Where Futures Lies
Daily Futures Trading Strategy 19 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot.
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Plan A : Attempt sell if market stays trading below 33940. Targets are 33655 and 33560.
Plan B : Consider buying only if market able to regain footings above 33940 and holds firm. Targets are 34101 and 34230.
E-Mini S&P 500
Major U.S. stock indexes wiped out earlier gains and closed at their session lows on Tuesday as Big Tech stocks reversed lower, while data showing housing starts dropped sharply last month also weighed on sentiment.
The S&P 500 fell 0.9% to 4,127.83.
Housing starts tumbled 9.5% to a seasonally adjusted annual rate of 1.569 million units last month, the Commerce Department said on Tuesday. Economists polled by Dow Jones had forecast starts falling to a rate of 1.7 million units in April.
Elsewhere, the first-quarter earnings season is wrapping up with more than 90% of the S&P 500 companies having reported their results. So far, 86% of S&P 500 companies have reported a positive EPS surprise, which would mark the highest percentage of positive earnings surprises since 2008 when FactSet began tracking this metric.
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Plan A : Short if market failed to support above 4098. Targets are 4071, 4045 and 4019.
Plan B : Long if market supported firm above 4098. Targets are 4114, 4132 and 4150.
E-Mini Nasdaq
U.S. stock futures were flat in overnight trading on Tuesday ahead of more retail earnings.
The tech-heavy Nasdaq Composite erased a 0.8% gain and slid 0.6% to 13,303.64 as Apple, Amazon, Facebook and Alphabet all rolled over and fell more than 1% on the day.
Growth stocks have come under pressure lately on fears of inflation that could unravel the Federal Reserve’s easy policies.
Weighing on sentiment, housing starts fell 9.5% to a seasonally adjusted annual rate of 1.569 million units in April, the Commerce Department said. Economists expected housing starts to fall to a rate of 1.7 million units last month.
The Federal Open Market Committee publishes the minutes from its April meeting on Wednesday.
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Plan A : Short if market failed to support above 13092. Targets are 13051, 13009 and 12964.
Plan B : Long if market supported firm above 13092. Targets are 13121, 13155 and 13191.
WTI Crude
Oil slid nearly 2% on Tuesday, tumbling from a two-month high, after media reports said the United States and Iran have made progress on reviving a deal restricting Iran's nuclear weapons development, that could release more barrels into the market.
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Plan A : Attempt sell if oil price stays below 65.5. Targets are 64.5 and 63.9.
Plan B : Consider long if oil price tested support at 63.9 and rebound. Targets are 64.5 and 65.1.
Gold
Gold hit nearly a four-month peak on Tuesday before easing slightly as yields on U.S. Treasuries inched higher, with a weaker dollar and inflation fears maintaining a floor under bullion prices.
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Plan A : Remain buy as long as gold price trades firmly above 1857.4. Targets are 1869.2 and 1878.8.
Plan B : Consider short only if gold price surges but fails to breach above 1878.8. Targets are 1869.2 and 1857.4.
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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