Where Futures Lies
Daily Futures Trading Strategy 10 June 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.
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Plan A : Remain short as long as market stays trading below 34554. Targets are 34450 and 34201.
Plan B : Consider buying only if market holds resiliently above 34450 and rebound. Targets are 34554 and 34650.
E-Mini S&P 500
U.S. stocks finished Wednesday’s session near their lows as the market continued to struggle to break out from a tight range.
The S&P 500 dipped 0.2% to 4,219.55, below its intraday high of 4,238.04 reached on May 7 and its closing record of 4,232.60. Industrials and financials were the two biggest losers among the 11 S&P 500 sectors, dragging down the broader market.
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.
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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
Futures contracts tied to the major U.S. stock indexes rose during the overnight session Wednesday evening as investors eyed a key inflation report due out Thursday.
The Nasdaq Composite fell about 0.1% to 13,911.75, ending the session further away from the all-time highs.
The Labor Department is scheduled to publish its consumer price index data at 8:30 a.m. ET on Thursday. Economists polled by Dow Jones expect the May CPI report to show prices up 4.7% year over year after April’s increase of 4.2%.
For weeks investors have worried whether a rash of inflation could prompt the Federal Reserve to curb the pace of its asset purchases or begin to signal an increase to interest rates. Still, some say those fears are premature and that the central bank will give markets plenty of time before it makes any moves.
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Plan A : Short if market failed to support above 13800. Targets are 13758, 13719 and 13675.
Plan B : Long if market supported firm above 13800. Targets are 13831, 13865 and 13893.
HSI
Hong Kong shares closed lower on Wednesday, dragged by tech firms after U.S. Senator passed a package of laws aimed at boosting its ability to take on Chinese technology.
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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 were steady on Wednesday after U.S. inventory data showed a surge in gasoline inventories due to weak fuel demand following U.S. Memorial Day weekend, traditionally the beginning of the peak summer driving season.
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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 held in a tight range on Wednesday as investors looked forward to U.S. inflation data that could shape the course of the Federal Reserve's monetary policy.
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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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