Where Futures Lies
Daily Futures Trading Strategy 24 June 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street shares were mixed on Wednesday, with the Nasdaq closing at a record high, while other major U.S. indexes ended lower alongside European stocks as traders eyed the latest statements from Federal Reserve officials.
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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
The S&P 500 erased modest gains earlier and closed in the red on Wednesday as the market’s comeback rally took a breather.
The broad equity benchmark dipped 0.1% to 4,241.84, falling for the first day in three and sitting 0.4% from an all-time high.
Leading the losses were the S&P 500 utilities sector, which dropped 1.1% Wednesday, while consumer staples and materials also registered modest declines.
Despite Wednesday’s dip, the S&P 500 has risen 1.8% this week, bouncing back from a sell-off last week triggered by the Federal Reserve’s surprise policy shift. The central bank projected much higher inflation for the year than previously, while signaling two rate increases as soon as 2023.
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Plan A : Long if market supported firm above 4242. Targets are 4258, 4275 and 4288.
Plan B : Short if market failed to support above 4242. Targets are 4215, 4189 and 4161.
E-Mini Nasdaq
Stock futures rose mildly after the market’s comeback rally hit a speedbump on Wednesday.
The Nasdaq Composite was the relative outperformer with a 0.1% gain at 14,271.73, eking out another record closing high.
Despite Wednesday’s hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Federal Reserve heightened inflation expectations and forecast rate hikes as soon as 2023.
Investors await new jobless claims data set to be released Thursday for the latest outlook on unemployment.
The Fed's annual bank stress test results are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. After the Fed’s results, banks typically announce how much capital they can release in the form of dividends and buybacks.
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Plan A : Long if market supported firm above 14286. Targets are 14321, 14350 and 14385.
Plan B : Short if market failed to support above 14286. Targets are 14244, 14201 and 14161.
HSI
Hong Kong shares ended higher on Wednesday, the biggest daily jump in nearly three months, with strong gains in tech firms following comments from the Federal Reserve chief that the U.S. central bank will not hasten to hike rates.
Plan A : Attempt short if market stays trading below 28748. Targets are 28575 and 28509.
Plan B : Consider long if market trades firmly above 28509. Targets are 28639 and 28748.
WTI Crude
Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed U.S. crude inventories declined as travel picks up.
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Plan A : Remain buy as long as oil price trades resiliently above 72.8. Targets are 73.3 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 gained on Wednesday, lifted by soothing words from the Federal Reserve Chair Jerome Powell who said inflation would not be the only determinant of interest rate decisions and the central bank would not rush into hiking interest rates.
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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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Ride The Bull Short The Bear
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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....
