Where Futures Lies
Daily Futures Trading Strategy 9 February 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout.
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Plan A : Remain buy as long as market trades firmly above 30980. Targets are 31311 and 31422.
Plan B : Consider short only if market surges but fail to breach above 31311. Targets are 31155 and 30990.
E-Mini S&P 500
U.S. stocks climbed on Monday, building on a recent rally to record levels as investors remained optimistic about further Covid stimulus and an economic recovery.
The S&P 500 gained 0.7% to a fresh closing high of 3,915.59. The S&P 500 has risen for six days straight, marking its longest winning streak since August.
The major averages just notched their best week since November as the market shook off fears of a speculative trading frenzy. The S&P 500 gained 4.2% last week, while the Dow and the Nasdaq Composite rose 3.6% and 5.4%, respectively.
Biden has set a goal to administer at least 100 million Covid vaccine doses during his first 100 days in office, but he warned it will be very difficult to achieve herd immunity in the U.S. by the end of summer.
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Plan A : Long if market supported firm above 3903. Targets are 3918, 3935 and 3951.
Plan B : Short if market failed to support above 3903. Targets are 3878, 3853 and 3820.
E-Mini Nasdaq
U.S. stock futures were little changed early Tuesday morning as Wall Street looked to hold on to gains from its February hot streak.
The Nasdaq Composite advanced 1% to 13,987.64, also hitting a new record.
A strong earnings season and improving data on the Covid pandemic and vaccinations are two factors that are helping to push stocks higher, said Victoria Fernandez, Chief Market Strategist at Crossmark Global Investments. She also said that some underlying data in last week’s jobs report, including an increase in hours worked, were encouraging even if the headline numbers showed a tepid recovery.
On Tuesday, investors will get more updates on the state of the economic recovery with the NFIB’s small business survey and the Labor Departments job openings and labor turnover data.
There are also several major tech companies set to report earnings on Tuesday afternoon, including Twitter and Cisco.
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Plan A : Long if market supported firm above 13658. Targets are 13688, 13720 and 13751.
Plan B : Short if market failed to support above 13658. Targets are 13615, 13580 and 13539.
HSI
Hong Kong stocks eked out gains on Monday, underpinned by material firms, after China reported zero new local cases of novel coronavirus and as mainland buying continued.
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Plan A : Attempt long if market trades firmly above 29135. Targets are 29438 and 29870.
Plan B : Consider short only if market surges but fails to breach above 29438. Targets are 29238 and 29135.
WTI Crude
Oi prices rose on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus.
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Plan A : Remain buy as long as oil price trades firmly above 57.6. Targets are 58.3 and 59.4.
Plan B : Consider short if oil price fails to breach above 58.3 and retrace. Targets are 57.6 and 56.5.
Gold
Gold jumped more than 1% on Monday as expectations of a large U.S. stimulus package bolstered bullion's appeal as an inflation hedge.
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Plan A : Remain long as long as gold price stays firm above 1814.1. Targets are 1837.7 and 1845.9
Plan B : Consider short if gold price surges but fails to breach above 1837.7. Targets are 1830 and 1814.1
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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