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Where Futures Lies

Author: Futurescoin   |   Latest post: Thu, 2 Jul 2020, 6:25 AM

 

Daily Futures Trading Strategy 1 June 2020

Author:   |    Publish date:


 FUTURESCOIN IS GOING GLOBAL

 

WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

 

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E-Mini Dow

U.S. stock futures dropped on Friday as investors braced for President Donald Trump’s response to China’s national security legislation for Hong Kong, threatening to take the shine off another month of strong gains for Wall Street.

Trump is due to make an announcement later in the day and has vowed a tough U.S. response to China’s move, which many fear could erode some of the U.S. economic privileges that Hong Kong enjoys.

U.S. stock indexes sold off late in Thursday’s session as worries about souring relations between the world’s two biggest economies and an expected executive order related to social media companies weighed on the sentiment.

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Plan A : Short if market falls below 25275. Targets are 25230 and 25175.

Plan B : Cut above 25310.

Plan C : Attempt to long if market tested and rebounds from 25075. Targets are 25120 and 25175.

Plan D : Cut below 25030.

 

 

 

E-Mini S&P 500

 

The Dow fell 17.53  points, or 0.07%, to 25,383.11. The S&P 500 climbed 0.48% to 3,044.31. The Nasdaq Composite advanced 1.29% to 9,489.87. Stocks closed well off their session lows after President Donald Trump’s much-awaited news conference on China.

 

Last week’s gains led the major averages to their first back-to-back monthly advances since late 2019. The Dow and S&P 500 gained 4.3% and 4.5%, respectively, for May while the Nasdaq Composite advanced 6.8%.

 

That advance also put the S&P 500 up 38% from its intraday low set on March 23.

 

During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong. However, he did not indicate the U.S. would pull out of the phase one trade agreement reached with China earlier this year, easing trader concerns for the time being.

 

Shares of semiconductor companies rose broadly following Trump’s news conference. The iShares PHLX Semiconductor

ETF(SOXX) closed 2.56%  higher. Micron, Nvidia and Qorvo climbed 3.10%, 4.58% and 3.94%, respectively.

 

Manufacturing and construction spending data are set for release Monday.

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Plan A : Short if market failed to support above 3031.25. Targets are 3006.50, 2983.50 and 2961.25.

Plan B : Long if market supported firm above 3031.25. Targets are 3055.25, 3078.50 and 3099.25.

 

 

 

E-Mini Nasdaq

 

U.S. stock futures nudged higher early Monday morning as Wall Street looks set to kick off June trading in positive territory after consecutive monthly gains.

 

Dow futures traded 61 points higher, with an implied Monday opening gain of about 85 points. S&P 500 and Nasdaq 100 futures also pointed to a positive open for the two indexes.

 

The moves in futures followed positive momentum in Monday trade for Asia, with Hong Kong’s Hang Seng Index surging more than 3% in the afternoon. That came as data showed China’s manufacturing activity in expanding in May. Investors have been monitoring China’s economic data for signs of recovery in the country, where the coronavirus was first reported.

 

The S&P 500 and Dow each gained at least 3% last week while the Nasdaq Composite advanced 1.8% to close out May. Those gains were propelled by increasing bets by traders that the global economy will successfully re-open after the coronavirus forces a shutdown of most economic activity.

 

 

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Plan A : Long if market doesn't retrace much and supported firm above 9481.50. Targets are 9512.25, 9545.50 and 9571.75.

 

Plan B : Short if market failed to support above 9481.50. Targets are 9449.50, 9418.50 and 9390.75.

 

 

HSI

 

Hong Kong stocks fell on Friday to end the month lower amid rising Sino-U.S. tensions as Beijing passed a national security legislation for Hong Kong.

 

At the close of trade, the Hang Seng index was down 171.29 points, or 0.74%, at 22,961.47. 

 

For the week, HSI was up 0.1%. For the month, HSI shed 6.8%

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Plan A : Continue to short if market does not breach above 22822. Targets are 22735 and 22650. Cut above 22907.

Plan B : Attempt to long if market rebounds from 22395. Targets are 22480 and 22565. Cut below 22310.

 

WTI Crude

 

Oil jumped more than 5% on Friday, the last trading day of the month, capping off its best month in history as an uptick in demand as well as record supply cuts pushed prices higher, West Texas Intermediate, the U.S. oil benchmark, finished May with a gain of 88%. 

 

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Plan A : Remain buy as long as oil price stays firm above 34.1

Plan B : Exit below 33.8

Plan C : Consider selling if oil price trades below 35.2

Plan D : Cut above 35.9

 

 

 

Gold

 

Gold rose 1% on Friday as caution set in with investors awaiting U.S. President Donald Trump's response to a Chinese national security law for Hong Kong and its potential impact on an already fragile global economy.

 

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Plan A : Remain buy as long as gold price stays above 1715

Plan B : Exit below 1709

Plan C : Consider selling if gold price falls below 1730

Plan D : Cut above 1738

 

 

 

 

 

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 and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correctaysion, 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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