Where Futures Lies
Daily Futures Trading Strategy 20 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank's goals, with some considering discussions on tapering its bond buying program.
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Plan A : Remain sell as long as market stays trading below 33940. Targets are 33655 and 33560.
Plan B : Consider buying only if market able to regain footings above 33560 and holds firm. Targets are 33800 and 33939.
E-Mini S&P 500
U.S. stocks cut sharp losses and ended the wild session far off their lows on Wednesday as cryptocurrency prices largely recovered, but the weakness in speculative pockets of the market still weighed on sentiment.
The S&P 500 fell 0.3% to 4,115.68 as nine out of 11 sectors registered losses.
The major averages briefly added to their losses in afternoon trading after the Federal Reserve's minutes from its April meeting hinted at reconsidering its asset purchase programs in upcoming meetings.
Wall Street had another wild session with tech stocks sliding in the morning as investors were rattled by a sudden plunge in cryptocurrencies, including bitcoin. Later the weakness spilled over into other sectors with the S&P 500 dropping 1.6% at its session low. The exception was a handful of retailers that reported solid earnings, including Target.
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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
The tech-heavy Nasdaq Composite rebounded from a 1.7% loss earlier and closed flat at 13,299.74 as some of the major tech stocks reversed higher including Facebook, Netflix, Microsoft and Alphabet.
Growth stocks have come under pressure lately with the Nasdaq Composite falling nearly 5% in May as fears of inflation intensified. A sustained pickup in price pressures could unravel the Federal Reserve’s accommodative policies, which could hurt technology companies that have relied for years on easy borrowing costs for superior growth.
Major stock indexes came off back-to-back losses weighed by weakness in the technology sector. Soft housing data on Tuesday partly triggered the broad selling in the previous session.
Investors await the latest number of U.S. weekly jobless claims to gauge the pace of labor-market recovery. New claims for unemployment benefits are expected to total 452,000 for the week ended May 15, slightly lower than 473,000 in the week prior, according to economists polled by Dow Jones.
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Plan A : Short if market failed to support above 13181. Targets are 13140, 13099 and 13058.
Plan B : Long if market supported firm above 13181. Targets are 13211, 13243 and 13277.
HSI
Hong Kong stocks climbed for a third straight session on Tuesday, buoyed by gains in energy and telecom shares, while downbeat China and U.S. data eased fears of policy tightening. Hang Seng was closed for Buddha's birthday celebration yesterday but will resume today.
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Plan A : Attempt sell if market trades below 28366. Targets are 28161 and 28029.
Plan B : Consider long only if market able to support above 28029 and rebound. Targets are 28161 and 28366.
WTI Crude
Oil prices fell by over $2 on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth.
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Plan A : Remain sell as long as oil price stays below 63.9. Targets are 63.2 and 62.6.
Plan B : Consider long if oil price tested support at 63.2 and rebound. Targets are 63.9 and 64.8.
Gold
Gold fell on Wednesday from a more than four-month high it hit earlier in the session as the dollar and the U.S. Treasury yields rose after minutes from a Federal Reserve meeting showed the central bank might be inching closer to taper talks.
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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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Ride The Bull Short The Bear
CS Tan
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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....
