Where Futures Lies
Daily Futures Trading Strategy 12 October 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks rose on Friday and the S&P 500 and Nasdaq registered their biggest weekly percentage gains since July as optimism over more federal fiscal aid grew.
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Plan A : Remain buy as long as market stays firm above 28319. Targets are 28492 and 28591.
Plan B : Consider sell if market surges but fails breach above 28591. Targets are 28492 and 28319.
E-Mini S&P 500
Stocks rose on Friday to end their best week in months as President Donald Trump signaled support for a bigger coronavirus aid package.
The Dow closed 161.39 points higher, or 0.6%, at 28,586.90. The S&P 500 gained 0.9% to 3,477.13. The Nasdaq Composite advanced 1.4% to close at 11,579.94.
Microsoft and Salesforce led the Dow higher, rising 2.5% and 2.2%, respectively. Consumer discretionary and tech were the best-performing S&P 500 sectors, advancing more than 1% each.
CNBC’s Ylan Mui reported the administration has raised its offer for a new aid package to $1.8 trillion from $1.6 trillion. However, Trump later told radio talk show host Rush Limbaugh that he “would like to see a bigger stimulus package frankly than either the Democrats or Republicans are offering.”
To be sure, Senate Majority Leader Mitch McConnell said it is “unlikely” that a new aid package would be passed in the three weeks prior to the Nov. 3 election.
Monday’s session could also see investors and traders adjusting their positions before the third quarter earnings season kicks into high gear later in the week. Several major banks and airlines are slated to report their results, including JPMorgan Chase and Delta Air Lines on Tuesday.
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Plan A : Short if market failed to support above 3473. Targets are 3449, 3425 and 3394.
Plan B : Long if market doesn't retrace much and supported firm above 3473. Targets are 3488, 3505 and 3522.
E-Mini Nasdaq
U.S. stock futures were little changed early Monday morning as investors prepared for a busy week of corporate earnings and monitored stimulus negotiations in Washington.
Futures for the Dow Jones Industrial Average and the S&P 500 both hovered above the flatline, while those for the Nasdaq 100 in modestly positive territory.
The weakness in futures follows a strong week for the stock market. The Dow jumped 3.3% to post its biggest one-week gain since August, while the S&P 500 and Nasdaq Composite gained 3.8% and 4.6%, respectively, for their best weeks since July.
Chances for another round of stimulus before the election appeared to dim over the weekend, however, as both House Speaker Nancy Pelosi, D-Calif., and Senate Republicans pushed back on a $1.8 trillion offer from the White House.
Meanwhile, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows called for a separate vote on the Paycheck Protection Program in their own letter to Congress on Sunday.
Plan A : Short if market failed to support above 11808. Targets are 11765, 11724 and 11681.
Plan B : Long if market doesn't retrace much and supported firm above 11808. Targets are 11837, 11870 and 11901.
HSI
Hong Kong's main Hang Seng index finished lower on Friday, weighed down by financial shares, but it closed nearly 3% up for the week on rising investor hopes for more U.S. stimulus and the prospect of Democratic victories in U.S. elections in November.
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Plan A : Long if market trades firmly above 24113. Targets are 24248 and 24350.
Plan B : Short if market surges but fails to breach above 24250. Targets are 24165 and 24095.
WTI Crude
Oil prices eased on Friday after an oil worker strike in Norway ended, which should boost output, even though production was still down in the United States ahead of a hurricane.
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Plan A : Remain buy as long as oil price trades firmly above 40.2. Targets are 41.3 and 41.8
Plan B : Consider short if oil price surges but fails to breach above 41.4. Targets are 40.7 and 39.9
Gold
Gold jumped over 1% on Friday en route to a second straight weekly gain, as the dollar weakened and renewed negotiations for U.S. stimulus prompted investors to buy bullion as a hedge against inflation.
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Plan A : Short if gold price surges but fails to hold firm above 1935. Targets are 1910 and 1899.
Plan B : Remain buy as long as gold price trade firmly above 1910. Targets are 1935 and 1955.
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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CS Tan
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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....
