Where Futures Lies
Daily Futures Trading Strategy 19 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. markets posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market.
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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
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market.
The Dow Jones Industrial Average rose 112.11 points, or 0.39%, to 28,606.31, the S&P 500 gained 0.47 points, or 0.01%, to 3,483.81 and the Nasdaq Composite dropped 42.32 points, or 0.36%, to 11,671.56.
Of the 11 major sectors in the S&P 500, seven ended the session in the black. While utilities had the largest percentage gain, energy suffered the biggest loss.
Third-quarter reporting season burst from the starting gate this week, with 49 of the companies in the S&P 500 having reported. Of those, 86% have cleared the low bar set by expectations, according to Refinitiv.
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market.
The Dow Jones Industrial Average rose 112.11 points, or 0.39%, to 28,606.31, the S&P 500 gained 0.47 points, or 0.01%, to 3,483.81 and the Nasdaq Composite dropped 42.32 points, or 0.36%, to 11,671.56.
Of the 11 major sectors in the S&P 500, seven ended the session in the black. While utilities had the largest percentage gain, energy suffered the biggest loss.
Third-quarter reporting season burst from the starting gate this week, with 49 of the companies in the S&P 500 having reported. Of those, 86% have cleared the low bar set by expectations, according to Refinitiv.
Retail sales in September blew past analyst expectations and consumer sentiment for the current month surprised to the upside, according to two separate economic reports. But with previous stimulus having run its course, the outlook is uncertain unless Washington can reach an agreement on a fresh round of fiscal aid.
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Plan A : Long if market doesn't retrace much and supported firm above 3467. Targets are 3480, 3495 and 3512.
Plan B : Short if market failed to support above 3467. Targets are 3443, 3419 and 3390.
E-Mini Nasdaq
U.S. stock futures rose early Monday morning as the number of newly confirmed coronavirus cases continues to rise while lawmakers remain at an impasse over a new stimulus deal.
A CNBC analysis of Johns Hopkins University data showed Covid-19 cases were growing by 5% or more in 38 states as of Friday. Nationwide, the daily case average has risen by more than 16% on a week-over-week basis to nearly 55,000. New coronavirus infections in Europe are rising by about 97,000 per day, up 44% from the prior week.
In Washington, House Speaker Nancy Pelosi’s office said Saturday evening that she is giving the Trump administration 48 hours to reach an aid deal before the Nov. 3 election. Pelosi and Treasury Secretary Steven Mnuchin continued their discussions over the weekend. They agreed to speak again Monday.
Pelosi’s comments came as hope among market experts for a deal being reached ahead of the election dwindles. This, along with the apparent new wave in coronavirus infections, contributed to a choppy trading action last week.
The S&P 500 and Dow fell for three straight days last week before closing slightly higher on Friday. The Nasdaq Composite posted its first four-day losing streak since September.
On the earnings front, IBM is slated to release its latest quarterly results after the bell on Monday. Meanwhile, Federal Reserve Chairman Jerome Powell is scheduled to speak Monday morning.
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Plan A : Long if market doesn't retrace much and supported firm above 11907. Targets are 11935, 11964 and 11991.
Plan B : Short if market failed to support above 11907. Targets are 11867, 11827 and 11787.
HSI
Hong Kong stocks ended higher on Friday to post their third weekly gain in a row, as investors cheered fresh policy support and upbeat data that pointed to China's economic recovery from the coronavirus crisis.
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Plan A : Attempt buy if market supported firmly above 24350. Targets are 24435 and 24516.
Plan B : Consider sell if market surges but fails to breach above 24435 and stays firm. Targets are 24350 and 24248.
WTI Crude
Oil prices edged lower on Friday, dragged down by concerns that a spike in COVID-19 cases in the United States and Europe will continue to drag on demand in two of the world's biggest fuel-consuming regions.
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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 fell and was on the way to its first weekly decline in three weeks on Friday, as fading chances of a U.S. stimulus agreement before the Nov.3 presidential election dented the metal's appeal as an inflation hedge.
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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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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....
