Where Futures Lies
Daily Futures Trading Strategy 26 July 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street gained ground for the fourth straight session on Friday, extending a rally that pushed all three major U.S. stock indexes to record closing highs as upbeat earnings and signs of economic revival fueled investor risk appetite.
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Plan A : Remain buy as long as market trades firmly above 34665. Targets are 34909 and 35000.
Plan B : Consider sell if market surges but fails to breach above 35000. Targets are 34900 and 34740.
E-Mini S&P 500
U.S. equities rose Friday with the the major averages hitting new records as they overcame concerns about economic growth from earlier in the week.
The S&P 500 gained 1.01% to 4,411.79.
The 10-year Treasury yield bounced on Friday to 1.281%, easing concerns about the economy that the bond market triggered on Monday. The 10-year yield fell to a 5-month low of 1.13% earlier this week.
The stock market overall has been bolstered by a strong earnings reporting season, with nearly a quarter of the S&P 500 having already reported. Of those companies, 88% have reported a positive surprise, according to FactSet. That would mark the highest percentage of reported surprises within the S&P since 2008 if that figure holds throughout the earnings season.
Profit growth for the second quarter is expected to come in at 76%, according to Refinitiv, which would be the best growth since 2009. Profit margins have also held up in the face of rising inflation, with companies reporting average profit margins of 12.8% so far for the second quarter, above the historic range, according to S&P Global.
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Plan A : Long if market supported firm above 4383. Targets are 4398, 4415 and 4431.
Plan B : Short if market failed to support above 4383. Targets are 4358, 4330 and 4299.
E-Mini Nasdaq
Stock futures slipped after the major averages finished the previous session at record closing highs and ahead of a busy week of earnings reports from technology’s heaviest hitters.
The Nasdaq Composite climbed 1.04% to 14,836.99.
Tech stocks rose last week on better-than-expected second-quarter earnings reports, as well as the continued spread of the delta variant. Twitter and Snap each surged Thursday following better-than-expected second-quarter earnings reports. Twitter ended Friday 3% higher, while Snap shot up 24%.
Big tech giants Apple, Alphabet and Microsoft are all set to report on Tuesday, and Google, Facebook, and Amazon will also report later in the week.
Investors will be watching the Fed’s two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday the Commerce Department will report second-quarter GDP data.
On Monday morning the U.S. Department of Housing and Urban Development will release new home sales data and the Federal Reserve Bank of Dallas will release its monthly business activity index for manufacturing in Texas.
Stock futures slipped after the major averages finished the previous session at record closing highs and ahead of a busy week of earnings reports from technology’s heaviest hitters.
The Nasdaq Composite climbed 1.04% to 14,836.99.
Tech stocks rose last week on better-than-expected second-quarter earnings reports, as well as the continued spread of the delta variant. Twitter and Snap each surged Thursday following better-than-expected second-quarter earnings reports. Twitter ended Friday 3% higher, while Snap shot up 24%.
Big tech giants Apple, Alphabet and Microsoft are all set to report on Tuesday, and Google, Facebook, and Amazon will also report later in the week.
Investors will be watching the Fed’s two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday the Commerce Department will report second-quarter GDP data.
On Monday morning the U.S. Department of Housing and Urban Development will release new home sales data and the Federal Reserve Bank of Dallas will release its monthly business activity index for manufacturing in Texas.
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Plan A : Short if market failed to support above 15023. Targets are 14980, 14941 and 14898.
Plan B : Long if market supported firm above 15023. Targets are 15053, 15088 and 15120.
HSI
Hong Kong stocks fell on Friday, dragged down by technology, education and property shares, as deepening concerns over Beijing's tighter regulations weighed on sentiment.
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Plan A : Attempt sell if market recovers but fails to breach above 27520. Targets are 27365 and 27210.
Plan B : Consider long if market trades resiliently above 27365. Targets are 27519 and 27613.
WTI Crude
Oil prices were little changed on Friday and Brent was on track to end the week higher after a strong recovery from Monday's steep slide, underpinned by expectations that supply will remain tight through the year.
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Plan A : Remain buy as long as oil prices trades firmly above 71.7. Targets are 72.4 and 73.1.
Plan B : Consider sell only oil price fails to breach above 72.4. Targets are 71.7 and 70.8.
Gold
Gold fell and was heading for a weekly drop on Friday as a stronger dollar, firmer yields and equity markets chipped away at its appeal.
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Plan A : Attempt sell as long as gold price stays below 1811.5. Targets are 1799.4 and 1794.8.
Plan B : Consider buy only if gold price trades resiliently above 1794.8. Targets are 1803 and 1811.5.
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
CS Tan
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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....
