Where Futures Lies
Daily Futures Trading Strategy 23 November 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stock benchmarks finished mixed on Monday as investors kicked off a holiday-shortened week, with the Dow industrials snapping a three-day losing streak and the Nasdaq Composite posting its biggest daily drop in almost two weeks.
The Dow Jones Industrial Average rose 17.27 points, or less than 0.1%, to end at 35,619.25. It was the largest one-day point and percentage gain since Nov. 16, based on Dow Jones Market Data.
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Plan A : Short if market failed to support above 35497. Targets are 35438, 35375 and 35310.
Plan B : Long if market supported firm above 35497. Targets are 35550, 35599 and 35655.
E-Mini S&P 500
Stocks slumped Monday afternoon, reversing an earlier rally that came after President Joe Biden announced he would nominate Chairman Jerome Powell to continue to lead the Federal Reserve, rather than nominating Fed governor Lael Brainard for the post.
The S&P 500 and Nasdaq Composite fell 0.32% to 4,682.94 and 1.26% to 15,854.76, respectively, after setting intraday record highs.
Bank stocks and Treasury yields moved higher after the White House announced the Fed decision. Shares of JPMorgan rose 2.1%, while Morgan Stanley rose nearly 2.5%. The move higher in rates appeared to take a bite out of some tech stocks, whose future earnings are less attractive to investors when yields are higher.
Earnings season continues on Tuesday with reports from American Eagle, Best Buy and Abercrombie & Fitch before the bell. Dell Technologies, Gap, HP and Nordstrom report quarterly earnings after the bell on Tuesday.
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Plan A : Short if market failed to support above 4668. Targets are 4653, 4637 and 4621.
Plan B : Long if market supported firm above 4668. Targets are 4679, 4690 and 4701.
E-Mini Nasdaq
U.S. stock futures were mildly lower in early morning trading on Tuesday after a tech-focused sell-off spurred by rising bond yields that saw the Nasdaq Composite drop more than 1%.
The S&P 500 and Nasdaq Composite fell on Monday as growth pockets of the market reacted to a jump in bond yields. The U.S. 10-year Treasury yield climbed by 9 basis points to above 1.62% on Monday.
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Plan A : Short if market failed to support above 16317. Targets are 16276, 16231 and 16155.
Plan B : Long if market supported firm above 16317. Targets are 16348, 16380 and 16411.
HSI
Asia stocks faltered on Tuesday, tracking a retreat on Wall Street as traders bolstered their bets on U.S. rate hikes in 2022 after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term.
Hong Kong’s benchmark provider Hang Seng announced it will remove troubled Chinese real estate developer Evergrande from one of its indexes — the China Enterprises index.
At the same time, it’s set to add Chinese technology giants JD and Netease to its main benchmark Hang Seng index. All the changes will take effect Dec. 6.
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Plan A : Remain sell as long as market rebounded but stays below 24823 . Targets are 24748 and 24670.
Plan B : Consider long only if market supports above 24823 and rebound. Targets are 24899 and 24971.
WTI Crude
Oil prices rose on Monday but remained under pressure from rising COVID-19 cases in Europe and a potential release of Japanese and Indian oil reserves, raising concerns about both oversupply and weak demand.
Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest levels since Oct. 1.
The losses were later recovered. Brent was up 83 cents, or 1%, at $79.70 a barrel while U.S. crude had gained 80 cents, or 1%, to $76.73.
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Plan A : Remain sell as long as oil price stays below 76.4. Targets are 75.7 and 74.9.
Plan B : Consider long if oil price trades resiliently above 74.7 and rebound. Targets are 75.7 and 76.4.
Gold
Gold prices fell more than 2% on Monday as the dollar jumped after Federal Reserve Chair Jerome Powell was nominated for a second term, driving expectations that the central bank may stay the course on tapering economic support.
Spot gold slipped 2.1% to $1,805.30 per ounce, its lowest since Nov. 5. U.S. gold futures settled 2.4% lower at $1,806.30.
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Plan A : Remain buy as long as gold price trades firmly above 1800.1. Targets are 1811.4 and 1819.5.
Plan B : Consider short if gold price fails to support above 1800.1. Targets are 1789.2 and 1778.7.
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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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....
