Where Futures Lies
Daily Futures Trading Strategy 31 May 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain the past three weeks.
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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 S&P 500 climbed slightly on Friday to close its fourth straight positive month amid growing optimism over the U.S. economic recovery.
The broad equity benchmark ended the session up 0.1% to 4,204.11, sitting just 0.8% from its record high. The S&P 500 advanced 1.2% this week, breaking a two- week losing streak.
A key inflation indicator — the core personal consumption expenditures index — rose 3.1% in April, faster than expectations of a 2.9% increase but not as hot as many on Wall Street had feared. Meanwhile, the savings rate remained elevated at 14.9% last month, while consumer spending rose 0.5%, in line with estimates.
This week, investors also monitored 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 proposal of $1.7 trillion.
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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
U.S. futures edged up Monday and Asian stocks were set for a steady start as investors continue to weigh inflation risks and await key U.S. jobs data to gauge the strength of the economic recovery.
The tech-heavy Nasdaq Composite inched up 0.1% to 13,748.74. The Nasdaq rose 2.1% to post its best weekly performance since April 9.
Equity contracts were little changed in Japan, Australia and Hong Kong after U.S. stocks notched their fourth-straight monthly advance. Treasury yields ticked back below 1.60% on Friday. There is no cash trading in Asia amid holidays in the U.S. and U.K.
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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 ended flat on Friday, as gains in resource firms were offset by losses in tech and healthcare companies, but posted their best week in more than three months as inflation fears fade.
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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 fell slightly on Friday but posted a weekly advance as strong U.S. economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
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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 reversed course and turned positive on Friday, popping above the key $1,900 level, after data showed U.S. consumer prices surged in April and boosted bullion's appeal as an inflation hedge.
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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 and hold 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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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....
