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Where Futures Lies

Author: Futurescoin   |   Latest post: Wed, 30 Sep 2020, 12:51 AM

 

Daily Futures Trading Strategy 10 September 2020

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                                             FUTURESCOIN IS GOING GLOBAL


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

 
Wall Street's main indexes ended higher on Wednesday to snap a three-session losing skid as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after Nasdaq confirmed correction territory.

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Plan A : Attempt short if market recovers but trades below 28085. Targets are 27985 and 27826.
Plan B : Cut above 28136.
Plan C : Consider long if market stays firm above 27826. Targets are 27985 and 28085.
Plan D : Cut below 27777.
 
 
E-Mini S&P 500
 
The Dow rallied 439.58 points, or 1.6%, to close at 27,940.47. The S&P 500 jumped 2% to 3,398.96. The Nasdaq Composite advanced 2.7% to 11,141.56. Tech shares rebounded, helping the broader market recover from a tough three-day stretch.
 
Tesla shares rallied 10.9% a day after their biggest one-day sell-off on record. Apple advanced 4% to lead the Dow higher. Facebook, Amazon, Alphabet and Microsoft were also higher. “We were due for a bounce,” said one trader. “We had three days of decent selling and these things tend to get a little overextended.”
 
Despite Wednesday’s sharp gains, Stanley Druckenmiller thinks investors need to be careful around this market. “Right now, we’re in an absolute raging mania,” he said on CNBC’s “Squawk Box.” “Everybody loves a party ... but, inevitably, after a big party there’s a hangover.”
 
Weekly jobless claims numbers are set for release Thursday. 
 

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Plan A : Long if market doesn't retrace much and supported firm above 3393. Targets are 3409, 3423 and 3445.

Plan B : Short if market failed to support above 3393. Targets are 3365, 3342 and 3300.

 
E-Mini Nasdaq

U.S. stock futures were higher in early Thursday morning trading following a rebound during market hours that stopped a three-day skid. 

The move in futures follows a broad rally for the market on Wednesday, with the S&P 500 rising 2% for its best day since June. The Nasdaq Composite rose 2.7% to pull itself out of correction territory after a sell-off for major tech stocks drove a sharp sell-off in three straight sessions. 

Some of stocks hardest hit during the recent slide saw more dramatic pops. Shares of Tesla, fresh off their worst day on record, rose nearly 11%. Tech giant Apple gained 4% to bring its market cap back to $2 trillion. 

The three-day drop came amid increasing worry on Wall Street about a tech bubble, with major tech stocks fueling the Nasdaq Composite to record highs despite the hit to the economy from the coronavirus pandemic. Some said the pullback did not go far enough, with Duquesne Family Office CEO Stanley Druckenmiller telling CNBC on Wednesday morning that the market was in an “absolute raging mania.” 

Investors will be be greeted with new economic data on Thursday morning, including the Labor Department’s weekly jobless claims report. Economists surveyed by Dow Jones expect 850,000 new claims, down from 881,000 last week. 

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Plan A : Short if market failed to support above 11297. Targets are 11250, 11199 and 11150.

Plan B : Long if market doesn't retrace much and supported firm above 11297. Targets are 11322, 11358 and 11390.

 
HSI
 
Hong Kong stocks ended lower on Wednesday, dragged down by tech shares following a tech rout on the Wall Street.

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Plan A : Attempt short if market trades below 24761. Targets are 24518 and 24368.
Plan B : Cut above 24827.
Plan C : Consider long if market stays firm above 24518. Targets are 24630 and 24761.
Plan D : Cut below 24450.

 
WTI Crude
 
Oil futures on Wednesday clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand.

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Plan A : Consider buy if oil price holds resiliently above 37.6
Plan B : Exit below 36.8
Plan C : Attempt selling recovers but fails to breach above 38.2
Plan D : Cut above 38.7

Gold

Gold prices rose to their highest level in nearly a week on Wednesday, as the dollar weakened and concerns over a delay in the development of a coronavirus vaccine drove investors toward the safe-haven metal.

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Plan A : Attempt buy if gold price trades firmly above 1935.2
Plan B : Cut below 1930
Plan C : Consider selling if gold price surges but fails to breach above 1955
Plan D : Cut above 1966
 

 

 

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 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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