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Author: Futurescoin   |   Latest post: Tue, 27 Oct 2020, 5:23 AM

 

Daily Futures Trading Strategy 23 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 stocks rebounded on Tuesday, led by a jump in Amazon.com, even as a likely delay in new fiscal stimulus by Congress and an increase in the number of coronavirus cases dampened hopes of a faster economic recovery.
 

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Plan A : Attempt short if market trades below 27370. Targets are 27134 and 27000.
Plan B : Cut above 27426.
Plan C : Consider long if market stays firm above 27134. Targets are 27369 and 27426.
Plan D : Cut below 27070.
 
 
E-Mini S&P 500
 

U.S. stock futures were mixed in early morning trading on Wednesday after the S&P 500 experienced its first positive day in five. 

Better-than-expected earnings from Nike and KB Home lifted sentiment on Wall Street after the bell on Tuesday. Nike saw digital sales rise 82%, driving the stock up after hours. However, shares of Tesla fell in extended trading after Elon Musk offered new delivery predictions for 2020 and detailed a new battery design that it claims will make its cars cheaper to produce.

On Tuesday, the major averages snapped multi-day losing streaks, all closing in the green. The Dow Jones Industrial Average climbed 140 points and the S&P 500 climbed 1.1%. The technology-heavy Nasdaq Composite was the relative outperformer, popping 1.7% as Amazon surged 5.7%.

“As soon as the S&P 500 reached the official correction zone near a 10% decline yesterday, ‘dip buyers’ emerged and have been evident ever since,” Jim Paulsen, chief investment strategist at The Leuthold Group, told CNBC. “These buyers, armed with cash holdings, may be driven less by the ‘fear of missing out’ than they are by the ‘opportunity to finally get in.’”

Shares of megacap technology stocks — which have suffered in September — all closed in positive territory on Tuesday. 

“Optimism broadened as the day progressed lifting not only technology and communications stocks for the second day, but ending with eight of the 11 sectors within the S&P 500 Index in the green,” added Paulsen. 

“We think equities will move higher over the medium term, thanks to the likely development of a successful vaccine, an end to election uncertainty, the passage of new US fiscal stimulus, and continued extraordinary global monetary support,” said Mark Haefele, UBS Global Wealth Management chief investment officer. “However, the path to ‘more normal’ is likely to be bumpy amid uncertainty over the coronavirus, the US political environment, and US-China tensions. We therefore expect volatility to persist over the balance of the year.”

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Plan A : Long if market retraced slightly and supported firm above 3289. Targets are 3303, 3320 and 3336.

Plan B : Short if market failed to support above 3289. Targets are 3266, 3242 and 3210.

Plan C : Long if market doesn't retrace much and support firm above 3314. Targets are 3329, 3340 and 3352.32

Plan D : Short if market rebounded and resisted around 3314. Targets are 3289, 3266 and 3239.
 

 
E-Mini Nasdaq
 
The market extended its gains in the final hour of trading to snap a multi-day losing streak for the three major indexes. The Dow rose 140 points, or 0.5%. The S&P 500 and Nasdaq Composite climbed 1.1% and 1.7%, respectively.
 
September continues to be a weak month for stocks with all three averages posting three straight weeks of losses. The Dow is down more than 4% in September and the S&P 500 and Nasdaq Composite have lost 5.3% and 6.9% this month, respectively. 
 
Stock gains were capped by concerns about an uptick in coronavirus cases in the U.K. paired with bleaker outlook for a second stimulus bill from the United States Congress. U.K. Prime Minister Boris Johnson announced Tuesday a tightening of economic restrictions and public health measures to slow the spread of Covid-19. Johnson said that the country was at a “perilous turning point.” 

U.S. coronavirus deaths topped 200,000 on Tuesday, according to data compiled by Johns Hopkins University.

With stimulus plans at a stalemate in Washington, Federal Reserve Chairman Jerome Powell on Tuesday reiterated to lawmakers that the U.S. economy could begin to decelerate in the months ahead without further fiscal stimulus from Congress. Powell told the House Financial Services Committee that many economic forecasts underlies fiscal action. Powell also reassured investors that the central bank will support the economy “for as long as it takes.”

Powell will testify again on Wednesday to Congress’s Select Subcommittee on the Coronavirus Crisis. 
 
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Plan A : Long if market doesn't retrace much and supported firm above 11242. Targets are 11268, 11293 and 11320.
 
Plan B : Short if market rebounded and resisted around 11242. Targets are 11200, 11159 and 11119.
 
Plan C : Long if market retraced but supported firm above 11071. Targets are 11101, 11132, 11170.
 
Plan D : Short if market failed to support above 11071. Targets are 11030, 10992 and 10948.
 
 
 
HSI
 
Hong Kong shares fell on Monday, dragged by financials after reports said HSBC and Standard Chartered were among banks moving allegedly illicit funds over the past two decades and as Sino-U.S. tensions hit index heavyweight, Tencent.

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Plan A : Remain short if market stays below 23824. Targets are 23614 and 23584.

Plan B : Exit above 23922.
Plan C : Consider long if market stays firm above 23584. Targets are 23962 and 24019.
Plan D : Cut below 23500.


 
 
WTI Crude
 
Oil rose on Tuesday, paring sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases.
 

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Plan A : Attempt sell if oil price trades below 39.9
Plan B : Cut above 40.65
Plan C : Consider buy if oil price able to regain footing above 39.9
Plan D : Cut below 39.3

 
 
Gold
 
Gold fell for a second straight session on Tuesday as the dollar climbed to a near two-month peak, with investors keeping a close eye on remarks from U.S. Federal Reserve officials on the state of the economy.
 

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Plan A : Remain sell if gold price trades below 1910.1
Plan B : Exit above 1915
Plan C : Consider buying only if gold price stays firm above 1890
Plan D : Cut below 1885
 
 

 

 

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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