Where Futures Lies
Daily Futures Trading Strategy 24 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 fell sharply on Wednesday after data showing a cooling of U.S. business activity and the stalemate in Congress over more fiscal stimulus heightened concerns about the economy while the coronavirus pandemic remains unchecked.
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Plan A : Remain short if market stays below 26843. Targets are 26522 and 26372.
Plan B : Exit above 26843.
Plan C : Consider long if market dives but stays firm above 26372. Targets are 26522 and 26736.
Plan D : Cut below 26372.
E-Mini S&P 500
The Dow slid 525.05 points, or 1.9%, to 26,763.13. The S&P 500 dropped 2.4% to close at 3,236.92. The Nasdaq Composite closed 3% lower at 10,632.99. Renewed pressure in key tech stocks dragged down the broader market.
Amazon, Apple and Netflix were all down by more than 4% to lead lower the group of tech stocks known as “FAANGM.” Facebook slid 2.3% and Alphabet dipped 3.5%. Microsoft pulled back by 3.3%. Those declines added to already steep FAANGM losses for the month.
Investors have faced a slew of headwinds this month, including a rising number of global coronavirus cases and uncertainty around further U.S. fiscal stimulus. Earlier this week, the U.K. said it would impose stricter measures to curb the coronavirus outbreak. To be sure, President Donald Trump said the U.S. would not be implementing a second round of lockdowns. On the stimulus front, lawmakers are still struggling to move forward with a new package. Federal Reserve Chairman Jerome Powell told a congressional panel Wednesday that further fiscal stimulus is still needed for the U.S. economic recovery to continue.
Weekly jobless claims are set for release Thursday morning along with new home sales numbers.
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Plan A : Long if market supported firm above 3246. Targets are 3260, 3274 and 3286.
Plan B : Short if market rebounded and resisted around 3246. Targets are 3226, 3204 and 3184.
Plan C : Short if market doesn't rebound much and failed to support above 3219. Targets are 3199, 3175 and 3150.
E-Mini Nasdaq
Stock futures fell during early morning trading on Thursday, building on Wednesday’s heavy losses that saw the S&P 500 tumble more than 2%.
The moves came in an uneven session. Earlier, futures opened Wednesday evening in the green, but comments from President Donald Trump that he would not commit to a peaceful transfer of power should he lose the election appeared to hit sentiment.
So far in September the S&P 500 has declined 7.5%, while the Dow has shed 5.8%. The Nasdaq Composite has been the relative outperformer, registering a loss of 9.7% as investors rotate out of Big Tech. Facebook, Amazon, Apple Netflix, Alphabet and Microsoft are all down at least 11% in September.
Looking ahead to Thursday, investors will get a read on the state of the economic recovery when U.S. jobless claims are released at 8:30 a.m. ET. Federal Reserve Chair Jerome Powell and Secretary of the Treasury Steven Mnuchin will also appear before the Senate banking committee.
The testimony comes as Washington struggles to move forward with additional stimulus measures. On Wednesday Chair Powell reiterated that further fiscal stimulus is needed if the U.S. economic recovery is to continue.
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Plan A : Long if market supported firm above 10802. Targets are 10830, 10861 and 10892.
Plan B : Short if market rebounded and resisted around 10802. Targets are 10760, 10718 and 10678.
HSI
Hong Kong shares emulated Wall Street's rebound to end higher on Wednesday, though persistent investor concerns about the prospects of fresh Sino-U.S. trade tensions and a slower-than-expected global economic growth capped gains.
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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.
Plan C : Consider long if market stays firm above 23584. Targets are 23962 and 24019.
Plan D : Cut below 23500.
WTI Crude
Oil rose more than 1% on Wednesday, supported by U.S. government data that showed crude and fuel inventories dropped last week, although concerns about the ongoing coronavirus pandemic capped gains.
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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 retraces but supported above 38.7
Plan D : Cut below 38.3
Gold
Gold prices slumped more than 2% on Wednesday to the lowest level in over two months as the dollar advanced, with investors awaiting further response from major central banks at a time of economic uncertainty.
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Plan A : Remain sell if gold price trades below 1885
Plan B : Exit above 1891
Plan C : Consider buying only if gold price stays firm above 1853.9
Plan D : Cut below 1847.6
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....
