Where Futures Lies
Daily Futures Trading Strategy 2 September 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Dow Jones Industrial Average rose 215.61 points, or 0.76%, to close at 28,645.66, the S&P 500 gained 26.34 points, or 0.75%, to 3,526.65 and the Nasdaq Composite added 164.21 points, or 1.39%, to 11,939.67.
The S&P ended the session more than 4% above its pre-crisis record, reached in February, while the Nasdaq finished 21.7% above its February peak in its 42nd closing high for 2020. The blue-chip Dow, meanwhile, was still 3% under its record.
But some strategists cautioned there could be more market volatility ahead as U.S. politics will take center stage in the coming weeks. Republican President Donald Trump, who is running for re-election against Democratic presidential nominee Joe Biden, has seen his polling gap with the former vice president narrow recently.
Tesla Inc fell 4.7% after the electric-car maker announced plans to raise up to $5 billion through a share sale program a day after its 5-for-1 stock split.
Earlier in the day ISM data showed U.S. factory activity expanded for the third straight month to a reading of 56.0 in August, the highest since November 2018. The figures follow encouraging manufacturing surveys from China and Europe earlier in the day.
However, employment continued to lag, according to ISM data, supporting views that the labor market recovery was losing momentum. Investors will keep a close eye on the monthly U.S. jobs report due on Friday.
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Plan A : Short if market failed to support above 28719. Targets are 28678, 28640 and 28590.
Plan B : Long if market doesn't retrace much and supported firm above 28719. Targets are 28746, 28779 and 28801.
E-Mini S&P 500
The Dow gained 215.61 points, or 0.8%, to close at 28,645.66. The S&P 500 climbed 0.8% to 3,526.65. The Nasdaq Composite advanced 1.4% to 11,939.67. Stocks kicked off a historically tough month on the right foot, building on the strong gains from August. The S&P 500 and the Nasdaq Composite both hit records again.
Tuesday’s rally added to Wall Street’s fifth straight monthly gain and the S&P 500’s strongest August advance in more than three decades, which was also mostly thanks to technology stocks and central bank support.
The Institute for Supply Management said its manufacturing PMI came in at 56 for August, a 19-month high, as new orders hit their highest level since 2004. “As the economic recovery continues, I think you will see a broadening of the stocks participating in this rally,” said one strategist.
Apple closed 4% higher after a slew of analysts hiked their price target on the stock. Walmart jumped 6% after the retailer announced it will launch a membership program later in September. Tesla slid 4% after the company said it will sell up to $5 billion in stock.
Data on weekly mortgage applications and U.S. private payrolls are set for release Wednesday.
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Plan A : Short if market failed to support above 3526. Targets are 3500, 3471 and 3445.
Plan B : Long if market doesn't retrace much and supported firm above 3526. Targets are 3541, 3559 and 3572.
E-Mini Nasdaq
The S&P 500 and Nasdaq boasted record closing highs on Tuesday with technology leading the charge as Apple and Zoom Video soared while economic data and moves toward stimulus talks in Washington helped fuel optimism.
Apple Inc rose just under 4% on Tuesday, a day after its stock split and after a report said the company had asked suppliers to make at least 75 million 5G iPhones for later this year.
Zoom Video Communications Inc surged 40.8% after the video conferencing company raised its annual revenue forecast by more than 30% as it converted more of its huge free user base to paid subscriptions. Along with Amazon.com Inc, it provided Nasdaq’s biggest boost for the day.
Investors cited technology momentum as the primary reason for Tuesday’s gains, with some help from data and politics.
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Plan A : Long if market doesn't retrace much and supported firm above 12317. Targets are 12345, 12375 and 12410.
Plan B : Short if market failed to support above 12317. Targets are 12270, 12221 and 12180.
HSI
Hong Kong shares finished higher on Tuesday, led by shares of tech firms, as sentiment was lifted by strong readings on China’s manufacturing sector that reflected a bounce-back in the world’s second-largest economy from the coronavirus crisis.
The Hang Seng index closed up 7.80 points or 0.03% at 25,184.85. The Hang Seng China Enterprises index rose 0.22% to 10,013.32. The sub-index of the Hang Seng tracking energy shares dipped 0.7%, while the IT sector rose 2.11%, the financial sector ended 0.12% lower and the property sector dipped 1%.
China’s factory activity expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year, the Caixin/Markit Manufacturing Purchasing Managers’ Index(PMI) showed .
The top gainer on the Hang Seng was Geely Automobile Holdings Ltd, which gained 4.4%. Hong Kong shares of BYD Co Ltd gained 13.8% after the Chinese electric vehicle maker’s coaches were selected for California purchasing contract. Shares of Meitu Inc, a selfie image-enhancing app, rose 8.2%, while smartphone maker Xiaomi Corp gained 8.9%.
China’s main Shanghai Composite index closed up 0.44% at 3,410.61, while the blue-chip CSI300 index ended up 0.54%.
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Plan A : Long if market retraced but supported firm above 24967. Targets are 25156 and 25261.
Plan B : Short if market failed to support above 24967. Targets are 24872 and 24781.
Plan C : Short if market rebounded but failed to support above 25220. Targets are 25132 and 25042.
WTI Crude
Crude oil futures rose on Wednesday after a more-than-expected draw in U.S. crude stockpiles and as solid U.S. factory data raised optimism of a post-pandemic economic recovery, boosting risk appetite among investors.
Brent crude futures were up 33 cents at $45.91 a barrel as of 0034 GMT, extending gains into a third day.
U.S. West Texas Intermediate futures rose 33 cents to $43.09, following the previous day’s gain by 15 cents.
U.S. crude inventories fell by 6.4 million barrels in the week to Aug. 28 to about 501.2 million barrels, the American Petroleum Institute said, compared with analysts’ expectations for a draw of 1.9 million barrels.
Gasoline stocks also fell by 5.8 million barrels, more than analysts’ estimates of a draw of 3.0 million barrels.
Analysts had forecast a sixth weekly drawdown in U.S. crude inventories in a Reuters poll.
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Plan A : Long if market supported firm above 43.10. Targets are 43.61, 44.12 and 44.56.
Plan B : Short if market failed to support above 43.10. Targets are 42.65, 42.12 and 41.69.
Gold
Gold prices edged higher on Wednesday as the dollar weakened, although upbeat U.S. manufacturing data lifted hopes about global economic recovery and curbed demand for the safe-haven metal.
Spot gold was up 0.1% at $1,971.07 per ounce by 0032 GMT, after hitting its highest since August 19 at $1,991.91 on Tuesday.
U.S. gold futures were steady at $1,978.90.
The dollar index held close to a more than two-year low on bets that U.S. interest rates would stay low for longer under the new monetary policy approach from the Federal Reserve.
The U.S. central bank would need to roll out more stimulus to fulfill its new promise of stronger job growth and higher inflation, Fed Governor Lael Brainard said on Tuesday.
Low interest rates reduce the opportunity cost of holding non-yielding bullion, which is also used as a hedge against inflation and currency debasement.
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Plan A : Short if market failed to support above 1981.10. Targets are 1973.20, 1965.50 and 1956.20.
Plan B : Long if market retraced but supported firm above 1945.90. Targets are 1953.20, 1961.50 and 1970.60.
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....
