Where Futures Lies
Daily Futures Trading Strategy 3 September 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The S&P 500 closed higher on Wednesday for the ninth time in the past 10 sessions, with defensive and value stocks taking their turns to lead the gains after data showed U.S. private payrolls expanded last month, but at a much slower pace than expected.The blue-chip Dow edged closer to its Feb.12 record high, coming in just 1.6% below the milestone.
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Plan A : Remain long as long as market trades firmly above 29011. Targets are 29160 and 29370.
Plan B : Exit below 28940.
Plan C : Attempt short if market fails to stay above 29011. Targets are 28940 and 28860.
Plan D : Cut above 29080.
E-Mini S&P 500
The Dow gained 454.84 points, or 1.59%, to close at 29,100.50. The S&P 500 climbed 1.5% to 3,580.84. The Nasdaq Composite advanced 1% to 12,056.44. The major averages rallied Wednesday as investors snapped up shares in some of the more beaten-down parts of the market. The Dow posted its best rally since mid-July and closed less than 2% from an all time high.
ADP said U.S. private payrolls grew by 428,000 in August. Economists polled by Dow Jones expected a gain of 1.17 million. Peter Boockvar, chief investment officer at Bleakley Advisory Group, said the pace of hiring “has really slowed down over the past two months where the average is just 320k.” Still, the major averages powered on higher.
The S&P 500 notched a similar advance of 1.54% as cyclical stocks — those that move in response to the health of the U.S. economy — outperformed. Materials stock DuPoint popped 5%, Verizon added 2.3% and Alaska Air climbed 3.3%.
Coca-Cola and IBM rose 4% and 3.9%, respectively, to lead the Dow higher. Apple, meanwhile dropped 2% as traders took profits following the tech giant’s recent run-up. Tesla slid 6% after its biggest outside investor trimmed its position on the electric car maker, citing portfolio restrictions.
Weekly jobless claims data and the latest read on the ISM non-manufacturing index are set for release Thursday.
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Plan A : Short if market failed to support above 3568. Targets are 3543, 3510 and 3489.
Plan B : Long if market doesn't retrace much later supported above 3550. Targets are 3566, 3580 and 3598.
E-Mini Nasdaq
Futures contracts tied to the major U.S. stock indexes held steady in extended trading Wednesday evening as investors looked to pare already-robust gains seen on Wall Street so far this week.
The rally lifted the blue-chip average above 29,000 for the first time since February and represented its single-best session since mid-July. Both the S&P 500 and Nasdaq Composite clinched record closing levels.
Though high-flying names like Apple and Tesla fell 2% and 5.8%, respectively, their Wednesday losses only curb significant year-to-date gains for each stock. Still, not all tech names under-performed: Semiconductor stocks like Nvidia and Intel rose 3.8% and 2.8%. The VanEck Vectors Semiconductors ETF rose 2.6%.
Investors will pore over the latest look at jobless claims data on Thursday, when the Labor Department is set to release its weekly update on the number of Americans filing for unemployment benefits for the first time.
Economists polled by Dow Jones expect first-time applications to have decelerated to 950,000 during the week ending August 29. That would mark a reduction from the prior week’s print, which exceeded 1 million first-time applicants.
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Plan A : Short if market failed to support above 12368. Targets are 12320, 12285 and 12236.
Plan B : Long if market doesn't retrace much and supported firm above 12271. Targets are 12300, 12335 and 12370.
HSI
Hong Kong stocks ended lower on Wednesday, weighed down by energy and financial firms.
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Plan A : Attempt short if market stays below 25130. Targets are 25020 and 24930. Cut above 25200.
Plan B : Consider long if market trades firmly above 25020. Targets are 25130 and 25210. Cut below 24930.
WTI Crude
Oil fell more than 2% on Wednesday, reversing course as gasoline demand fell in the United States in the latest week, an indication that economic recovery from the pandemic may be slower than expected.
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Plan A : Attempt buy as long as oil price stays above 41.6
Plan B : Exit below 40.7
Plan C : Consider selling if oil price fails to hold above 41.6
Plan D : Cut above 42.6
Gold
Gold fell more than 1.5% on Wednesday as the dollar firmed and a strong rebound in U.S. manufacturing sector fuelled hopes of rapid recovery in the coronavirus-hit economy.
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Plan A : Attempt buy if gold price trades firmly above 1935
Plan B : Cut below 1931
Plan C : Consider selling if gold price surges but fails to breach above 1966
Plan D : Cut above 1972
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....
