Where Futures Lies
Daily Futures Trading Strategy 29 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 to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.
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Plan A : Attempt short if market fails to breach above 27605. Targets are 27500 and 27370.
Plan B : Cut above 27665.
Plan C : Consider long if market trades firmly above 27400. Targets are 27500 and 27604.
Plan D : Cut below 27350.
E-Mini S&P 500
The Dow climbed 410.10 points, or 1.5%, to close at 27,584.06. The S&P 500 advanced 1.6% to 3,351.60. The Nasdaq Composite popped 1.9% to 11,117.53. A slew of corporate deals and optimism around a potential coronavirus deal jolted stocks to start the week.
House Speaker Nancy Pelosi said Sunday that a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion. Pelosi also said she and Treasury Secretary Steven Mnuchin are set to talk on Monday. Still, that price tag is well above what Republican leadership has indicated it will support for a new package.
Devon Energy and WPX Energy announced they will move forward with a merger of equals, sending their stocks up 11.1% and 16.4%, respectively. Meanwhile, Caesars Entertainment disclosed a cash offer to buy London-based William Hill for 2.9 billion pounds. Shares of Caesars were up 2%.
Consumer confidence numbers are set for release Tuesday.
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Plan A : Long if market supported firm above 3352. Targets are 3365, 3380 and 3401.
Plan B : Short if market failed to support above 3352. Targets are 3325, 3300 and 3270.
E-Mini Nasdaq
U.S. stock futures ticked slightly lower early Tuesday morning ahead of the first presidential debate.
The quiet move in futures follows a solid start to the week for stocks during Monday’s session, with the Dow rising 410 points, or 1.5%. The S&P 500 and Nasdaq rose 1.6% and 1.9%, respectively.
Monday’s rally set up the market to snap losing streaks. The Dow and the S&P 500 have fallen for four consecutive weeks. The Nasdaq Composite managed to break its own three-week streak with a 1% gain last week.
Political news is poised to potentially be a major driver of market news this week, with the first debate between President Donald Trump and Democratic nominee Joe Biden set for Tuesday night. Some Wall Street analysts believe the first debate of this cycle could be more consequential for the markets than most debates, with a clear victory by one candidate possibly creating significant market moves.
The climb for stocks on Monday came after mixed news about the coronavirus response over the weekend. On the bullish side for the market, Florida lifted capacity restrictions on restaurants over the weekend and Pelosi said she believed another relief bill was still on the table.
Before the debate kicks off, investors will get a close look at the state of the semiconductor industry when Micron reports its fiscal fourth quarter results after the bell on Tuesday. The stock gained 1.2% on Monday despite receiving a “negative catalyst watch” from Citi.
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Plan A : Long if market supported firm above 11337. Targets are 11365, 11392 and 11430.
Plan B : Short if market failed to support above 11337. Targets are 11295, 11252 and 11210.
HSI
Hong Kong stocks climbed on Monday, boosted by robust gains for financial and properties firms, after China's upbeat data pointed to recovery gaining momentum in the world's second-largest economy from the coronavirus crisis.
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Plan A : Attempt short if market fails to breach above 23760. Targets are 23589 and 23440.
Plan B : Cut above 23825.
Plan C : Consider long if market stays firm above 23440. Targets are 23584 and 23640.
Plan D : Cut below 23384.
Plan C : Consider long if market stays firm above 23440. Targets are 23584 and 23640.
Plan D : Cut below 23384.
WTI Crude
Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures fro moving higher.
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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 rose on Monday, erasing early losses as the dollar retreated from a two-month peak ahead of the U.S. presidential debates this week, although a stock market rebound capped gains in bullion.
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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 1846
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
4.9 / 5.0
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....
