Where Futures Lies
Daily Futures Trading Strategy 24 November 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The Dow Jones Industrial Average defended a 0.1% advance. Chevron swung highest on the Dow Jones today, up 1.2% as oil prices climbed, despite Biden administration efforts to engineer a coordinated release of international strategic petroleum reserves. The White House claimed China, India, Japan, South Korea and the U.K. were set to act in concert with the U.S. The U.S. planned to release 50 million barrels of crude oil as part of the attempt to pressure oil prices lower.
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Plan A : Short if market failed to support above 35720. Targets are 35666, 35614 and 35563.
Plan B : Long if market supported firm above 35720. Targets are 35772, 35821 and 35873.
E-Mini S&P 500
U.S. stock futures were little changed on Tuesday night after tech shares sold off for the second day in a row, pressured by rising rates that gave a boost to energy and financial stocks.
The S&P 500 added 0.17% to close at 4,690.70.
The divergence in the sectors moved in tandem with Treasury yields, which tend to lift bank stocks and crush tech and other high-growth companies. Yields have been rising since President Joe Biden’s renomination of Jerome Powell as chairman of the Federal Reserve on Monday.
Trading could slow in the coming days due to the Thanksgiving holiday, but investors will be watching a slew of economic data due out Wednesday, including weekly unemployment claims, a GDP update, personal income, consumer confidence reads and Federal Reserve FOMC minutes.
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Plan A : Short if market failed to support above 4682. Targets are 4666, 4650 and 4635.
Plan B : Long if market supported firm above 4682 . Targets are 4693, 4705 and 4718.
E-Mini Nasdaq
The Nasdaq Composite fell for the second consecutive day as higher interest rates appeared to put pressure on high-flying tech stocks, but shares of banks and industrial names moved higher in a split market on Tuesday.
The tech-heavy index fell 0.50% to 15,775.14.
The decline in tech and other growth stocks comes as Treasury yields have jumped following President Joe Biden’s decision to select Fed Chair Jerome Powell for a second term on Monday. Higher rates are often seen as a negative for high-growth companies because their future earnings look less attractive as short-term yields rise.
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Plan A : Short if market failed to support above 16337. Targets are 16296, 16255 and 16200.
Plan B : Long if market supported firm above 16337. Targets are 16368, 16399 and 16431.
HSI
Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations.
Hong Kong shares closed lower on Tuesday for a fifth straight session, weighed down by lingering worries over weak earnings from Hong Kong-listed Chinese tech firms.
The Hang Seng index fell 1.2%, to 24,651.58, while the China Enterprises Index lost 1.1%, to 8,827.67 points.
Analysts said whether there are signs showing the regulatory tightening is ending are decisive, otherwise any positive movement in the sector is not sustainable.
Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations.
Hong Kong shares closed lower on Tuesday for a fifth straight session, weighed down by lingering worries over weak earnings from Hong Kong-listed Chinese tech firms.
The Hang Seng index fell 1.2%, to 24,651.58, while the China Enterprises Index lost 1.1%, to 8,827.67 points.
Analysts said whether there are signs showing the regulatory tightening is ending are decisive, otherwise any positive movement in the sector is not sustainable.
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Plan A : Consider long if market supports above 24625. Targets are 24702 and 24791.
Plan B : Short only if market failed to stay above 24625. Targets are 24560 and 24499.
WTI Crude
Oil prices fell on Wednesday as the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the U.S. Thanksgiving holiday.
WTI crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day.
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Plan A : Remain sell as long as oil price stays below 78.3. Targets are 77.7 and 76.9 .
Plan B : Consider long if oil price trades resiliently above 78.3. Targets are 78.9 and 79.5.
Gold
Gold prices fell around 1% to a near three-week low on Tuesday as the renomination of U.S. Federal Reserve Chair Jerome Powell fueled bets of faster interest rate hikes, bolstering the dollar and Treasury yields.
Spot gold fell 0.9% to $1,788.51 per ounce by 02:13 p.m. ET. U.S. gold futures settled down 1.3% at $1,783.80.
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Plan A : Remain buy as long as gold price trades firmly above 1798.1 . Targets are 1803.5 and 1809.1.
Plan B : Consider short if gold price fails to support above 1798.1. Targets are 1791.8 and 1784.5.
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....
