Where Futures Lies
Daily Futures Trading Strategy 30 September 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street ended firmer on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping a lid on gains.
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Plan A : Remain buy as long as market supports firmly above 34206. Targets are 34400 and 34526.
Plan B : Consider short if market rebounds but fails to breach above 34400. Targets are 34306 and 34206.
E-Mini S&P 500
The S&P 500 and the Dow Jones Industrial Average rose slightly on Wednesday, but the technology sector struggled again as the 10-year Treasury yield traded wild.
The S&P 500 added 0.16% to close at 4,359.46.
The 10-year Treasury yield eased on Wednesday morning to trade below 1.5% but bounced back toward 1.54% in afternoon trading. The benchmark yield rose as high as 1.56%.
Investors were also watching debates around the debt ceiling and government spending in Washington. Treasury Secretary Janet Yellen told House Speaker Nancy Pelosi that Congress has until Oct. 18 to raise or suspend the debt ceiling and that failure to do so would have severe consequences for the economy.
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Plan A : Long if market retraced but supported firm above 4364. Targets are 4375, 4386 and 4399.
Plan B : Short if market failed to support above 4364. Targets are 4348, 4333 and 4315.
E-Mini Nasdaq
U.S. stock index futures inched higher during overnight trading on Wednesday, after tech stocks dipped again as investors digest the impact from higher rates.
The Nasdaq Composite declined 0.24% for its fourth straight negative session. The technology sector declined again on Wednesday and is now down 4% for the week, making it the worst-performing S&P group.
The tech decline came as the 10-year Treasury yield hit a high of 1.56% on Wednesday, after rising to 1.567% on Tuesday. The move higher is pressuring tech stocks since it makes promised future cash flows look less attractive.
On the data front, initial jobless claims for the prior week will be released. Economists are expecting a print of 335,000. The Bureau of Economic Analysis will also release its third estimate for Q2 GDP on Thursday.
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Plan A : Short if market failed to support above 14870. Targets are 14823, 14788 and 14745.
Plan B : Long if market supported firm above 14870. Targets are 14900, 14935 and 14969.
HSI
Hong Kong shares ended higher on Wednesday, led by property and financial stocks, as investors priced in developer Evergrande's stake sale plans, in a sign that the cash-strapped company is prioritizing domestic creditors over offshore bondholders.
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Plan A : Remain buy as long as market stays firm above 24310. Targets are 24500 and 24590.
Plan B : Consider short if market fails to hold above 24310. Targets are 24170 and 24030.
WTI Crude
Oil prices edged lower on Wednesday after U.S. crude inventories rose by more than anticipated, even as OPEC plans to maintain its deliberate approach to adding supply to the market despite strong worldwide demand.
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Plan A : Remain buy as long as oil price trades firmly above 74.4. Targets are 75.5 and 76.6.
Plan B : Consider short only if oil price fails to hold above 74.4. Targets are 73.1 and 72.9.
Gold
Gold fell in choppy trading on Wednesday as the dollar rose and on growing confidence that the U.S. Federal Reserve would soon begin winding down its economic support measures.
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Plan A : Remain short as long as gold price stays below 1730.6. Targets are 1714.6 and 1686.3.
Plan B : Consider long only if gold price able to hold firm above 1714.6 and rebound. Targets are 1730.6 and 1742.9.
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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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....
