Where Futures Lies
Daily Futures Trading Strategy 22 June 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street rallied on Monday, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic.
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Plan A : Attempt short if market fails to breach and stays firm above 33928. Targets are 33716 and 33454.
Plan B : Consider buying only if market holds resiliently above 33716. Targets are 33928 and 34040.
E-Mini S&P 500
U.S. stocks climbed on Monday as the market recouped some of the steep losses caused by the Federal Reserve’s policy shift.
The S&P 500 gained 1.4% to 4,224.79, sitting within 1% from its record high after Monday’s comeback rally.
Commodity stocks that were hit hard last week led the market comeback on Monday as the S&P 500 energy sector rallied. Devon Energy climbed nearly 7%, while Occidental Petroleum rose about 5.4%. Reopening plays including Norwegian Cruise Line and Boeing both climbed more than 3%. Banks, including JPMorgan, Bank of America and Goldman Sachs, also rebounded. The small cap Russell 2000 jumped more than 2%.
On Tuesday morning the Federal Reserve Bank of Philadelphia will release its non-manufacturing business data, the National Association of Realtors will publish existing home sales data for May and the Federal Reserve Bank of Richmond will release the results of its monthly Survey of Manufacturing Activity.
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Plan A : Long if market supported firm above 4220. Targets are 4238, 4252 and 4271.
Plan B : Short if market failed to support above 4220. Targets are 4191, 4167 and 4141.
E-Mini Nasdaq
U.S. stock futures were little changed in early morning trade on Tuesday after the Dow Jones Industrial Average on Monday posted its best day since March.
The Nasdaq Composite was the relative underperformer with a 0.8% gain to 14,141.48 as some key tech names including Amazon, Tesla, Nvidia and Netflix registered losses.
Federal Reserve Chairman Jerome Powell will testify before the House of Representatives Tuesday on the central bank’s response to the pandemic. His remarks, which were released ahead of the hearing Monday evening, are likely to support the notion that the Fed is ready to soon start discussing removing some of its unprecedented stimulus measures enacted during the pandemic.
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Plan A : Short if market failed to support above 14087. Targets are 14041, 14005 and 13961.
Plan B : Long only if market supported firm above 14087. Targets are 14117, 14150 and 14186.
HSI
Hong Kong stocks fell on Monday, largely in line with other Asian markets, as investors pondered the implications of the U.S. Federal Reserve's surprise hawkish shift last week.
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Plan A : Attempt buy if market trades firmly above 28509. Targets are 28639 and 28912.
Plan B : Consider short if market surges but fails to breach above 28912. Targets are 28639 and 28509.
WTI Crude
Oil prices soared on Monday, gaining on a pause in talks to end U.S. sanctions on Iranian crude, and as the dollar retreated from two-month highs.
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Plan A : Remain buy as long as oil price trades resiliently above 71.9. Targets are 72.8 and 74.3.
Plan B : Consider short only if oil price fails to stay firm above 72.8. Targets are 71.9 and 71.1.
Gold
Gold on Monday clawed back some losses from its biggest weekly percentage drop since March 2020, as a pause in the U.S. dollar's rally helped restore the metal's allure.
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Plan A : Remain short as long as gold price stays below 1794.8. Targets are 1766.1 and 1754.7.
Plan B : Consider long only if gold price supports resiliently above 1766.1 and rebound. Targets are 1794.8 and 1823.4.
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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