Where Futures Lies
Daily Futures Trading Strategy 3 February 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks finished sharply higher for a second straight day on Tuesday, helped by gains in Amazon.com and Google-parent Alphabet ahead of their results and by optimism over progress on a U.S. pandemic relief package.
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Plan A : Attempt buy if market trades firmly above 30473. Targets are 30746 and 30845.
Plan B : Consider short only if market recovers but fail to breach above 30746. Targets are 30570 and 30473.
E-Mini S&P 500
U.S. stocks jumped on Tuesday, building on a strong rally in the previous session as concerns about a speculative retail trading frenzy continued to ease.
The S&P 500 gained 1.4% to 3,826.31, pushing its two-day rally to 3%.
Investors took it as a sign that the speculative mania from retail traders is unwinding, which is healthy for the overall market and investor confidence. The stock market suffered its worst week since October last week as many grew worried that the wild trading activity in those heavily shorted names could be contagious and spill over to other areas of the markets.
Strong earnings from Amazon and Alphabet helped futures. Amazon reported earnings nearly double Wall Street estimates; however, the stock move was tempered by news that Jeff Bezos would step down as CEO. Amazon’s stock edged 0.3% higher in after hours trading.
Shares of Alphabet surged more than 7% in after hours trading after the technology giant reported 23% revenue growth and topped estimates for earnings.
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Plan A : Long if market doesn't retrace much and supported firm above 3825. Targets are 3841, 3855 and 3873.
Plan B : Short if market failed to support above 3825. Targets are 3799, 3776 and 3742.
E-Mini Nasdaq
U.S. stock futures rose slightly in overnight trading on Tuesday, after a strong market rally as the Reddit trading mania continued to unwind.
The tech-heavy Nasdaq Composite popped 1.6% to 13,612.78, bringing its week-to-date gains to more than 4%.
Investors are also monitoring negotiations in Washington surrounding another stimulus package. President Joe Biden met with the 10 Republican senators on Monday to discuss an alternative, smaller aid proposal to his $1.9 trillion package.
Private payroll data from January is released at 8:15 a.m. on Wednesday from ADP. Economists polled by Dow Jones are expecting private sector jobs grew by 50,000 in January, compared to the loss of 123,000 in December.
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Plan A : Long if market doesn't retrace much and supported firm above 13514. Targets are 13545, 13580 and 13614.
Plan B : Short if market failed to support above 13514. Targets are 13474, 13430 and 13389.
HSI
Hong Kong stocks ended higher on Tuesday, underpinned by consumer and industrial firms, as mainland investors continued to pour money into the Asian financial hub.
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Plan A : Attempt buy if market supported firmly above 29135. Targets are 29320 and 29640.
Plan B : Consider short only if market recovers but fails to breach above 29640. Targets are 29440 and 29320.
WTI Crude
Oil prices rose more than 2% on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with their commitments.
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Plan A : Remain buy as long as oil price trades firmly above 54.6. Targets are 55.5 and 56.5.
Plan B : Consider short if oil price fails to breach above 55.5 and retrace. Targets are 54.6 and 53.5.
Gold
Silver slid more than 8% on Tuesday as small investors retreated after a rally to a near eight-year peak the previous session fueled by a social media-driven trading frenzy. Spot gold, meanwhile, fell 1.4% to $1,835.11 per ounce, U.S. gold futures settled down 1.6% at $1,833.40.
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Plan A : Long if gold price trades firmly above 1836.6. Targets are 1850.5 and 1860.6.
Plan B : Consider short if gold price trades below 1860.6. Targets are 1836.6 and 1806.8.
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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Ride The Bull Short The Bear
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....
