Daily Futures Trading Strategy 5 October 2020

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Daily Futures Trading Strategy 5 October 2020

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Publish date: Mon, 05 Oct 2020, 03:41 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 lower on Friday as news that U.S. President Donald Trump tested positive for COVID-19 put investors in a risk-off mood and added to mounting uncertainties surrounding the looming election.

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Plan A : Short if market rebounded and fails to support above 27604. Targets are 27370, 27260 and 27135.

Plan B : Long only if market stabilized above 27369. Targets are 27490 and 27604.

E-Mini S&P 500

Stocks clawed back on Friday from the steep losses that followed President Donald Trump's coronavirus diagnosis after House Speaker Nancy Pelosi signaled progress in relief negotiations.

The Dow was down more than 400 points at one point after Trump said he tested positive for the virus overnight, pushing concerns about a second wave and a slower economic re-opening into the foreground.

Stocks finished Friday’s session modestly lower after hopes for further stimulus offset some of the declines following President Donald Trump and First Lady Melania Trump’s positive Covid-19 results. The Dow declined 133 points, for a loss of 0.48%, after earlier declining 433 points. The S&P 500 shed 0.96%, and the Nasdaq Composite slid 2.22%.

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Plan A : Short if market failed to support above 3344. Targets are 3315, 3290 and 3269.

Plan B : Long if market doesn't retrace much and supported firm above 3344. Targets are 3358, 3375 and 3392.

E-Mini Nasdaq

Stock futures rose in early morning trading on Monday as investors brace for another volatile week with President Donald Trump's hospitalization adding more uncertainty to the market outlook ahead of Election Day.

Trump said in a minute-long video posted on Twitter late Sunday that “we are getting great reports from the doctors.” The president also took a short, last-minute motorcade ride to wave to his supporters standing outside the hospital.

Still, Trump doesn’t seem to be out of the woods yet after his doctors said they had begun treating him with dexamethasone, a steroid recommended for severe cases of Covid-19.

Trump was transferred to the Walter Reed National Military Medical Center on Friday after he was given antiviral drug remdesivir. Trump’s physician, Dr. Sean Conley, said Sunday that his condition has improved and may be discharged as soon as Monday.

After Trump’s diagnosis, Joe Biden opened his widest lead in a month in the presidential race with 51% those polled backing him and 41% voting for Trump, according to a Reuters/Ipsos poll released on Sunday.

A win for the former vice president in November could spell headaches for Wall Street in the form of higher taxes and tighter regulations, but some also say it could lead to a bigger fiscal stimulus deal that would be good for stocks.

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Plan A : Long if market doesn't retrace much and supported firm above 11338. Targets are 11365, 11400 and 11431.

Plan B : Short if market failed to support above 11338. Targets are 11299, 11261 and 11215.

HSI

Hong Kong shares ended higher on Wednesday before going into long holiday 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 fell 3% on Friday after U.S. President Donald Trump tested positive for COVID-19, roiling risky assets, and as rising global crude output threatens to overwhelm the market's weak recovery.

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Plan A : Remain short as long as oil price stays below 38.7. Targets are 37.3 and 36.8

Plan B : Consider long if oil price holds resiliently above 36.8. Targets are 37.7 and 38.7

Gold

Gold clung to the $1,900 level in choppy trading on Friday, with gains capped by a firm dollar, but bullion remained headed for its biggest weekly rise in eight weeks as U.S. President Donald Trump's COVID-19 positive test hurt risk sentiment.

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Plan A : Remain long if market stays firm above 1885. Targets are 1910 and 1935.

Plan B : Short if market surges but fails to breach above 1925. Targets are 1910 and 1899.

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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