Where Futures Lies
Daily Futures Trading Strategy 25 August 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street ended higher in a late-summer, light volume rally on Tuesday as the FDA's full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium.
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Plan A : Remain buy as long as market trades firmly above 35237. Targets are 35338 and 35529.
Plan B : Consider short if market surges but fails to stay firm above 35338. Targets are 35237 and 35146.
E-Mini S&P 500
Stocks were higher Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.
The S&P 500 added 0.1% to a new closing high of 4,486.23.
The second-quarter earnings season is winding down with more than 90% S&P 500 companies having reported results. S&P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv.
Investors are eyeing the Federal Reserve’s annual central banking event in Jackson Hole, Wyo. later this week, focused on whether or not central bankers will detail their plans for tapering monetary stimulus. The Fed has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.
The summit will take place virtually on Thursday, and Fed Chairman Jerome Powell will give a speech on Friday.
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Plan A : Long if market supported firm above 4484. Targets are 4495, 4506 and 4515.
Plan B : Short if market failed to support above 4484. Targets are 4469, 4453 and 4435.
E-Mini Nasdaq
U.S. stock index futures were little changed during overnight trading Tuesday, after the S&P 500 and Nasdaq Composite closed at record highs during regular trading.
The Nasdaq Composite rose 0.52%, also hitting intraday and closing records.
Several tech companies will report earnings on Wednesday after the market closes, including Dow component Salesforce, Box and Snowflake are also on deck.
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Plan A : Long if market supported firm above 15369. Targets are 15401, 15435 and 15469.
Plan B : Short if market failed to support above 15369. Targets are 15328, 15285 and 15240.
HSI
Hong Kong shares rose on Tuesday by their most in three weeks, as investors snapped up tech and healthcare stocks following a recent sell-off, but some market participants cautioned the rebound was likely to be short-lived.
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Plan A : Remain buy as long as market trades firmly above 25577. Targets are 25742 and 25954.
Plan B : Consider short if market surges but fails to breach above 25742. Targets are 25577 and 25394.
WTI Crude
Oil prices rose 3% on Tuesday, extending sharp gains on a bullish demand outlook after U.S. regulators issued their first full approval for a COVID-19 vaccine and Mexico suffered a large production outage due to a fire on an oil platform.
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Plan A : Attempt long if oil price trades firmly above 66.3. Targets are 67.8 and 68.8.
Plan B : Consider short if oil price surges but fails to breach above 67.8. Targets are 66.3 and 65.5.
Gold
Gold consolidated above $1,800 on Tuesday as some investors bet the recent surge in COVID-19 cases could steer the U.S. Federal Reserve away from announcing at its Jackson Hole symposium that it plans to taper its economic support.
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Plan A : Remain buy as long as gold price trades firmly above 1794.8. Targets are 1806 and 1811.1.
Plan B : Consider short if gold price surges but fails to breach above 1811.1. Targets are 1805 and 1794.8.
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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