Where Futures Lies
Daily Futures Trading Strategy 3 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street ended lower on Friday, with Amazon, Apple, Alphabet and other tech-related companies weighing on the S&P 500 and Nasdaq despite recent strong quarterly earnings reports.
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Plan A : Attempt sell if market stays trading below 33939. Targets are 33678 and 33559.
Plan B : Consider long if market tests support at 33678 and rebound. Targets are 33844 and 33939.
E-Mini S&P 500
The major averages slipped on Friday as investors took profits amid a flurry of earnings results and a robust profit beat from e-commerce giant Amazon.
The S&P 500 fell 0.7% to 4,181.17.
Despite Friday’s weakness in equities, the S&P 500 notched its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the pandemic. The S&P 500 is now up 11% for the year. The benchmark closed at record levels on Thursday on the heels of blowout earnings results from Apple and Facebook.
More strong economic data was released on Friday, continuing a trend that’s lifted stocks all month. March spending jumped a better-than-expected 4.2%, while personal incomes surged by a massive 21.1% amid more fiscal stimulus.
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Plan A : Short if market failed to support above 4194. Targets are 4169, 4143 and 4115.
Plan B : Long only if market supported firm above 4194. Targets are 4211, 4225 and 4242.
E-Mini Nasdaq
U.S. stock futures moved higher in overnight trading on Sunday as investors readied for the first trading day of May.
The Nasdaq Composite dropped 0.9% to 13,962.68.
Amazon’s results showed demand remained strong for its massive online retail business even as the economy started to open up some. Still, Amazon shares, up 40% in 12 months, closed in the red on Friday.
Investors will also be monitoring the next batch of corporate earnings. Lowe’s, Estee Lauder and ON Semiconductor report before the bell on Monday.
Manufacturing PMI data for April will be released at 9:45 a.m. ET on Monday, followed by ISM manufacturing at 10 a.m.
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Plan A : Long if market supported firm above 13929. Targets are 13959, 13990 and 14022.
Plan B : Short if market failed to support above 13929. Targets are 13889, 13840 and 13799.
HSI
Hong Kong stocks dropped on Friday to post weekly losses, weighed down by tech firms, after Beijing widened crackdowns on fintech companies as financial watchdogs might order them to strengthen compliance with regulations.
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Plan A : Remain short as long as market stays trading below 28909. Targets are 28466 and 28366.
Plan B : Attempt long only if market trades firmly above 28466 and rebound. Targets are 28639 and 28722.
WTI Crude
Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as concerns of wider lockdowns in India and Brazil to curb the Covid-19 pandemic offset a bullish outlook on summer fuel demand and economic recovery.
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Plan A : Remain buy as long as oil price trades firmly above 62.6. Targets are 63.9 and 65.5.
Plan B : Consider selling only if oil price surges but fails to breach above 63.9. Targets are 62.6 and 61.4.
Gold
Gold prices dipped on Friday, set for their worst week in a month, as U.S. Treasury yields gained on strong economic data and dented the non-yielding metal's appeal.
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Plan A : Attempt sell if gold price stays trading below 1776. Targets are 1767 and 1752.4.
Plan B : Consider long only if gold price holds firmly above 1752.4 and rebound. Targets are 1776 and 1786.
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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