Where Futures Lies
Daily Futures Trading Strategy 8 January 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Stocks on Wall Street hit record levels on Thursday as investors bet a Democrat-controlled Congress will deliver more stimulus spending to help the U.S. economy overcome a steep pandemic-induced downturn.
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Plan A : Remain buy as long as market stays firm above 30831. Targets are 31090 and 31406.
Plan B : Consider short only if market surges but fails to breach above 31090. Targets are 30960 and 30831.
E-Mini S&P 500
Stocks rose to all-time highs on Thursday as Congress confirmed the election of Joe Biden as president and traders looked past the unrest in Washington.
The S&P 500 climbed 1.5% to 3,803.79. S&P 500 ended a session above 3,800. The tech and consumer discretionary sectors rose 2.7% and 1.8%, respectively, to lift the S&P 500.
Traders continued to focus on the possibility for additional fiscal aid after the Democratic party secured a slim majority in the Senate, giving it control of both congressional chambers.
On the data front, initial jobless claims came in at 787,000 for the week ending Dec. 31, the Labor Department said. Economists polled by Dow Jones expected a print of 815,000.
Sentiment on Wall Street also got a boost after the Institute for Supply Management said its index for non-manufacturing activity in the U.S. rose to 57.2 in December from 55.9 in November. Economists polled by Dow Jones had forecast a print of 54.5.
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Plan A : Short if market failed to support above 3797. Targets are 3772, 3745 and 3721.
Plan B : Long if market doesn't retrace much and supported firm above 3797. Targets are 3813, 3827 and 3840.
E-Mini Nasdaq
Stocks rose with U.S. futures as investors continued to look past turmoil in Washington toward the prospect of a Biden presidency and a Democrat-controlled Congress. The dollar gained.
The Nasdaq Composite popped 2.6% to 13,067.48 as shares of Microsoft and Alphabet both gained more than 2%, and Apple rose 3.4%. Thursday marked the Nasdaq’s first-ever close above 13,000.
Investors are betting Democrat control of the Senate will give President-elect Joe Biden greater power to battle against the economic slowdown spurred by the pandemic. That includes more stimulus, with Biden having vowed that $2,000 stimulus checks would be sent out “immediately” if his party won Georgia in the Senate run-off election.
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Plan A : Short if market failed to support above 12909. Targets are 12867, 12830 and 12781.
Plan B : Long if market doesn't retrace much and supported firm above 12909. Targets are 12938, 12970 and 13001.
HSI
Hong Kong's main Hang Seng index ended Thursday lower, after the New York Stock Exchange moved to delist Chinese telecoms firms again.
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Plan A : Attempt sell if market trades below 27570. Targets are 27475 and 27201.
Plan B : Consider long if market surges but holds firmly above 27570. Targets are 27750 and 27939.
WTI Crude
Oil prices rose on Thursday as Saudi Arabia, the world's biggest exporter, unilaterally agreed to cut output over the next two months and as U.S. crude stockpiles fell.
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Plan A : Remain buy as long as oil price stays firm above 50.3. Targets are 51.1 and 51.5
Plan B : Consider short if oil price surges but fails to breach above 51.5. Targets are 50.3 and 49.5
Gold
Gold slipped on Thursday weighed down by a stronger dollar and higher U.S. Treasury yields, but prospects of more fiscal stimulus under a Democrat-led administration in Washington capped losses.
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Plan A : Remain short as long as gold price trades below 1932.4. Targets are 1925 and 1914.5.
Plan B : Consider buy only if gold price test and rebound from 1914.5. Targets are 1925 and 1932.4.
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....
