Where Futures Lies
Daily Futures Trading Strategy 23 August 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street rallied to close sharply higher at the close of a tumultuous week on waning concerns over whether the U.S. Federal Reserve could begin tightening its dovish monetary policy sooner than expected.
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Plan A : Attempt buy if market trades firmly above 34909. Targets are 35146 and 35194.
Plan B : Consider short if market surges but fails to breach above 35146. Targets are 35020 and 34909.
E-Mini S&P 500
Major U.S. stock averages rebounded Friday, but closed the week in red amid fears of the Federal Reserve pulling back its stimulus.
The S&P 500 added 0.8% to reach 4,441.67.
Minutes from the Fed’s July meeting released this week showed the central bank is willing to start reducing its monthly asset purchases this year. Investors sold equities and commodities this week and bought bonds on fears the move by the Fed may upend a global economy already under stress by the delta variant.
For the month of August, major benchmarks are poised to post modest gains. The S&P 500 is up 1.1% month to date, while the blue-chip Dow has gained 0.5% and the Nasdaq has climbed 0.3%.
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Plan A : Short if market failed to support above 4445. Targets are 4430, 4412 and 4396.
Plan B : Long if market supported firm above 4445. Targets are 4456, 4467 and 4482.
E-Mini Nasdaq
Stock futures were higher in early morning trading Monday following a volatile week on Wall Street as investors eye a key event where the Federal Reserve could hint at prospects for tapering stimulus.
Major averages were coming off a losing week as investors grew worried that the Fed’s potential move to pull back monetary stimulus could slow down the economic recovery that is already challenged by the spread of the delta Covid-19 variant.
Traders are eagerly awaiting the Jackson Hole symposium for clues on the Fed’s timeline for dialing back its $120 billion a month bond-buying program. The event takes place virtually on Thursday and Friday.
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Plan A : Long if market supported firm above 15145. Targets are 15176, 15211 and 15244.
Plan B : Short if market failed to support above 15145. Targets are 15101, 15058 and 15011.
HSI
China's tech stocks slumped to new lows on Friday and Hong Kong's benchmark index hit an almost 10-month trough, as an unrelenting series of Chinese regulatory crackdowns crushed investors' confidence.
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Plan A : Remain sell as long as market stays below 25014. Targets are 24638 and 24505.
Plan B : Consider long if market able to trade firmly above 24505 and rebound. Targets are 24638 and 24780.
WTI Crude
Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases.
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Plan A : Remain sell as long as oil price stays below 63.8. Targets are 62.1 and 61.4.
Plan B : Consider buy only if oil price able to support above 61.4 and rebounds. Targets are 62.7 and 63.8.
Gold
Gold was little changed on Friday, with gains curbed by a stronger dollar, while growing concerns over a global economic slowdown due to a spike in COVID-19 infections underpinned the safe-haven metal.
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Plan A : Remain buy as long as gold price trades firmly above 1768.8. Targets are 1788.2 and 1794.8.
Plan B : Consider short if gold price fails to breach above 1794.8. Targets are 1785.6 and 1766.1.
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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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....
