Where Futures Lies
Daily Futures Trading Strategy 11 October 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The S&P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year. Wall Street's three main indexes were mixed for much of the session before losing ground toward the end.
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Plan A : Attempt buy if market trades firmly above 34429. Targets are 34526 and 34626.
Plan B : Consider short if market surges but fails to breach above 34626. Targets are 34526 and 34429.
E-Mini S&P 500
The Dow was little changed on Friday, notching a winning week as optimism about a short-term debt ceiling deal trumped a disappointing jobs report.
The S&P 500 fell about 0.2% to 4,391.34. The S&P 500 rose about 0.8% for its best week since August.
This week, major banks will kick off their third-quarter earnings. JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup are scheduled to report beginning Wednesday. Delta Airlines and Walgreens Boots Alliance are also on deck.
Analysts estimate an earnings growth rate of 27.6% for the S&P 500 in the third quarter and a 15% price increase for the index over the next 12 months, according to FactSet. However, the financials sector is expected to see the smallest price increase since it had the smallest upside difference between the bottom-up target price and the closing price on October 6.
There is no economic data scheduled for Monday.
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Plan A : Long if market supported firm above 4376. Targets are 4388, 4396 and 4410.
Plan B : Short if market failed to support above 4376. Targets are 4361, 4344 and 4325.
E-Mini Nasdaq
Stock futures were lower early Monday morning after finishing near the flat line Friday after investors shook off concerns about a much weaker-than-expected labor market report released on Friday.
The Nasdaq Composite fell 0.5% to 14,579.54.
There was something for both bears and bulls in Friday's jobs report, which explains the gyrations in stocks following the release. The headline number was a major disappointment as the economy added just 194,000 jobs in September, the Labor Department reported. That was well below the Dow Jones estimate of 500,000.
Uncertainty around the debt ceiling had been a headwind for the market but other risks remain, including accelerating inflation and rising rates. The 10-year Treasury yield was around 1.57% on Thursday, and UBS sees it rising to 1.8% by the end of the year.
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Plan A : Long if market supported firm above 14725. Targets are 14758, 14789 and 14816.
Plan B : Short if market failed to support above 14725. Targets are 14680, 14642 and 14601.
HSI
Hong Kong shares finished 0.6% higher on Friday, led by tech and financial stocks amid easing political tensions between China and the United States.
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Plan A : Remain buy as long as market stays firm above 24774. Targets are 25064 and 25113.
Plan B : Consider short if market surges but fails to breach above 25113. Targets are 25064 and 24832.
WTI Crude
WTI crude crossed $80 per barrel on Friday for the first time since November 2014 as demand rebounds while supply remains tight.
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Plan A : Remain buy as long as oil price stays above 79.6. Targets are 80.3 and 82.2.
Plan B : Consider short if oil price fails to hold firm above 80.0. Targets are 79.4 and 78.6.
Gold
Gold hit a more than two-week high on Friday, as the dollar took a breather after U.S. jobs data came in well below expectations, casting doubts about an immediate start to tapering by the Federal Reserve.
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Plan A : Remain buy if gold price trades firmly above 1751.0. Targets are 1770 and 1777.9.
Plan B : Consider short if gold price surges but fails to breach above 1770. Targets are 1761 and 1755.7.
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....
