pressured by worries about the demand outlook during the coronavirus pandemic but buoyed as U.S. producers shut output in the Gulf of Mexico ahead of Hurricane Laura.
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Plan A : Attempt buy as long as oil price stays above 42.6
Plan B : Exit below 41.9
Plan C : Consider selling if oil price surges but fails to breach above 43.4
Plan D : Cut above 43.8
Gold
Gold jumped over 1% on Wednesday as the dollar slipped on the eve of a speech from Federal Reserve Chairman Jerome Powell, and as investors bet on further stimulus to mitigate the impact of the coronavirus pandemic.
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Plan A : Attempt buy if gold price trades firmly above 1935
Plan B : Cut below 1929
Plan C : Consider selling if gold price surges but fails to breach above 1966
Plan D : Cut above 1971
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 correction, 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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Ride The Bull Short The Bear
CS Tan
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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....
