Where Futures Lies
Daily Futures Trading Strategy 25 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 rallied on Thursday as beaten-down technology shares gained favor after data showing a surge in the sale of new homes revived faith in the economic recovery even as U.S. jobless claims rose unexpectedly.
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Plan A : Remain short if market stays below 26843. Targets are 26522 and 26372.
Plan B : Exit above 26873.
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 gained 160.35 points, or 0.6%, to close at 28,492.27. The Dow also briefly erased its losses for 2020 at one point. The S&P 500 advanced 0.2% to 3,484.55. The Nasdaq Composite fell 0.3% to 11,625.34. Stocks gyrated throughout Thursday's session after the Federal Reserve unveiled a new framework that could keep interest rates lower for a longer period of time.
Fed Chairman Jerome Powell said the central bank formally agreed to a policy of “average inflation targeting.” In other words, the central bank will let inflation run “moderately” above its 2% goal for “some time.” Powell also hinted that unemployment data can stay lower for longer before the Fed starts thinking about raising rates. This led to a decline in short-term yields and gains along the long end of the yield curve.
JP Morgan Chase advanced 3% and Citigroup rose 1.7%. Wells Fargo and Bank of America were up 2.3% and 1.9%, respectively. Facebook, meanwhile, dropped 3.5% and Amazon slid 1.2%. Netflix dropped 3.9% and Alphabet pulled back by 1%.
Data on consumer sentiment and personal income is set for release Friday.
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Plan A : Short if market failed to support above 3244. Targets are 3224, 3200 and 3179.
Plan B : Long if market doesn't retrace much and supported firm above 3244. Targets are 3258, 3275 and 3292.
E-Mini Nasdaq
U.S. stock futures rose slightly on early Friday morning as the market indexes tried to avoid a fourth consecutive week of losses.
The move in futures comes after the three major U.S. indexes held on to slight gains during a choppy session Thursday but were still negative for the week. The Nasdaq Composite slightly outperformed, gaining about 0.4%, and has also been the best performing index this week.
That outperformance for the tech-heavy index is a reversal from earlier during this market pullback. Much of September’s losses have been concentrated in megacap tech stocks, which carry a heavy weight in the indexes. Shares of Apple rose 1% on Thursday but were still down more than 19% from their recent closing high on Sept. 1.
The state of the economic recovery has become a hot topic in recent weeks on Wall Street, especially after the death of Supreme Court Justice Ruth Bader Ginsburg led many strategists to downgrade the chances for another relief package before the election. On Thursday, Goldman Sachs cut its fourth quarter projection for gross domestic product growth to 3% on an annualized basis, down from 6%.
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Plan A : Short if market failed to support above 10893. Targets are 10850, 10815 and 10770.
Plan B : Long if market doesn't retrace much and supported firm above 10893. Targets are 10921, 10960 and 10983.
HSI
Hong Kong shares closed near a four-month low on Thursday following a selloff in equity markets worldwide, as a resurgence in COVID-19 cases and warnings from U.S. Federal Reserve officials undermined hopes for a quick global recovery.
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Plan A : Remain short if market stays below 23444. Targets are 23277 and 23165.
Plan B : Exit above 23510.
Plan C : Consider long if market stays firm above 23284. Targets are 23444 and 23510
Plan D : Cut below 23165.
WTI Crude
Oil prices steadied on Thursday, as the bullish impact of a fall in U.S. inventories was offset by a stronger dollar and a renewed wave of coronavirus cases in Europe that led several countries to reimpose travel restrictions.
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Plan A : Attempt buy if oil price trades firmly above 39.9
Plan B : Cut below 39.6
Plan C : Consider sell if oil price recovers but fails to breach above 40.6
Plan D : Cut above 41.3
Gold
Gold fell to its lowest in over two months on Thursday as the safe-haven dollar continued its advance on fears around the economic recovery, while fading hopes for more fiscal stimulus also weighed on the yellow metal.
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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....
