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Where Futures Lies

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

 

Daily Futures Trading Strategy 6 October 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. stocks rose sharply on Monday, recovering from declines in the previous session, as investors viewed more fiscal stimulus as likely and after news President Donald Trump will leave the hospital where he is being treated for COVID-19.

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Plan A : Short if market rebounded but fails to breach above 28041. Targets are 27950 and 27868.
 
Plan B : Long only if market stabilized above 27868. Targets are 27950 and 28041.
 
 
E-Mini S&P 500
 

The markets are coiling and compressing as they process jarring events and political suspense, with potential energy building up for eventual release.

The stock market has been vibrating within a tight range for a month, an agitated stasis that was not disturbed last week by news of President Donald Trump’s illness or the swings in perceived likelihood of a new 13-figure fiscal support deal.

The S&P 500 has been corralled 3,200 to 3,400 for four weeks. Twice last week, overnight index futures twitched lower on headline triggers, after the presidential debate and Trump’s positive Covid test, and each time they bounced from around 3,300.

Rallies have become stuck around the index’s 50-day average (now around 3,360, less than half a percent above Friday’s close). Bespoke Investment Group calls this “a classic sign of a coiling market, and the fact that the S&P 500 recently broke up and out of a bull flag formation would suggest that the resolution will be higher when the breakout comes.”

It’s a cliche that “markets hate uncertainty,” but this is both redundant and incomplete. Uncertainty is the essential state of the world, whether it’s obvious or not. When many important uncertainties are on the surface and are being debated and fretted over constantly, they have a lower capacity to shock and drive a major market re-pricing.

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Plan A : Short if market failed to support above 3363. Targets are 3339, 3315 and 3289.

Plan B : Long if market retraced but supported firm above 3363. Targets are 3381, 3405 and 3425.

 
 
E-Mini Nasdaq

U.S. stocks climbed on Monday after President Donald Trump said he will be discharged from the hospital Monday evening, easing concerns about more political uncertainty ahead of Election Day.

Investors also grew more hopeful that lawmakers would reach a compromise on a new stimulus deal. Trump’s illness, as well as a weak September jobs report, highlighted the urgency for further coronavirus aid after a months-long stalemate in Washington.

The Dow Jones Industrial Average climbed 465.83 points, or 1.7%, to 28,148.64. The S&P 500 rose 1.8%, or 60.18 points, to 3,408.62, while the Nasdaq Composite gained 2.3%, or 257.47 points, to 11,332.49.

Stocks jumped to their session highs after Trump said in an afternoon tweet that he will be leaving Walter Reed National Military Medical Center at 6:30 p.m. ET, just three days after he entered the hospital to be treated for coronavirus.

Optimism for reaching a compromise rose recently after Pelosi said Trump’s diagnosis could change the dynamic of talks toward an agreement. Pelosi on Friday called on the airline industry to delay furloughs, saying additional relief for the industry is “imminent.”

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Plan A : Long if market doesn't retrace much and supported firm above 11405. Targets are 11433, 11465 and 11500.

Plan B : Short if market failed to support above 11405. Targets are 11360, 11329 and 11281.
 

 

HSI
 
Hong Kong's benchmark Hang Seng Index closed higher on Monday, tracking strength in overseas markets fuelled by upbeat White House reports of U.S. President Donald Trump's health.
 

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Plan A :  Long if market supported firmly above 23640. Targets are 23750 and 23880.

Plan B : Short if market surges but fails to breach above 23880. Targets are 23750 and 23640.

 
 
WTI Crude
 
Oil prices surged more than 5% on Monday after doctors said U.S. President Donald Trump could soon be discharged from the hospital where he is being treated for COVID-19, while six Norwegian offshore oil and gas fields were shut as more workers joined a strike.
 

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Plan A : Attempt buy if oil price trades firmly above 38.7. Targets are 39.3 and 39.9

Plan B : Consider short if oil price surges but fails to breach above 39.4. Targets are 38.8 and 37.6
 
 
 
Gold
 
Gold jumped 1% on Monday on optimism around a U.S. stimulus bill and a weakened dollar, despite gains in the stock markets after reports that U.S. President Donald Trump could soon be discharged from the hospital.

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Plan A : Remain long if market stays firm above 1910. Targets are 1920 and 1935.
 
Plan B : Short if market surges but fails to breach above 1925. Targets are 1910 and 1899.
 

 

 

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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