Daily Futures Trading Strategy 1 October 2020

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Daily Futures Trading Strategy 1 October 2020

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Publish date: Thu, 01 Oct 2020, 06:12 AM

FUTURESCOIN IS GOING GLOBAL

WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

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E-Mini Dow

U.S. stocks closed out a second consecutive quarter with sharp gains on Wednesday, but risks remain for stocks because the looming U.S. presidential election and mounting coronavirus cases could make investors cautious.

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Plan A : Long if market stays firm above 27604. Targets are 27790 and 27896

Plan B : Cut below 27510

Plan C : Short if market surges but fails to breach above 27896. Targets are 27790 and 27605.

Plan D : Cut above 27940

E-Mini S&P 500

The Dow gained 454.84 points, or 1.59%, to close at 29,100.50. The S&P 500 climbed 1.5% to 3,580.84. The Nasdaq Composite advanced 1% to 12,056.44. The major averages rallied Wednesday as investors snapped up shares in some of the more beaten-down parts of the market. The Dow posted its best rally since mid-July and closed less than 2% from an all time high.

ADP said U.S. private payrolls grew by 428,000 in August. Economists polled by Dow Jones expected a gain of 1.17 million. Peter Boockvar, chief investment officer at Bleakley Advisory Group, said the pace of hiring “has really slowed down over the past two months where the average is just 320k.” Still, the major averages powered on higher.

Coca-cola and IBM rose 4% and 3.9%, respectively, to lead the Dow higher. Apple, meanwhile dropped 2% as traders took profits following the tech giant’s recent run-up. Tesla slid 6% after its biggest outside investor trimmed its position on the electric car maker, citing portfolio restrictions.

Weekly jobless claims data and the latest read on the ISM non-manufacturing index are set for release Thursday.

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Plan A : Long if market doesn't retrace much and supported firm above 3365. Targets are 3379, 3395 and 3412.

Plan B : Short if market failed to support above 3365. Targets are 3339, 3316 and 3287.

E-Mini Nasdaq

U.S. stock futures rose in early morning trading, as investors braced for the start of the fourth quarter with hopes of fiscal stimulus.

The House of Representatives delayed the vote on a $2.2 trillion rescue package on Wednesday evening after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal; however, the pair said the conversation would continue.

The Federal Reserve said Wednesday it is extending the restrictions on big bank dividends and buybacks through the fourth quarter. Banks dipped in extended trading following the central bank’s announcement.

On Wednesday, the Dow Jones Industrial Average climbed more than 300 points, after being up more than 550 points on hopes the White House and Senate would agree to a second stimulus package.

The S&P 500 also registered a gain, climbing more than 0.8%. The Nasdaq Composite rose 0.75%, helped by gains in Netflix and Microsoft.

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Plan A : Long if market doesn't retrace much and supported firm to support above 11560. Targets are 11592, 11621 and 11655.

Plan B : Short if market failed to support above 11560. Targets are 11519, 11482 and 11435.

HSI

Hong Kong shares ended higher on Wednesday as sharp gains in China Evergrande Group boosted property stocks, after the developer secured investments to ease some of its liquidity crunch worries.

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Plan A : Long if market supported firmly above 23470. Targets are 23583 and 23755.

Plan B : Short if market surges but fails to breach above 23824. Targets are 23670 and 23583.

WTI Crude

Oil prices erased losses and closed higher on Wednesday following optimistic inventory data. However, worries over rising coronavirus cases heading into the northern winter would lead to further restrictions on activity and curb demand for fuel capped gains.

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Plan A : Long if market supported firmly above 39.9. Targets are 40.6 and 41.2

Plan B : Short if market fails to hold above 39.9. Targets are 39.2 and 38.7

Gold

Gold edged down on Wednesday, as a chaotic first U.S. presidential debate drove investors to the safety of the dollar and raised concerns over the next stimulus bill, leading the metal towards its worst month in nearly four years.

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for October subscription.

Plan A : Long if market breaches and stays firm above 1885. Targets are 1899 and 1910.

Plan B : Short if market fails to support above 1885. Targets are 1872 and 1854.

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, mining.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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