Where Futures Lies

Daily Futures Trading Strategy 28 June 2021

Futurescoin
Publish date: Mon, 28 Jun 2021, 05:06 AM

              WTI Crude, Gold, HSI, Dow,            S&P 500 and Nasdaq

 

 
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E-Mini Dow

 
The S&P 500 ended the week at record high on Friday while Dow gained 237-points, lifted by Nike and several banks, while weaker-than-expected inflation data eased worries about a sudden tapering in stimulus by the Federal Reserve.
 

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Plan A : Remain buy as long as market trades firmly above 34245. Targets are 34403 and 34526.
 
Plan B : Consider short only if market surges but fails to breach above 34403. Targets are 34245 and 34142.
 
 
 
E-Mini S&P 500

U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.

The broad equity benchmark climbed 0.3% to hit another closing record high of 4,280.70. Financials were the best-performing S&P 500 sector with a 1.3% gain. The S&P 500 rallied 2.7% for the week, notching its biggest weekly gain since early February. 

Friday’s rally came after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones. The core index rose 0.5% for the month, which actually was below the 0.6% estimate.

The core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.

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Plan A : Long if market supported firm above 4269. Targets are 4288, 4301 and 4325.
 
Plan B : Short if market failed to support above 4269. Targets are 4243, 4214 and 4189.
 
 
 
E-Mini Nasdaq

Futures contracts tied to the major U.S. stock indexes rose early Monday morning after the S&P 500 notched its best week since February, as well as a new record, on Friday.

The Nasdaq Composite erased earlier gains and closed 0.1% lower at 14,360.39 amid a rise in bond yields. 

Stocks posted their best week in months on Friday as investors grew more relaxed about inflation, seeing the current price acceleration in the U.S. not as a sustained economic threat, but as a temporary uptick.

The next major piece of economic data is the June jobs report, which the Labor Department is scheduled to publish on Friday.

Economists are expecting that nonfarm payrolls increased by 683,000 in June. While such a robust reading would top the 559,000 in May, it would still be below the 1 million some had hoped a recovering U.S. economy could post as it emerged from the Covid-19 crisis.

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Plan A : Long if market supported firm above 14358. Targets are 14390, 14422 and 14451.
 
Plan B : Short if market failed to support above 14358. Targets are 14312, 14270 and 14228.

 
 
HSI
 
Hong Kong stocks closed higher on Friday to post weekly gains, as tech and materials companies rose after mainland investors continued to buy shares via the Stock Connect.
 

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Plan A : Remain buy as long as market trades firmly above 29044. Targets are 29270 and 29549.
 

Plan B : Consider short if market fails to trade firmly above 29270. Targets are 29044 and 28950.

 
 
WTI Crude
 
Oil prices rose on Friday, and were on track for a fifth consecutive weekly gains on expectations demand growth will outstrip supply and OPEC+ producers will be cautious in returning more supply to the market from August.
 

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Plan A : Remain buy as long as oil price trades resiliently above 72.8. Targets are 74.3 and 75.8.

Plan B : Consider short only if oil price fails to breach above 74.3. Targets are 73.9 and 72.8.

 

Gold

Gold edged higher on Friday after stagnant U.S. consumer spending tempered bets for early monetary policy tightening by the Federal Reserve, setting bullion on track for its first weekly gain in four.

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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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