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Where Futures Lies

Author: Futurescoin   |   Latest post: Wed, 28 Oct 2020, 6:13 AM

 

Daily Futures Trading Strategy 14 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 lost ground on Tuesday, with halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighing on sentiment as third quarter earnings season got underway.
 

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Plan A : Remain buy as long as market stays firm above 28492. Targets are 28771 and 28846.
 
Plan B : Consider sell if market surges but fails to breach and stays firm above 28771. Targets are 28492 and 28319.
 
 
E-Mini S&P 500
 

Stocks fell for the first time in five days on Tuesday as investors grappled with the latest news regarding U.S. coronavirus stimulus and treatments as well as the first batch of corporate earnings.

The Dow dropped 157.71 points, or 0.6%, to 28,679.81 as Apple shares declined. The  S&P 500 slid 0.6% to 3,511.93. The Nasdaq Composite dipped 0.1% to 11,863.90.

Apple unveiled on Tuesday its first-ever 5G iPhone. Morgan Stanley analyst Katy Huberty called this “the most significant iPhone event in years” ahead of the event. Apple shares dropped 2.7%, however, after rallying 6.4% on Monday.

Earnings season kicked off on Tuesday with both JP Morgan Chase and Citigroup reporting better-than-expected results. Bank of America, Goldman Sachs and Wells Fargo are on deck Wednesday, with all three expected to report results before the market opens.

UnitedHealth will also report Wednesday morning, while United Airlines will report after the bell. On Tuesday, Delta reported a wider-than-expected loss for the most recent quarter, including a 75% decline in revenue, as the industry continues to take a hit from Covid-19.

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Plan A : Long if market doesn't retrace much and supported firm above 3507. Targets are 3522, 3540 and 3551.

Plan B : Short if market failed to support above 3507. Targets are 3480, 3458 and 3424.
 

 
 
E-Mini Nasdaq
 

U.S. stock index futures rose in overnight trading after the major averages registered their first day of losses in five trading sessions.

Stocks fell on Tuesday, snapping a four-day winning streak. The Dow Jones Industrial Average slid 157.71 points, or 0.6%, while the S&P 500 declined 0.6%. The Nasdaq Composite was the relative outperformer, dipping 0.1%.

The decline came amid a number of macro headwinds. Eli Lilly said Tuesday afternoon that it would pause its trial of a coronavirus antibody treatment, news that followed Johnson & Johnson’s earlier announcement that it halted its vaccine trial after an "adverse event" was reported. Additionally, hopes for near-term stimulus have faded as Democrats and Republicans remain at odds.

The White House recently proposed $1.8 trillion for an aid package, which House Speaker Nancy Pelosi said “falls significantly short” of what is needed. On Tuesday, Senate Majority Leader Mitch McConnell said that the Senate will vote on a limited stimulus bill later this month, which will be “targeted relief for American workers, including new funding” for Paycheck Protection Program small business loans.

Despite Tuesday’s dip, stocks are still in the green for October, with the Dow up more than 3% while the S&P 500 and Nasdaq have gained more than 4% and 6%, respectively.

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Plan A : Long if market doesn't retrace much and supported firm above 12134. Targets are 12160, 12189 and 12221.

Plan B : Short if market failed to support above 12134. Targets are 12099, 12050 and 12018.
 

 
 
HSI
 
Hong Kong stocks on Monday tracked gains on the mainland, with the Hang Seng China Enterprises index posting its best day in three months, as investors cheered Beijing's latest policy support for its capital markets.

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Plan A : Remain long if HSI stays firm above 24610. Targets are 24783 and 24866.

Plan B : Short if market surges but fails to breach above 24783. Targets are 24680 and 24516.
 
 
 
WTI Crude
 
Oil prices rebounded on Tuesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise.
 

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Plan A : Short if oil price stays below 40.3. Targets are 39.8 and 38.7

Plan B : Consider long only if oil price holds resiliently above 39.9 and rebounds. Targets are 40.6 and 41.2
 
 
 
Gold
 
Gold fell as much as 1.9% on Tuesday, hitting below $1,900 an ounce, as the dollar rallied on an impasse over U.S. stimulus and as investors latched onto a slightly less stark economic report card from the International Monetary Fund.
 

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Plan A : Short if gold price trades below 1910. Targets are 1893 and 1885.
 
Plan B : Consider buy if gold price holds resiliently above 1893 and rebounds. Targets are 1910 and 1935.
 

 

 

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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