Where Futures Lies
Daily Futures Trading Strategy 6 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes and the Dow hit a record high on Wednesday, as growth stocks bounced from a steep selloff in the previous session and a survey showed private jobs rose in April.
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Plan A : Remain buy as long as market trades firmly above 33939. Targets are 34140 and 34220.
Plan B : Consider short only if market surges but fails to breach above 34140. Targets are 33939 and 33654.
E-Mini S&P 500
The Dow ended at a record high on Wednesday, driven higherby energy and other economically sensitive sectors, while the Nasdaq closed in red as megacap growth stocks slipped.
Energy and materials continued this week's momentum, leading gains among S&P 500 sectors. Defensive utilities and real estate led sectoral declines.
Strong economic data and earnings pushed the S&P 500 and Nasdaq indexes to record high last week, but markets have wobbled amid concerns about rising inflation and potentially higher U.S. interest rates.
The S&P 500 gained 2.93 points, or 0.07%, to 4,167.59.
The ADP National Employment Report showed U.S. private payrolls increased in April as companies rushed to boost production amid a surge in demand, powered by massive government aid and rising vaccinations against COVID-19.
A more comprehensive reading in the form of the Labor Department's non-farm payrolls data is due on Friday.
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Plan A : Short if market failed to support above 4150. Targets are 4122, 4099 and 4071.
Plan B : Long if market supported firm above 4150. Targets are 4165, 4182 and 4199.
E-Mini Nasdaq
U.S. stock index futures rose early Thursday, after the Dow closed at a record.
The Nasdaq Composite slid 0.4% for its fourth straight negative session and longest daily losing streak since October.
Netflix, Amazon and Facebook were among the tech names that declined on Wednesday, each falling more than 1%.
On the data front, initial jobless claims will be released on Thursday. Economists surveyed by Dow Jones are expecting a print of 527,000. The data comes one day before April’s jobs report is released on Friday.
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Plan A : Long if market supported firm above 13445. Targets are 13480, 13508 and 13541.
Plan B : Short if market failed to support above 13445. Targets are 13402, 13362 and 13320.
HSI
Hong Kong shares closed lower on Wednesday, as consumer discretionary and technology stocks retreated ahead of the reopening of China markets, outweighing gains from banks and energy sectors.
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Plan A : Attempt long if market supported firmly above 28366. Targets are 28480 and 28639.
Plan B : Consider short only if market fails to support above 28366. Targets are 28238 and 28029.
WTI Crude
Oil prices drifted lower on Wednesday after two days of gains despite U.S. crude stocks falling more sharply than expected, as traders used the weekly inventory figures as an excuse to pull back from the recent rally.
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Plan A : Remain buy as long as oil price trades firmly above 63.9. Targets are 65.5 and 66.5.
Plan B : Consider selling only if oil price falls back below 65.5. Targets are 64.5 and 63.9.
Gold
Gold prices ticked up on Wednesday, lifted by a retreat in the dollar, although gains were kept in check after U.S. Treasury Secretary Janet Yellen said interest rates may need to rise.
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Plan A : Remain buy as long as gold price trades firmly above 1776. Targets are 1795.1 and 1814.1.
Plan B : Consider short only if gold price surges but fails to breach above 1795.1. Targets are 1781.9 and 1776.
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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