Where Futures Lies
Daily Futures Trading Strategy 19 January 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes finished lower on Friday, weighed down by big U.S. banks after their earnings reports, while the energy fell sharply due to a regulatory probe into Exxon Mobil Corp.
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Plan A : Attempt sell if market stays below 30831. Targets are 30510 and 30256.
Plan B : Consider long only if market able to hold firm above 30510 and rebound. Targets are 30730 and 30831.
E-Mini S&P 500
The U.S. stock market was closed on Monday in honor of Martin Luther King Jr. Day.
Futures contracts tied to the Dow rose 166 points. Those for the S&P 500 and the Nasdaq 100 also traded in positive territory.
The move in futures comes after a slump for equities last week. The Nasdaq Composite and S&P 500 lost 1.5%, while the Dow was off 0.9%, respectively. It was the worst week for the three major indexes since October.
Tuesday also kicks off a heavy week of earnings. Bank of America and Goldman Sachs will report their fourth-quarter results before the bell, with Netflix’s numbers coming after the market closes.
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Plan A : Long if market retraced but supported firm above 3768. Targets are 3783, 3799 and 3815.
Plan B : Short if market failed to support above 3768. Targets are 3743, 3711 and 3690.
E-Mini Nasdaq
U.S. stock futures moved higher early Tuesday as Wall Street looked to bounce back from a rough week ahead of President-elect Joe Biden’s inauguration.
The disappointing week for stocks came as Biden unveiled his $1.9 trillion plan for economic relief as the country tries to get a handle on the Covid-19 pandemic. Biden is set to be inaugurated on Wednesday, with the National Guard in Washington amid heightened security concerns after a Jan. 6 riot at the U.S. Capitol.
“In the week ahead, global economic data and U.S. earnings reports will be plentiful, but what matters is whether President Elect Biden’s Inauguration on 1/20 occurs peaceably and whether Republicans in the Senate send signals of constructive cooperation or of a 2020 replay,” BTIG chief equity and derivatives strategist Julian Emanuel said in a note to clients on Sunday.
Janet Yellen, Biden’s designated nominee for Treasury Secretary and a former chair of the Federal Reserve, will appear before the Senate Finance Committee on Tuesday. Yellen’s prepared remarks call for the federal government to “act big.”
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Plan A : Long if market retraced and supported firm above 12808. Targets are 12839, 12866 and 12900.
Plan B : Short if market failed to support above 12808. Targets are 12770, 12725 and 12681.
HSI
Hong Kong stocks closed higher on Monday at a one-year high, as investors looked past latest Sino-U.S. tensions and cheered data pointing to China's solid economic recovery in 2020.
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Plan A : Remain buy as long as market trades firmly above 28650. Targets are 28966 and 29135.
Plan B : Consider short only if market surges but fails to breach above 28966. Targets are 28800 and 28650.
WTI Crude
Oil prices on Monday fell further from 11-month highs touched last week, ending a rally that started at end-October on production cuts and strong Chinese demand, with the market's outlook questioned as coronavirus infections rise.
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Plan A : Attempt short if oil price trades below 52.8. Targets are 52.0 and 51.5
Plan B : Consider long only if oil price tests and rebounds from 51.5. Targets are 52.0 and 52.8
Gold
Gold prices dropped to their lowest in 1-1/2 months on Monday, as a stronger U.S. dollar made bullion expensive for other currency holders, despite expectations of a large COVID-19 relief package in the United States.
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Plan A : Long if gold price trades firmly above 1836.6. Targets are 1845 and 1860.6.
Plan B : Consider short if gold price once again falls below 1836.6. Targets are 1806.8 and 1800.
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....
