Where Futures Lies
Daily Futures Trading Strategy 7 April 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The S&P 500 and Dow slipped on Tuesday but stayed near closing record highs posted in consecutive sessions, as investors weighed more strong U.S. economic data against nervousness about upcoming quarterly earnings reports.
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Plan A : Remain buy as long as market trades firmly above 33252. Targets are 33559 and 33939.
Plan B : Consider short if market surges but fails to breach above 33559. Targets are 33406 and 33252.
E-Mini S&P 500
U.S. stocks fell from record levels on Tuesday as the recent rally driven by signs of strong economic rebound took a pause.
The S&P 500 fell 0.1% to 4,073.94, pressured by tech and health care. The broad equity benchmark fell for the first time in four days.
The market came under pressure even after more strong news on the job front. The Labor Department said Tuesday that U.S. job openings rose 268,000 to a two-year high of 7.4 million on the last day of February, according to its monthly Job Openings and Labor Turnover Survey, or JOLTS report. Economists polled by Dow Jones were expecting a total of 7 million.
Bond yields continued to fall from recent highs, easing fears of rising inflation. The 10-year Treasury yield dropped 7 basis points to 1.65% on Tuesday.
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Plan A : Long if market supported firm above 4059. Targets are 4075, 4090 and 4109.
Plan B : Short if market failed to support above 4059. Targets are 4034, 4005 and 3989.
E-Mini Nasdaq
U.S. stock index futures advanced during overnight trading, after the major averages finished Tuesday's session in the red.
The tech-heavy Nasdaq Composite inched 0.1% lower to 13,698.38.
The Federal Open Market Committee will publish the minutes from its March meeting, where the central bank opted to leave interest rates unchanged, on Wednesday. The minutes could offer investors a clue as to when the Fed might hike interest rates.
Investors continue to assess President Joe Biden’s $2 trillion infrastructure proposal announced last week and its chance to become reality. While politicians on both sides of the aisle support funding to rebuild American roads and bridges, disagreements over the ultimate size of the bill and how to pay for it remain, including Biden’s plan to raise the corporate tax to 28%.
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Plan A : Long if market supported firm above 13567. Targets are 13599, 13628 and 13660.
Plan B : Short if market failed to support above 13567. Targets are 13526, 13485 and 13440.
HSI
Hong Kong stocks started the month a firm note on Thursday, led by tech players tracking overnight gains on Wall Street, as investors cheered the government spending plan in the United States and hoped for strong jobs data.
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Plan A : Remain buy as long as market trades firmly above 28770. Targets are 29017 and 29249.
Plan B : Consider short only if market surges but fails to breach above 29249. Targets are 29017 and 28920.
WTI Crude
Strong economic data from China and the United States helped to lift oil prices on Tuesday, recouping some of the previous session's losses, as coronavirus-led volatility continues to dominate.
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Plan A : Remain short as long as oil price stays below 59.8. Targets are 58.8 and 57.6.
Plan B : Consider long only if oil price able to trade firmly above 58.8 and rebound. Targets are 59.8 and 60.2.
Gold
Gold prices rose about 1% on Tuesday and hit the highest in more than a week, boosted by a retreating dollar and lower U.S. Treasury yields.
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Plan A : Remain buy as long as gold price trades firmly above 1714.2. Targets are 1729 and 1752.4.
Plan B : Consider short only if gold price surges but fails to breach above 1752.4. Targets are 1728.2 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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