Where Futures Lies
Daily Futures Trading Strategy 23 March 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street rallied on Monday as technology stocks rebounded from a recent selloff sparked by surging bond yields and Tesla jumped after a fund run by an influential investor in the electric-car maker said its shares could approach $3,000 by 2025.
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Plan A : Remain buy as long as market trades firmly above 32408. Targets are 32602 and 32994.
Plan B : Consider short if market recovers but fails to breach above 32706. Targets are 32408 and 32046.
E-Mini S&P 500
U.S. stocks jumped on Monday led by technology shares as investors flocked back into growth names amid declining bond yields.
The S&P 500 rose 0.7% to 3,940.59, breaking a two-day losing streak.
On Tuesday Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen will make their first joint appearance before the U.S. House Committee on Financial Services. The discussion will center on the oversight of the Treasury’s and Federal Reserve’s pandemic response.
Many on Wall Street believe bond yields’ rebound to pre-pandemic levels shouldn’t be too alarming given the magnitude of the economic recovery from pandemic-triggered recession.
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Plan A : Long if market supported firm above 3919. Targets are 3935, 3950 and 3968.
Plan B : Short if market failed to support above 3919. Targets are 3894, 3870 and 3848.
E-Mini Nasdaq
U.S. stock index futures were slightly lower in early morning trading Tuesday, after all three major averages posted gains during regular trading hours Monday.
The tech-heavy Nasdaq Composite gained 1.2% to 13,377.54 as the 10-year Treasury yield retreated.
Since the intraday low on March 23 both the S&P 500 and Dow have advanced 80%. The Nasdaq Composite is up 93%, while the Russell 2000 has surged 135%.
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Plan A : Long if market supported firm above 13053. Targets are 13085, 13115 and 13150.
Plan B : Short if market failed to support above 13053. Targets are 13015, 12971 and 12930.
HSI
Hong Kong stocks closed lower on Monday, as fears of prolonged lockdowns in some European countries dampened recovery hopes while a plunge in the Turkish lira also hit investor sentiment.
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Plan A : Remain sell as long as market stays below 29100. Targets are 28749 and 28639.
Plan B : Consider long only if market able to support above 28639 and rebound. Targets are 28749 and 29100.
WTI Crude
Oil steadied on Monday as hopes for a pick-up in demand later this year helped arrest last week's broad sell-off, but prices stayed under pressure as new European coronavirus lockdowns made a quick recovery look less likely.
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Plan A : Remain sell as long as oil price trades below 61.9. Targets are 60.6 and 59.9.
Plan B : Consider long only if oil price able to trade firmly above 60.6. Targets are 61.7 and 62.3.
Gold
Gold slipped 1% on Monday, with a dip in the dollar and U.S. Treasury yields offering little respite as U.S. equities gained, which dulled bullion's appeal.
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Plan A : Remain buy as long as market trades firmly above 1714.2. Targets are 1752.4 and 1776.
Plan B : Consider short only if gold price surges but fails to breach above 1752.4. Targets are 1728 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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