Where Futures Lies
Daily Futures Trading Strategy 22 September 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes tumbled on Monday as concerns about new lockdowns in Europe and possible delays in fresh stimulus in Europe and possible delays in fresh stimulus from Congress raised fears the U.S. economy faces a longer road to recovery than previously hoped for.
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Plan A : Attempt short if market trades below 27370. Targets are 27134 and 27000.
Plan B : Cut above 27426.
Plan C : Consider long if market stays firm above 27134. Targets are 27369 and 27426.
Plan D : Cut below 27070.
E-Mini S&P 500
The Dow dropped 509 points, or 1.8%, to 27,147.70. The S&P 500 slid 1.2% to 3,281.06. The Nasdaq Composite fell by just 0.1% to 10,778.80. Concerns about the potential worsening of the coronavirus pandemic, as well as uncertainty on further U.S. fiscal stimulus, sent the broader market lower on Monday.
Concerns over another wave of coronavirus cases came as the U.K. reportedly considers another national lockdown to stop an increase in infections. Top U.K. government scientists said that, without further action, the country’s infection rate could reach 50,000 per day. In Washington, negotiations for a new coronavirus stimulus bill could become more complicated after the passing of Supreme Court Justice Ruth Bader Ginsburg, which could lead to a bitter nomination process ahead of the election.
Shares of cruise operators Carnival, Norwegian Cruise Line and Royal Caribbean slid 7% apiece. Airline stocks were also under pressure. United Airlines closed lower by 8.6% and American Airlines dipped 7.4%.
Existing home sales data and remarks from Federal Reserve Chairman Jerome Powell are on the agenda for Tuesday.
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Plan A : Long if market doesn't retrace much and supported firm above 3265. Targets are 3278, 3296 and 3310.
Plan B : Short if market failed to support above 3265. Targets are 3241, 3214 and 3189.
E-Mini Nasdaq
Stock futures were lower in early morning trading on Tuesday, turning negative after a positive start earlier. It follows a steep sell-off on Wall Street overnight.
The market’s September sell-off intensified on Monday with the Dow dropping 500 points, suffering its worst day since Sept. 8. The S&P 500 lost 1.2%, posting its first four-day losing streak since February. The Nasdaq Composite dipped just 0.1% after a late-day comeback rally.
Shares of Tesla dropped nearly 6% in overnight trading after CEO Elon Musk said in a tweet that the electric car-maker’s “Battery Day” event would not reach “serious high-volume production” until 2022, which disappointed investors and analysts.
Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise. Meanwhile, prospects of further U.S. coronavirus fiscal stimulus became bleaker as lawmakers brace for a Supreme Court confirmation fight as President Donald Trump rushes to nominate a successor to Justice Ruth Bader Ginsburg, who died on Friday.
The major averages are on pace for steep losses for September, a typical weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow and the S&P 500 have fallen 4.5% and 6.3% this month, respectively, while the Nasdaq has dropped 8.4% as investors dumped high-flying tech giants.
On Tuesday, investors will monitor a hearing with U.S. Treasury Secretary Steven Mnuchin and Federal Reserve chair Jerome Powell in front of the House Financial Services Committee about pandemic responses.
On earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.
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Plan A : Long if market doesn't retrace much and supported firm above 10994. Targets are 11020, 11051 and 11090.
Plan B : Short if market failed to support above 10994. Targets are 10951, 10914 and 10874.
HSI
Hong Kong shares fell on Monday, dragged by financials after reports said HSBC and Standard Chartered were among banks moving allegedly illicit funds over the past two decades and as Sino-U.S. tensions hit index heavyweight Tencent.
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Plan A : Remain short if market stays below 23824. Targets are 23614 and 23584.
Plan B : Exit above 23922.
Plan C : Consider long if market stays firm above 23584. Targets are 23962 and 24019.
Plan D : Cut below 23500.
WTI Crude
Oil prices plunged more than 4% on Monday, weakening as rising coronavirus cases stoked worries about global demand and a potential return of Libyan production bolstered oversupply fear.
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Plan A : Attempt sell if oil price trades below 39.9
Plan B : Cut above 40.65
Plan C : Consider buy if oil price able to regain footing above 39.9
Plan D : Cut below 39.3
Gold
Gold slumped over 3% on Monday, sliding to its lowest level in more than a month, as a broader market sell-off driven by uncertainty over more U.S. fiscal stimulus pressured by precious complex along with a stronger dollar.
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Plan A : Attempt sell if gold price trades below 1935.2
Plan B : Cut above 1943
Plan C : Consider buying only if gold price stays firm above 1910
Plan D : Cut below 1902
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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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....
