Where Futures Lies
Daily Futures Trading Strategy 3 March 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package.
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Plan A : Remain buy as long as market trades firmly above 31388. Targets are 31640 and 31750.
Plan B : Consider short only if market fails to hold above 31388. Targets are 31280 and 31110.
E-Mini S&P 500
U.S. stocks fell on Tuesday led by technology names, as the market gave back some of the strong gains from the previous session.
The S&P 500 slid 0.8% to 3,870.29 after the broad equity benchmark rallied more than 2% Monday for its best day since June.
Tech and consumer discretionary were the two worst-performing sectors, falling more than 1% each. The slight gains in materials provided the broader market with some cushion.
President Joe Biden said Tuesday that Merck will help make Johnson & Johnson’s single shot Covid vaccine as the country tries to ramp up supply.
Economically sensitive cyclical sectors have outperformed the broader market this year amid optimism about vaccines and economic resurgence. Energy and financials have risen 28% and 12%, respectively, year to date.
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Plan A : Long if market supported firm above 3872. Targets are 3887, 3905 and 3920.
Plan B : Short if market failed to support 3872. Targets are 3845, 3822 and 3794.
E-Mini Nasdaq
U.S. stock futures were flat in overnight trading Tuesday after stocks dipped in the regular session.
The tech-heavy Nasdaq Composite lost 1.7% to 13,358.79 as Apple and Facebook fell about more than 2% each. Amazon and Microsoft both slipped 1%, while Tesla dropped 4.5%.
President Joe Biden said late on Tuesday that the U.S. will have a large enough supply of coronavirus vaccines to vaccinate every adult in the nation by the end of May. That would be two months ahead of schedule. The vaccine rollout is seen as key part in getting Americans back to work and for the economy to recover.
Private payroll data for February is due at 8:15 a.m. on Wednesday. This will give investors a read into the labor market. Economists polled by Dow Jones expect 225,000 private jobs were added in February, higher than the 174,000 added in January.
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Plan A : Long if market supported firm above 13122. Targets are 13155, 13189 and 13222.
Plan B : Short if market failed to support above 13122. Targets are 13081, 13039 and 12998.
HSI
Hong Kong shares ended lower on Tuesday after a senior Chinese regulatory official warned of the risks of asset bubbles in foreign markets, further denting investor sentiment after a recent bond market sell-off.
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Plan A : Attempt sell if market stays trading below 29119. Targets are 28922 and 28808.
Plan B : Consider long only if market supported firmly above 28808 and rebound. Targets are 28922 and 29112.
WTI Crude
Oil prices slid on Tuesday before this week's OPEC+ meeting where producers are expected to ease supply curbs as economies start to slowly recover from the coronavirus crisis.
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Plan A : Remain sell as long as oil price stays below 61.3. Targets are 59.4 and 57.6.
Plan B : Consider buy only if oil price able to hold firm above 59.4 and rebound. Targets are 61.3 and 62.4
Gold
Gold prices rose on Tuesday, inching away from a more than eight-month low, as a retreat in the dollar and U.S. Treasury yields lifted demand for the safe-haven metal.
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Plan A : Remain buy as long as if gold price holds above 1714.2 and rebound. Targets are 1740 and 1752.4.
Plan B : Consider short if market rebounds but fails to breach above 1752.4. Targets are 1731.5 and 1714.2.
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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