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Author: Futurescoin   |   Latest post: Fri, 23 Oct 2020, 4:26 AM

 

Daily Futures Trading Strategy 17 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

 
The S&P 500 ended lower on Wednesday, reversing gains late in the day as losses in technology shares outweighed a Federal Reserve statement that stoked optimism it would keep U.S. interest rates near zero for a prolonged period.

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Plan A : Attempt short if market trades below 28079. Targets are 27950 and 27868.
Plan B : Cut above 28159.
Plan C : Consider long if market stays firm above 27868. Targets are 27950 and 28079.
Plan D : Cut below 27811.
 
 
 
E-Mini S&P 500
 
The Dow rose 36.78 points, or 0.1%, to 28,032.38. The S&P 500 slid 0.5% to 3,385.49. The Nasdaq Composite dropped 1.25% to 11,050.47. The S&P 500 and Nasdaq pulled back as shares of major tech companies declined. Traders also digested the latest monetary policy decision from the Federal Reserve. 
 
The U.S. central bank kept interest rates near zero. Members of the Fed’s policymaking committee also indicated the overnight rate could stay near zero through 2023. “With inflation running persistently below this longer run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2% over time,” the Federal Open Market Committee said in a statement. Fed Chairman Jerome Powell reiterated the central bank’s approach, telling reporters in a news conference: “We expect to maintain an accommodative stance of monetary policy until these outcomes, including maximum employment, are achieved.”
 
Shares of Apple dropped 2.9% and Microsoft slid 1.8%, capping the gains for the 30-stock Dow. Facebook dipped 3.3% and Amazon closed 2.5% lower. Netflix and Alphabet declined by 2.5% and 1.5%, respectively. 
 
The latest data on weekly jobless claims is set for release Thursday. Housing starts numbers are also on the agenda.
 
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Plan A : Long if market supported firm above 3346. Targets are 3360, 3375 and 3399.
 
Plan B : Short if market failed to support above 3346. Targets are 3320, 3296 and 3267.
 
 
 
E-Mini Nasdaq
 

U.S. stock futures were lower early Thursday morning as traders digested the Federal Reserve’s pledge to keep rates low over the next few years.

Members of the Federal Open Market Committee indicated the U.S. overnight rate could stay anchored to the zero-bound through 2023 as the central bank tries to spur inflation. In a statement, the committee said: “With inflation running persistently below this longer run goal, the Committee will aim to achieve inflation moderately above 2% for some time so that inflation averages 2% over time.”

Fed Chairman Jerome Powell reiterated this stance in a news conference, saying easy monetary policy will remain “until these outcomes, including maximum employment, are achieved.”

He also said that parts of the U.S. economy will keep struggling unless lawmakers move forward with further fiscal stimulus. That comment from Powell came as lawmakers struggle to reach a deal on a new coronavirus aid bill. Earlier on Wednesday, White House chief of staff Mark Meadows said he was optimistic a deal could be struck.

The S&P 500 and Nasdaq both closed lower and the Dow ended well off its session high. Big Tech dragged down the S&P 500 and Nasdaq, with Apple, Facebook and Microsoft all closing lower.

On Thursday, Wall Street will get the latest look at U.S. weekly jobless claims. U.S. housing starts data are also set for release.

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Plan A : Long if market supported firm above 11144. Targets are 11170, 11205 and 11228.

Plan B : Short if market failed to support above 11144. Targets are 11090, 11041 and 10989.

 
 
HSI
 
Hong Kong shares close flat on Wednesday as investors traded cautiously ahead of the U.S. Federal Reserve's policy meeting, where the central bank is expected to keep interest rates low to support the pandemic-stricken economy.

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Plan A : Attempt short if market trades below 24761. Targets are 24635 and 24538.
Plan B : Cut above 24875.
Plan C : Consider long if market stays firm above 24518. Targets are 24635 and 24761.
Plan D : Cut below 24460.

 
 
WTI Crude
 
Oil prices jumped more than 4% on Wednesday, following a drawdown in U.S. crude and gasoline inventories and as Hurricane Sally forced a swath of U.S. offshore production to shut.

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Plan A : Remain buy as long as oil price holds resiliently above 39.9

Plan B : Exit below 38.6
Plan C : Attempt selling if oil price surges but fails to breach above 40.1
Plan D : Cut above 40.7

 

Gold
 
Gold prices were flat on Wednesday after the Federal Reserve pledged to keep rates low until at least 2023.

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Plan A : Remain 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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