Where Futures Lies
Daily Futures Trading Strategy 23 November 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 closed lower on Friday as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of state-level shutdowns to combat the spiraling COVID-19 pandemic.
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Plan A : Attempt buy if market able to hold trades firmly above 29323. Targets are 29440 and 29611.
Plan B : Remain sell as long as market stays below 29323. Targets are 29144 and 29062.
E-Mini S&P 500
Stocks fell on Friday as rising new coronavirus cases, coupled with questions around central-bank funding for key emergency programs, cast doubt on a swift economic recovery.
Technology and industrials dropped 1.1% and 0.9%, respectively, to lead the S&P 500 lower.
Stocks fell on Friday as rising new coronavirus cases, coupled with questions around central-bank funding for key emergency programs, cast doubt on a swift economic recovery.
The Dow dropped 219.75 points, or 0.8%, to close at 29,263.48. The S&P 500 dipped 0.7% to 3,557.54. The Nasdaq Composite pulled back by 0.4% to end the day at 11,854.97.
Technology and industrials dropped 1.1% and 0.9%, respectively, to lead the S&P 500 lower.
The U.S. seven-day average of daily new Covid-19 infections now stands at 165,029, according to a CNBC analysis of Johns Hopkins data, 24% higher than a week ago. On Thursday alone, a record 187,833 cases were reported. Many states have rolled back reopening plans and implemented fresh restrictions to curb the spread.
Also weighing on sentiment Friday was a disagreement between the Treasury Department and the Federal Reserve over the continuation of funding for some of the emergency programs implemented during the recession.
On the bullish side, investors got more good news on the vaccine front. Pfizer and BioNTech said they applied for an emergency use authorization for their vaccine from the Food and Drug Administration. The companies said they can be ready to ship the vaccine within hours after the FDA approves the authorization.
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Plan A : Long if market supported firm above 3573. Targets are 3589, 3604 and 3620.
Plan B : Short if market failed to support above 3573. Targets are 3545, 3521 and 3490.
E-Mini Nasdaq
Dow Jones Industrial Average futures were higher in overnight trading on Sunday, even as Covid-19 cases rise in the U.S. and abroad.
All three major averages finished Friday’s session lower, while the Dow and S&P 500 also posted a loss for the week, falling 0.73% and 0.77%, respectively, for their first negative week in three. The Nasdaq Composite managed to eke out a 0.22% gain for the week, marking its second straight week of gains.
The move lower came as Covid-19 cases continue to rise, with the U.S. reporting a record-high spike of more than 195,500 new cases on Friday. Public health officials have warned that Thanksgiving celebrations on Thursday could further exacerbate the outbreak.
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Plan A : Long if market supported firm above 11955. Targets are 11982, 12021 and 12052.
Plan B : Short if market failed to support above 11955. Targets are 11915, 11878 and 11830.
HSI
Hong Kong shares edged up on Friday to post their third consecutive weekly advance, led by consumer and material stocks, tracking mainland gains on upbeat data and policy support during the week.
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Plan A : Remain buy as long as market stays firm above 26238 . Targets are 26449 and 26509.
Plan B : Consider sell only if market fails to stay firm above 26416. Targets are 26238 and 26072.
WTI Crude
Oil prices firmed on Friday, and posted their third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials. But renewed lockdowns in several countries to limit the spread of the virus capped gains.
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Plan A : Remain buy as long as oil price trades firmly above 41.5. Targets are 42.2 and 42.9
Plan B : Consider sell if oil price surges but fails to breach above 42.9. Targets are 42.2 and 41.5
Gold
Gold edged higher on Friday after U.S. Treasury Secretary Steven Mnuchin signalled that negotiations on stimulus measures will continue, boosting the metal's appeal as a hedge against likely inflation.
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Plan A : Remain sell as long as gold price stays below 1885. Targets are 1876 and 1854.
Plan B : Consider buy only if gold price holds resiliently above 1854. Targets are 1865 and 1876.
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....
