Where Futures Lies
Daily Futures Trading Strategy 9 September 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 closed lower for a third straight session on Tuesday as heavyweight technology names extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500.
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Plan A : Attempt short if market recovers but trades below 27488. Targets are 27407 and 27309.
Plan B : Cut above 27568.
Plan C : Consider long if market stays firm above 27407. Targets are 27488 and 27568.
Plan D : Cut below 27309.
E-Mini S&P 500
The Dow slid 632.42 points, or 2.3%, to close at 27,500.89. The S&P 500 dropped 2.8% to 3,331.84. The Nasdaq Composite closed 4.1% lower to 10,847.69. Tech stocks got battered once again and dragged down the broader market. The Nasdaq is down 10% in three days.
Shares of Facebook and Amazon dropped more than 4% each. Apple and Microsoft lost 6% and 5%, respectively. Tesla plunged 21% for its worst single day ever. “High valuations in the mega-cap stocks are stretched far beyond historical levels,” said one strategist.
Shares of semiconductor companies were under pressure after China accused the U.S. of "bullying" as it launched a global data security initiative on Tuesday. Nvidia shares dropped 5% and Micron lost 3%. Applied Materials closed 8% lower.
Weekly mortgage applications data and job opening numbers are set for release Wednesday.
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Plan A : Long if market doesn't retrace much and supported firm above 3350. Targets are 3368, 3382 and 3400.
Plan B : Short if market failed to support above 3350. Targets are 3323, 3298 and 3270.
E-Mini Nasdaq
U.S. stock futures were flat overnight trading on Tuesday, following the technology-led stock rout that continues to pressure financial markets.
The sell-off in technology shares worsened on Tuesday as investors rotated out of companies that led the market’s historic comeback from the coronavirus recession.
The tech-heavy Nasdaq Composite underperformed once again on Tuesday — falling more than 4% — after suffering its worst week since March. The Nasdaq has lost more than 10% in the past three sessions, officially entering correction territory. The index is still more than 63% from its 52-week low in March.
In addition to the high flying FAANG names and stay-at-home stocks, chip stocks were among the biggest losers as tensions between U.S. and China continued to escalate. Meanwhile, a 21% drop in Tesla — its largest single-day stock drop — dragged down the Nasdaq.
Many on Wall Street believe the technology weakness derived from worries that the massive tech run-up pushed valuations to unsustainable levels. Even with last week’s pullback, the Nasdaq is up more than 60% from its March bottom.
The Labor Department’s Job Openings Labor Turnover Survey for July will be released at 10:00 a.m. ET on Wednesday and the report —although somewhat dated — should give investors some insight into the labor market. Analysts polled by Dow Jones expect hiring rose 6.0 million in July, up from 5.9 million in June.
American Eagles Outfitters reports quarterly results before the bell on Wednesday. GameStop, RH and Zscaler report earnings after the bell.
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Plan A : Long if market doesn't retrace much and supported firm above 11174. Targets are 11200, 11235 and 11267.
Plan B : Short if market failed to support above 11174. Targets are 11125, 11074 and 11032.
HSI
Hong Kong stocks recouped earlier losses to close higher on Tuesday, helped by gains in financial and telecoms firms.
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Plan A : Attempt short if market trades below 24477. Targets are 24368 and 24238.
Plan B : Cut above 24518.
Plan C : Consider long if market stays firm above 24230. Targets are 24368 and 24477.
Plan D : Cut below 24125.
WTI Crude
Oil prices tumbled to their lowest level since June on Tuesday amid growing demand concerns as Covid-19 continues to spread.
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Plan A : Consider buy if oil price tumbles but holds resiliently above 36.1
Plan B : Exit below 35.6
Plan C : Attempt selling if oil price trades below 38.7
Plan D : Cut above 39.9
Gold
Gold prices rebounded from a near two-week low hit earlier on Tuesday, after a sell-off in stock market prompted investors to seek refuge in the safe haven metal.
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Plan A : Attempt buy if gold price trades firmly above 1910.1
Plan B : Cut below 1901
Plan C : Consider selling if gold price surges but fails to breach above 1935
Plan D : Cut above 1939
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
4.9 / 5.0
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....
