Where Futures Lies
Daily Futures Trading Strategy 15 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 finished weaker on Wednesday, led lower by Amazon and Microsoft, as investors lost hope that a U.S. fiscal stimulus would be approved before the presidential election in November.
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Plan A : Attempt sell if market trades below 28492. Targets are 28319 and 28180.
Plan B : Consider buy only if market able to support well above 28319. Targets are 28492 and 28569.
E-Mini S&P 500
Stocks fell for a second day on Wednesday after comments from Treasury Secretary Steven Mnuchin dampened expectations of a coronavirus stimulus deal being reached before the Nov. 3 presidential election.
The Dow was down 165.81 points, or 0.6%, at 28,514. The S&P 500 closed 0.7% lower at 3,488.67 and the Nasdaq Composite slid 0.8% to 11,768.73.
Mnuchin said around midday that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.
Banking giants Goldman Sachs, Wells Fargo and Bank of America reported their latest quarterly results on Wednesday along with United Airlines. Goldman and Bank of America’s results topped analyst expectations. However, Wells Fargo and United fell short of estimates.
The corporate earnings season continues on Thursday with Morgan Stanley and Walgreens Boots Alliance set to report.
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Plan A : Long if market doesn't retrace much and supported firm above 3470. Targets are 3485, 3501 and 3520.
Plan B : Short if market failed to support above 3470. Targets are 3446, 3420 and 3392.
E-Mini Nasdaq
U.S. stock futures were lower on Wednesday night as traders continued to weigh the prospects for a coronavirus aid deal being reached before next month’s election.
Treasury Secretary Steven Mnuchin said on Wednesday that reaching a coronavirus stimulus deal before the election would be difficult as Democrats and Republicans remain far apart on certain issues. His comments came after House Speaker Nancy Pelosi, D-Calif., said earlier this week that a recently proposed package by the administration “falls significantly short” of what is needed.
The uncertainty surrounding the aid talks led to the market’s second straight daily decline. The Dow slid more than 160 points, or 0.6%. The S&P 500 and Nasdaq Composite pulled back by 0.7% and 0.8%, respectively. Wednesday marked the first time since September that the major indexes posted consecutive daily losses.
On the data front, weekly jobless claims numbers are set for release Thursday morning along with the latest data on import and export prices.
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Plan A : Short if market failed to support above 11898. Targets are 11859, 11821 and 11774.
Plan B : Long if market doesn't retrace much and supported firm above 11898. Targets are 11927, 11960 and 11988.
HSI
Hong Kong shares recovered lost ground to close higher on Wednesday, as tech stocks climbed after Chinese President Xi Jinping's Shenzhen speech emphasized on property rights and protection for entrepreneurs, lifting risk appetite.
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Plan A : Short if HSI trades below 24610. Targets are 24516 and 24464.
Plan B : Long only if HSI able to support above 24516 and rebound. Targets are 24610 and 24681.
WTI Crude
Oil prices strengthened on Wednesday, as equities also rose and the dollar traded lower, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases.
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Plan A : Long if oil price trades firmly above 40.6. Targets are 41.2 and 41.8
Plan B : Consider short only if oil price surges but fails to breach above 41.2. Targets are 40.6 and 39.9
Gold
Gold gained 1% on Wednesday, rebounding from a sharp decline in the previous session, boosted by a weaker dollar and uncertainties surrounding the U.S. election and global economic recovery boosted the safe haven metal's allure.
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Plan A : Short if gold price trades below 1910. Targets are 1893 and 1885.
Plan B : Consider buy if gold price holds resiliently above 1893 and rebounds. Targets are 1910 and 1935.
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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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....
