Where Futures Lies
Daily Futures Trading Strategy 18 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 fell on Thursday as technology-related shares slid for a second day and as government data showed high levels of weekly jobless claims.
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Plan A : Attempt short if market trades below 27868. Targets are 27750 and 27610.
Plan B : Cut above 27933.
Plan C : Consider long if market stays firm above 27868. Targets are 27950 and 28079.
Plan D : Cut below 27811.
E-Mini S&P 500
The Dow closed 130.40 points lower, or 0.47%, to 27,901.98. The S&P 500 slid 0.84% to 3,357.01. The Nasdaq Composite dropped 1.27% to 10,910.28. The sell-off in Big Tech resumed Thursday, dragging down the broader market.
Shares of Apple and Microsoft were down 1.6% and 1%, respectively. Amazon dropped 2.25% and Alphabet slid 1.66%. Facebook shares closed 3.3% lower and Netflix lost 2.8%. Those losses added to Big Tech’s steep declines this month. For September, Facebook, Amazon, Netflix, Microsoft and Apple are all down at least 10%.
Mixed messaging around a potential coronavirus vaccine, as well as lingering concerns around the passage of further fiscal stimulus, also weighed on the market. President Donald Trump said late Wednesday that the U.S. could distribute a vaccine as early as October, contradicting the director of the Centers for Disease Control and Prevention, who told lawmakers earlier in the day that vaccinations would be in limited quantities this year and not widely distributed for six to nine months. Trump also suggested he could support a larger stimulus package, but a Politico report suggested Senate Republicans appeared reluctant to do so without more details on a bill.
Consumer sentiment data is set for release Friday at 10 a.m.
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Plan A : Long if market doesn't retrace much and supported firm above 3346. Targets are 3362, 3377 and 3400.
Plan B : Short if market failed to support above 3346. Targets are 3320, 3299 and 3275.
Plan B : Short if market failed to support above 3346. Targets are 3320, 3299 and 3275.
E-Mini Nasdaq
Stock futures held steady in overnight trading on Thursday after another sell-off on Wall Street led by major technology names.
During Thursday’s regular trading session, the S&P 500 declined 0.8% for its biggest drop in a week. The Dow dipped 130 points, snapping a four-day winning streak. The tech-heavy Nasdaq Composite fell 1.3% and briefly dipped back into correction territory, down 10% from its record high.
Some of the biggest technology stocks have suffered double-digit losses so far this month as investors rotated out of high-flying market leaders. Amazon, Microsoft, Facebook and Apple have all lost at least 10% this month.
Investors also remained on edge about the outlook on further coronavirus stimulus as well as the timing of a viable vaccine.
Republicans and Democrats are still struggling to agree on how much aid to continue to provide in a follow-up bill to the previous $2 trillion package. President Donald Trump said Wednesday he liked “the larger numbers,” urging GOP lawmakers to go for a bigger coronavirus stimulus, but his comments left Republicans skeptical.
On Thursday, the Federal Reserve, which just began a second round of Wall Street stress tests, said it’s weighing whether to continue capping U.S. banks’ dividend payments and share buybacks.
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Plan A : Long if market doesn't retrace much and supported firm above 11165. Targets are 11193, 11228 and 11252.
Plan B : Short if market rebounded and resisted around 11165. Targets are 11118, 11070 and 11025.
HSI
Hong Kong shares ended lower on Thursday, tracking weakness in other Asian markets, after the U.S. Federal Reserve pledged to keep interest rate low but stopped short of offering fresh stimulus to boost the world's largest economy.
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Plan A : Attempt short if market trades below 24440. Targets are 24335 and 24250.
Plan B : Cut above 24540.
Plan C : Consider long if market stays firm above 24300. Targets are 24440 and 24530.
Plan D : Cut below 24250.
WTI Crude
Oil prices rose about 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further.
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Plan A : Remain buy as long as oil price holds resiliently above 40.6
Plan B : Exit below 39.9
Plan C : Attempt selling if oil price surges but fails to breach above 41.2
Plan D : Cut above 41.9
Gold
Gold prices fell on Thursday to the lowest in more than a week, after the U.S. Federal Reserve dashed investors' hopes for more stimulus to support the coronavirus-hit economy.
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Plan A : Remain 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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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....
