Where Futures Lies
Daily Futures Trading Strategy 28 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks advanced slightly on Thursday, as data showing improvement in the labor market helped bolster expectations in the economic recovery and spurred a minor rotation towards stocks seen as more likely to benefit from the rebound.
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Plan A : Remain buy as long as market trades firmly above 34240. Targets are 34620 and 34730.
Plan B : Consider selling only if market surges but fails to breach above 34730. Targets are 34620 and 34550.
E-Mini S&P 500
The Dow Jones Industrial Average and the S&P 500 climbed on Thursday as investors cheered stronger-than-expected labor-market data.
The S&P 500 inched up 0.1% to 4,200.88.
Initial jobless claims fell to 406,000, hitting a new pandemic low and much less than expected, the Labor Department reported Thursday. Economists surveyed by Dow Jones had expected a total of 425,000 Americans to have filed unemployment benefits in the week ended May 22.
In a separate report, the Commerce Department left its initial estimate on first-quarter gross domestic product unchanged at 6.4%.
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Plan A : Long if market supported firm above 4212. Targets are 4229, 4243 and 4263.
Plan B : Short if market failed to support above 4212. Targets are 4187, 4160 and 4129.
E-Mini Nasdaq
Stock futures rose in early morning trading Friday, as optimism over economic recovery grows following strong labor market data.
The Nasdaq Composite ended the session flat at 13,736.28.
Gains for the overall market were capped however, as investors lightened up on technology shares as they rotated into cyclical stocks. Microsoft, Alphabet and Apple all registered losses.
The major indexes are on track to close higher this week. The S&P 500 is up 1.08% week to date. The blue-chip Dow is 0.75% higher over the same time period, while the Nasdaq has gained nearly 2%.
The moves higher this week come as investor monitor the back-and-forth in Washington over a comprehensive infrastructure package that could further boost the economic recovery. Senate Republicans unveiled a $928 billion infrastructure counteroffer to President Joe Biden on Thursday. However, that’s well below Biden’s most-recent offer of $1.7 trillion.
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Plan A : Long if market supported firm above 13681. Targets are 13711, 13748 and 13782.
Plan B : Short if market failed to support above 13681. Targets are 13638, 13600 and 13553.
HSI
Hong Kong stocks closed lower on Thursday, pressured by losses in the financial and property sector, as investors booked profits following a recent run of gains.
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Plan A : Remain buy as long as market trades firmly above 29109. Targets are 29249 and 29429.
Plan B : Consider short only if market surges but fails to breach above 29249. Targets are 29118 and 29006.
WTI Crude
Oil prices edged higher on Thursday, bolstered by strong U.S. economic data that offset investors' concerns about the potential for a rise in Iranian supplies.
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Plan A : Remain buy as long as oil price trades firmly above 65.5. Targets are 67.4 and 68.0.
Plan B : Consider short if oil price surges but fails to breach above 67.4. Targets are 66.4 and 65.5.
Gold
Gold prices steadied below the key $1,900 an ounce level on Thursday as easing U.S. Treasury yields offset upbeat U.S. data that showed a recovery in the world's largest economy was on track.
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Plan A : Remain buy as long as gold price trades firmly above 1888.3. Targets are 1900.1 and 1919.2.
Plan B : Consider short only if gold price surges but fails to breach above 1900.1. Targets are 1888.3 and 1878.8.
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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