Where Futures Lies
Daily Futures Trading Strategy 13 October 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street surged on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season.
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Plan A : Remain buy as long as market stays firm above 28492. Targets are 28771 and 28846.
Plan B : Consider sell if market surges but fails to breach and stays firm above 28771. Targets are 28492 and 28319.
E-Mini S&P 500
The Dow rallied 250.62 points, or 0.9%, to close at 28,837.52. The S&P 500 jumped 1.6% to 3,534.22. The Nasdaq Composite advanced 2.6% to 11,876.26 for its best day since September. Tech shares rallied on Monday to lead the broader market higher.
Apple jumped 6.4% as investors looked ahead to a key event for the company. On Tuesday, Apple is expected to unveil its first 5G iPhone. History shows Apple shares usually outperform the broader market after an iPhone launch. Facebook and Amazon advanced 4% each.
Monday’s rally came even as chances for another round of stimulus before the election appeared to dim over the weekend. Both House Speaker Nancy Pelosi, D-Calif., and Senate Republicans pushed back on a $1.8 trillion offer from the White House. Despite the impasse, Morgan Stanley’s Mike Wilson thinks “there’s enough stimulus in the pipeline for now to kind of get us through year-end.”
The corporate earnings season is set to kick off on Tuesday as JPMorgan Chase, Citigroup and Delta Airlines release their latest quarterly results.
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Plan A : Short if market failed to support above 3520. Targets are 3498,3470 and 3442.
Plan B : Long if market doesn't retrace much and supported firm above 3520. Targets are 3532, 3553 and 3566.
E-Mini Nasdaq
U.S. stock futures fell in early morning trading on Tuesday as investors waited for the first batch of corporate earnings and looked for updates on a stimulus package.
On Monday, investors rotated out of cyclicals and into technology names after little updates on a fiscal aid package were revealed. The Dow Jones Industrial Average climbed 250 points and the S&P 500 gained 1.64%, both helped by a 6.4% jump in Apple’s stock.
Apple’s long awaited iPhone launch, which was pushed to October due to Covid-19, occurs on Tuesday and the company is expected to launch its first ever 5G iPhone. It will be “the most significant iPhone event in years,” Morgan Stanley’s Katy Huberty told clients.
With technology stocks leading the way, the Nasdaq Composite gained 2.56% on Tuesday, for its best day since September 9.
Amazon’s Prime Day starts on Tuesday and the two-day event could mark the biggest online shopping day of the year, according to NPD, with 57% of consumers planning to do some if not all of their holiday shopping this week.
The Labor Department will release September’s consumer price index on Tuesday at 8:30 a.m. ET. Economists polled by FactSet are expecting prices to increase 0.2%. Price rose 0.4% in August, helped by gains in the cost of gasoline.
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Plan A : Long if market doesn't retrace much and supported firm above 12139. Targets are 12165, 12198 and 12231.
Plan B : Short if market failed to support above 12139. Targets are 12090, 12048 and 12012.
HSI
Hong Kong stocks on Monday tracked gains on the mainland, with the Hang Seng China Enterprises index posting its best day in three months, as investors cheers Beijing's latest policy support for its capital markets.
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Plan A : Remain long if HSI stays firm above 24610. Targets are 24783 and 24866.
Plan B : Short if market surges but fails to breach above 24783. Targets are 24680 and 24516.
WTI Crude
Oil prices fell about 3% on Monday as force majeure at Libya's largest oilfield was lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta.
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Plan A : Short if oil price stays below 39.9. Targets are 39.3 and 38.7
Plan B : Consider long only if oil price holds resiliently above 39.3 and rebounds. Targets are 39.9 and 40.6
Gold
Gold prices fell from a three-week peak on Monday as expectations of an inadequate U.S. coronavirus relief bill dented the appeal of bullion, which is used as a hedge against likely 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....
