Where Futures Lies
Daily Futures Trading Strategy 9 June 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street stocks struggled for closing gains on Tuesday as a lack of clear market catalysts kept institutional investors in a holding pattern, while retail traders kept the rally of so-called meme stocks alive.
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Plan A : Remain buy as long as market trades firmly above 34554. Targets are 34650 and 34730.
Plan B : Consider selling only if market consistently trading below 34554. Targets are 34450 and 34201.
E-Mini S&P 500
Overnight on Wall Street, the S&P 500 closed little changed at 4,227.26. The Dow Jones Industrial Average shed 30.42 points to 34,599.82 while the Nasdaq Composite advanced 0.31% to 13,924.91.
The S&P 500 and the blue-chip Dow both closed near the flatline on Tuesday. The broad equity benchmark is now just 0.3% below its record high of 4,238.04 reached on May 7. Investors await the next reading on inflation to gauge if higher price pressures are just temporary as the economy continues to rebound from the pandemic-induced recession.
On the data front, job openings in April soared to a new record high, with 9.3 million vacancies coming online amid the economic recovery.
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Plan A : Short if market failed to support above 4220. Targets are 4194, 4168 and 4142.
Plan B : Long if market supported firm above 4220. Targets are 4238, 4251 and 4269.
E-Mini Nasdaq
Stock futures were flat in overnight trading on Tuesday after Wall Street appeared range-bound near its record levels.
The Nasdaq started the week with a modest gain, putting the tech-heavy index less than 2% away from its late April record close.
The consumer price index for May is set to be released Thursday. Economists are expecting the CPI to rise 4.7% from a year earlier, according to Dow Jones. In April, the CPI increased 4.2% on an annual basis, the fastest rise since 2008.
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Plan A : Short if market failed to support above 13858. Targets are 13817, 13778 and 13731.
Plan B : Long only if market supported firm above 13858. Targets are 13889, 13920 and 13951.
HSI
Hong Kong stocks ended flat on Tuesday, with losses in energy and tech firms offset by gains for property companies, while Sino-U.S. tensions weighed on investor sentiment.
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Plan A : Remain sell as long as market stays trading below 28778. Targets are 28639 and 28443.
Plan B : Consider long only if market supports above 28639 and rebound. Targets are 28760 and 28912.
WTI Crude
Oil prices edged higher on Tuesday after the top U.S. diplomat said that even if the United States were to reach a nuclear deal with Iran, hundreds of U.S. sanctions on Tehran would remain in place.
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Plan A : Remain buy as long as oil price trades firmly above 69.5. Targets are 70.4 and 71.1.
Plan B : Consider short if oil price surges but fails to breach above 70.4. Targets are 69.5 and 68.5.
Gold
Gold dropped on Tuesday as a firmer dollar countered a slip in U.S. Treasury yields as investors looked ahead to U.S. inflation data that could influence the Federal Reserve's timeline to taper monetary support.
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Plan A : Attempt buy if gold price trades firmly above 1888.3. Targets are 1897.8 and 1900.1.
Plan B : Consider short if gold price consistently trading below 1897.8. 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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