Where Futures Lies
Daily Futures Trading Strategy 21 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes rebounded on Thursday after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood.
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Plan A : Remain buy as long as market trades firmly above 33939. Targets are 34184 and 34382.
Plan B : Consider selling only if market fails to hold firm above 34070. Targets are 33939 and 33560.
E-Mini S&P 500
U.S. stocks rose on Thursday, rebounding from three straight days of losses as technology shares staged a comeback, while the latest jobless claims totaling a fresh pandemic-era low also boosted sentiment.
The S&P 500 gained nearly 1.1% to 4,159.12 with tech being the biggest gainer among 11 sectors.
The number of first-time claims for unemployment benefits for the week ended May 15 came in at 444,000, the lowest since March 14, 2020, the Labor Department reported Thursday. Economists surveyed by Dow Jones had been expecting 452,000 new claims.
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Plan A : Long if market supported firm above 4168. Targets are 4185, 4199 and 4219.
Plan B : Short if market failed to support above 4168. Targets are 4143, 4115 and 4091.
E-Mini Nasdaq
Stock futures were mildly higher in early morning trading after major averages rebounded from a three-day losing streak on Thursday led by technology shares.
The Nasdaq Composite climbed 1.8% to 13,535.74 as Microsoft, Facebook and Alphabet all gained more than 1%. Netflix and Apple rallied more than 2% each.
Despite the Thursday’s rebound, the Nasdaq Composite is up 0.8%, positioned to break a 4-week losing streak.
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Plan A : Long if market supported firm above 13517. Targets are 13548, 13581 and 13611.
Plan B : Short if market failed to support above 13517. Targets are 13477, 13433 and 13391.
HSI
Hong Kong stocks finished lower on Thursday, as resources firms retreated after Beijing pledged to regulate commodity markets.
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Plan A : Remain buy as long as market trades firmly above 28160. Targets are 28366 and 28560.
Plan B : Consider short only if market surges but fails to breach above 28560. Targets are 28366 and 28160.
WTI Crude
Oil prices fell more than 2% and were on track for a third day of losses on Thursday after diplomats said progress was made toward a deal to lift sanctions on Iran, which could boost crude supply.
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Plan A : Remain sell as long as oil price stays below 62.6. Targets are 61.9 and 61.4.
Plan B : Consider long if oil price tested support at 61.4 and rebound. Targets are 61.9 and 62.6.
Gold
Gold hovered on Thursday close to a more than four-month peak it scaled in the previous session, fueled by a dip in the dollar and U.S. yield as investors shrugged off the Federal Reserve's hints on possible tapering of economic support measures.
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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....
