Where Futures Lies
Daily Futures Trading Strategy 7 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Dow hit a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while shares of vaccine makers fell after President Joe Biden backed plans to waive patents on COVID-19 shots.
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Plan A : Remain buy as long as market trades firmly above 33939. Targets are 34433 and 34554.
Plan B : Consider short only if market surges but fails to breach above 34554. Targets are 34400 and 34100.
E-Mini S&P 500
U.S. stocks climbed on Thursday as investors awaited Friday’s highly anticipated jobs report to gauge the pace of the labor-market recovery.
The S&P 500 rose 0.8% to 4,201.62.
The gains came after a better-than-expected reading on jobless claims. First-time claims for unemployment insurance totaled 498,000 for the week ended May 1, hitting a fresh pandemic-era low and better than a Dow Jones estimate of 527,000.
The data came one day before April’s jobs report is released on Friday. Economists polled by Dow Jones expect one million payrolls to have been added last month and the unemployment rate is expected to fall to 5.8% from 6%.
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Plan A : Long if market supported firm above 4182. Targets are 4197, 4213 and 4230.
Plan B : Short if market failed to support above 4182. Targets are 4157, 4130 and 4099.
E-Mini Nasdaq
Stock futures traded mostly flat early Friday as investors awaited the highly anticipated jobs report to assess the pace of the labor-market recovery.
The Nasdaq Composite erased earlier losses and gained 0.4% to 13,632.84.
The Nasdaq Composite posted its fourth straight negative session on Wednesday for its longest daily losing streak since October. The tech-heavy index is lower for the week.
April’s job report will carry extra importance as the Federal Reserve works to fulfill its pledge to keep its zero rates policy and other easing measures in place until it believes the labor market is strong and inflation is hotter. As marketplace concerns about inflation brew, some on Wall Street believe an exceptionally strong jobs market report could prove an early sign for the Fed that conditions are returning to healthy.
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Plan A : Short if market failed to support above 13569. Targets are 13528, 13488 and 13430.
Plan B : Long if market supported firm above 13569. Targets are 13601, 13633 and 13666.
HSI
Hong Kong stocks eked out gains on Thursday, helped by energy firms, though the upmove was capped by tensions between China and the West.
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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 slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed U.S. crude inventories fell much more sharply than expected.
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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 stays trading below 65.5. Targets are 64.5 and 63.9.
Gold
Gold jumped over 1% on Thursday with a weaker dollar and easing Treasury yields propelling it over the key $1,800 psychological level.
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Plan A : Remain buy as long as gold price trades firmly above 1807.4. Targets are 1814.1 and 1819.2.
Plan B : Consider short only if gold price surges but fails to breach above 1819.2. Targets are 1807.4 and 1786.5.
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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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
