Where Futures Lies
Daily Futures Trading Strategy 29 October 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street closed higher on Thursday, boosted by gains in Apple and Amazon ahead of their earnings reports, while solid results from companies including Caterpillar and Merck helped ease concerns about slowing economic growth denting profits.
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Plan A : Remain long as long as market supported firmly above 35529. Targets are 35688 and 35766.
Plan B : Consider short if market trades below 35529. Targets are 35422 and 35338.
E-Mini S&P 500
The stock market reached record levels on Thursday as strong earnings from major companies bolstered investor confidence.
The S&P 500 added 0.98% to close at a record high of 4,596.42.
Nearly half of the S&P 500 has now reported third-quarter earnings, with a large majority delivering better-than-expected results.
The move for stocks came despite a disappointing economic report on Thursday. GDP growth for the third-quarter came in at 2.0%, below the 2.8% expected. The reading marks a slowdown from 6.7% growth in the second quarter.
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Plan A : Long if market supported firm above 4581. Targets are 4592, 4603 and 4615.
Plan B : Short if market failed to support above 4581. Targets are 4566, 4553 and 4530.
E-Mini Nasdaq
Stock futures slipped in early morning trading Friday as shares of major technology companies suffered following disappointing earnings reports.
The tech-heavy Nasdaq Composite jumped 1.39% to close at its own record of 15,448.12. The Nasdaq also notched an intraday record high.
Amazon shares dropped 4% in extended trading after the e-commerce giant badly missed earnings and revenue expectations for the third quarter. The company also issued disappointing guidance for the critical holiday period.
Apple stock also fell more than 3% in after hours trading after the tech giant’s quarterly revenue fell short of expectations amid larger-than-expected supply constraints on iPhones, iPads and Macs.
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Plan A : Long if market supported firm above 15678. Targets are 15708, 15741 and 15772.
Plan B : Short if market failed to support above 15678. Targets are 15637, 15596 and 15550.
HSI
Hong Kong shares closed lower on Thursday, dragged by financial and healthcare stocks, while energy firms tumbled as China stepped up efforts to tame coal prices.
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Plan A : Remain sell as long as market stays below 25620. Targets are 25558 and 25444.
Plan B : Consider long only if market trades firmly above 25444 and rebound. Targets are 25558 and 25620.
WTI Crude
Oil prices fell about 1% to their lowest in two weeks on Thursday after Iran said talks with world powers on its nuclear programme would resume by the end of November and on rising U.S. crude inventories.
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Plan A : Remain sell as long as oil price stays below 83.1. Targets are 82.6 and 80.8.
Plan B : Consider long only if oil price supports firmly above 81.5. Targets are 82.6 and 83.1.
Gold
Gold prices rose on Thursday, as demand for the safe-haven asset was lifted by a softer dollar and data showing U.S. economy grew at its slowest pace in more than a year.
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Plan A : Remain buy as long as gold price stays firm above 1792.5. Targets are 1800.5 and 1819.1.
Plan B : Consider short if gold price trades below 1800.5. Targets are 1786.7 and 1781.1.
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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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
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....
