Where Futures Lies
Daily Futures Trading Strategy 11 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 after a choppy trading session on Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session, while elevated jobless claims reminded investors of a still-difficult recovery ahead.
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Plan A : Attempt short if market recovers but trades below 27666. Targets are 27567 and 27487.
Plan B : Cut above 27777.
Plan C : Consider long if market stays firm above 27567. Targets are 27666 and 27777.
Plan D : Cut below 27487.
E-Mini S&P 500
The Dow dropped 405.89 points, or 1.45%, to close at 27,534.58. The S&P 500 slid 1.8% to 3,339.19. The Nasdaq Composite closed 1.99% lower at 10,919.59. Stocks were under pressure as tech shares resumed their sell-off.
Apple shares fell 3% after rising as much as 2.7%. Tesla, which popped more than 8% at one point, ended the day up slightly. Facebook, Amazon, Netflix, Alphabet and Microsoft also fell. “It’s a tricky market,” said one strategist. “You look up one second and the market’s down. You look down the other second and you’re back up.”
U.S. weekly jobless claims came in at 884,000 for the week ending Sept. 5. Economists polled by Dow Jones expected claims to come in at 850,000.
U.S. consumer inflation data is set for release Friday. Kroger is scheduled to report earnings before the bell.
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Plan A : Long if market supported firm above 3371. Targets are 3385, 3402 and 3415.
Plan B : Short if market failed to support above 3371. Targets are 3346, 3320 and 3290.
E-Mini Nasdaq
U.S. stock futures traded higher early Friday morning after a volatile session in which the recent tech sell-off resumed.
Thursday’s declines put the S&P 500 down more than 2% for the week along with the 30-stock Dow. The Nasdaq, meanwhile, has dropped 3.5% week to date.
“The next couple of sessions will be crucial in judging the possible extent of the pullback, and bulls will be looking for signs of positive divergences as the major indices approach their 50-day moving averages,” said Ken Berman, strategist of Gorilla Trades.
In corporate news, Peloton and Oracle rose in after-hours trading on the back of better-than-expected quarterly results. Peloton gained more than 6% and Oracle climbed 3.7%.
On the data front, the latest reading on the U.S. consumer price index is set for release Friday at 8:30 a.m.
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Plan A : Long if market doesn't retrace much and supported firm above 11260. Targets are 11292, 11319 and 11348.
Plan B : Short if market failed to support above 11260. Targets are 11221, 11171 and 11111.
HSI
Hong Kong shares retreated in the afternoon session to finish lower on Thursday, tracking broad weakness in the mainland market dragged down by a slump in China's start-up stocks.
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Plan A : Attempt short if market trades below 24430. Targets are 24230 and 24150.
Plan B : Cut above 24518.
Plan C : Consider long if market stays firm above 24150. Targets are 24230 and 24380.
Plan D : Cut below 24080.
WTI Crude
Oil prices eased on Thursday after U.S. data showed a surprise build in crude stockpiles last week, confirming an industry report.
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Plan A : Consider buy if oil price holds resiliently above 36.7
Plan B : Exit below 36.1
Plan C : Attempt selling if oil price recovers but fails to breach above 37.6
Plan D : Cut above 38.7
Gold
Gold jumped 1% on Thursday, as the dollar weakened after European Central Bank kept its policy unchanged and U.S. jobless claims held at high levels, dimming hopes of a quick economic recovery from the effects of the coronavirus pandemic.
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Plan A : Attempt buy if gold price trades firmly above 1935.2
Plan B : Cut below 1930
Plan C : Consider selling if gold price surges but fails to breach above 1955
Plan D : Cut above 1966
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....
