Where Futures Lies
Daily Futures Trading Strategy 11 November 2020
FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The S&P 500 posted a modest loss and the Nasdaq closed sharply lower on Tuesday as promising news regarding an effective COVID-19 vaccine led investors away from market leaders and toward cyclical stocks associated with economic recovery. The blue-chip Dow, buoyed by industrial shares, gained ground and crude oil prices extended the previous session's surge as investors bet on a demand rebound.
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Plan A : Remain buy as long as market supported firmly above 28967. Targets are 29323 and 29414.
Plan B : Consider sell if market falls below 29323. Targets are 29029 and 28967.
E-Mini S&P 500
The Dow rose on Tuesday, building on its sharp gains from the previous session as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued.
The 30-stock average jumped 262.95 points, or 0.9%, to close at 29,420.92. However, the S&P 500 and Nasdaq Composite struggled amid a sharp decline in major tech names. The S&P 500 closed 0.1% lower at 3,545.53 and the Nasdaq slid 1.4% to 11,553.86.
Those moves were sparked by U.S. pharmaceutical giant Pfizer and German biotech firm BioNTech announcing their coronavirus vaccine was more than 90% effective in preventing Covid-19. Investors also got some positive coronavirus news on Tuesday, after the Food and Drug Administration approved Eli Lilly’s Covid-19 treatment for emergency use.
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Plan A : Long if market doesn't retrace much and supported firm above 3559. Targets are 3575, 3587 and 3610.
Plan B : Short if market failed to support above 3559. Targets are 3535, 3508 and 3480.
E-Mini Nasdaq
U.S. equity futures were higher in overnight trading on Tuesday, amid this week’s rotation out of technology stocks into cyclical names.
The technology-heavy Nasdaq Composite lost 1.4%, with Microsoft, Amazon, Facebook and Alphabet all closing in the red.
Amazon shares fell 3.5% after falling 5% on Monday. Zoom Video dropped 9%, adding to its 17% decline from Monday. Alphabet and Microsoft lost 1.4% and 3.4%, respectively.
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Plan A : Long if market doesn't retrace much and supported firm above 11680. Targets are 11712, 11745 and 11769.
Plan B : Short if market failed to support above 11680. Targets are 11639, 11598 and 11557.
HSI
Hong Kong stocks rose on Tuesday, in line with gains on other parts of Asian markets, as investors cheered progress in the development of a COVID-19 vaccine.
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Plan A : Remain buy as long as market supported firmly above 26168. Targets are 26238 and 26508.
Plan B : Consider sell if market surges but fails to breach above 26508. Targets are 26380 and 26240.
WTI Crude
Oil prices rose on Tuesday as hopes that a COVID-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand of new lockdowns to curb the virus.
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Plan A : Remain buy as long as oil price trades firmly above 40.9. Targets are 41.5 and 42.2
Plan B : Consider sell only if oil price consistently trade below 41.5. Targets are 40.9 and 40.2
Gold
Gold rose 1% on Tuesday, following a sharp slide in the last session, as focus returned to the likelihood of more monetary stimulus to revive a global economy still reeling from the COVID-19 pandemic.
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Plan A : Remain sell as long as gold price stays below 1885. Targets are 1869 and 1854.
Plan B : Consider buy only if gold price trades firmly above 1854. Targets are 1869 and 1885.
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....
