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

 

Daily Futures Trading Strategy 7 October 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 took a nosedive late in the session on Tuesday, reversing solid gains to close deep in negative territory after President Donald Trump announced he was calling off talks on coronavirus relief legislation until after the Nov.3 election.
 

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Plan A : Remain short as long as market stays trading below 27868. Targets are 27680 and 27589.
 
Plan B : Long only if market stabilized above 27589. Targets are 27666 and 27868.
 
 
E-Mini S&P 500
 

Stocks fell on Tuesday after President Donald Trump instructed White House officials to halt negotiations on further coronavirus stimulus, sparking a sharp reversal in the major market benchmarks. 

The Dow closed 375.88 points lower, or 1.3%, at 27,772.76. The S&P 500 ended the day down 1.4% at 3,360.95. The Nasdaq Composite dropped 1.6% to 11,154.60.

Powell said the lack of support could “lead to a weak recovery, creating unnecessary hardship for households and businesses” and thwart a rebound that thus far has progressed more quickly than expected. “By contrast, the risks of overdoing it seem, for now, to be smaller,” Powell added. 

The Federal Open Market Committee will publish its meeting minutes from its September meeting at 2 p.m. ET on Wednesday. The FOMC made no action on interest rates in September, leaving them near zero. 

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Plan A : Long if market retraced but supported firm above 3346. Targets are 3362, 3378 and 3391.

Plan B : Short if market failed to support above 3346. Targets are 3322, 3298 and 3271.

 

E-Mini Nasdaq

U.S. stock futures were higher in early morning trading on Wednesday following a Tuesday slip after President Donald Trump called off stimulus talks until after the November election. 

In regular trading on Tuesday, the Dow Jones Industrial Average closed down 375 points after Trump tweeted the White House is halting talks with Democrats about a second coronavirus stimulus deal. Earlier in the session, stocks rallied in hopes that there would be a second relief package to prop up markets as the coronavirus outbreak rages on.

The S&P 500 lost 1.4% and the Nasdaq Composite fell 1.57% on Tuesday.

Federal Reserve Chairman Jerome Powell said Tuesday the economy needs more aggressive fiscal and monetary stimulus for an economic recovery that he said still has “a long way to go.”

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Plan A : Long if market doesn't retrace much and supported firm above 11288. Targets are 11315, 11348 and 11380.

Plan B : Short if market failed to support above 11288. Targets are 11249, 11210 and 11161.
 

 
HSI
 
Hong Kong shares rose on Tuesday, tracking strength in overseas markets as U.S. President Donald Trump left the hospital following treatment for COVID-19, a development viewed as reducing political uncertainties in the near term.
 

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Plan A :  Long if market gaps down but supported firmly above 23640. Targets are 23750 and 23820.

Plan B : Short if market fails to hold above 23860. Targets are 23750 and 23640.
 
 
 
WTI Crude
 
Oil prices rose more than $1 a barrel on Tuesday, supported by U.S. supply disruptions caused by an approaching hurricane in the Gulf of Mexico and an oil worker strike in Norway.
 

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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 39.9. Targets are 38.8 and 37.6
 
 
 
Gold
 
Gold fell on Tuesday as Treasury yields climbed, although the metal held above the key $1,900 support level on growing expectations that U.S. lawmakers would agree on new stimulus legislation to blunt the economic impact of the coronavirus.
 

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Plan A : Short if gold price fails to hold above 1885. Targets are 1878 and 1854.

Plan B : Consider long only if gold price able to trade firmly above 1885. Targets are 1899 and 1910.
 

 

 

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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