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Author: Futurescoin   |   Latest post: Thu, 3 Dec 2020, 2:50 AM

 

Daily Futures Trading Strategy 20 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's main indexes closed lower on Monday as Washington lawmakers still appeared to struggle to reach an agreement on coronavirus stimulus ahead of a Tuesday deadline that would make a relief package possible ahead of the Nov.3 elections.
 

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Plan A : Attempt sell if market trades below 28320. Targets are 28180 and 28040.
 
Plan B : Consider buy only if market able to support well above 28180. Targets are 28270 and 28320.

 
E-Mini S&P 500

Stocks fell sharply on Monday ahead of a key deadline set by House Speaker Nancy Pelosi to reach a deal on new coronavirus stimulus before the election while Covid-19 cases rise.

The Dow closed 410.89 points lower, or 1.4%, at 28,195.42. Earlier in the day, the 30-stock average was up more than 100 points. The S&P 500 dropped 1.6% to close at 3,426.92 and the Nasdaq Composite pulled back 1.7% to 11,478.88.

Shares of Big Tech contributed to the decline. Alphabet, Microsoft, Apple and Amazon were all down at least 2%. Facebook dipped 1.7%. Energy and tech were the worst-performing S&P 500 sectors, dropping 2.1% and 1.9%, respectively.

Pelosi, D-Calif., gave the Trump administration on Sunday 48 hours to reach an aid deak before the Nov.3 election. Pelosi and Treasury Secretary Steven Mnuchin were also slated to speak Monday afternoon.

However, The Washington Post reported, citing sources, that a deal between Pelosi and the administration was not “sounding imminent.” The news sent the major averages to their lows of the day.

Tuesday’s session could also see volatile trading around corporate earnings. Consumer products company Procter & Gamble will release results before the bell, while Snap and streaming video giant Netflix will report after the market closes. Shares of Dow component IBM fell 3% in extended trading after the company reported its third-straight quarter of declining revenue.

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Plan A : Long if market doesn't retrace much and supported firm above 3442. Targets are 3456, 3473 and 3489.

Plan B : Short if market failed to support above 3442. Targets are 3419, 3398 and 3365.



E-Mini Nasdaq
 

U.S. stock futures rose in early Tuesday morning trade ahead of a deadline for a new fiscal stimulus deal from Washington.

The move in futures comes after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences". Monday afternoon phone call to discuss another stimulus package, according to Pelosi spokesman Drew Hammill. The speaker said that Tuesday is the deadline to reach an agreement before the Nov. 3 election.

The stock market suffered a broad decline during Monday’s session, with the Dow shedding 410 points and the S&P 500 and Nasdaq Composite both losing just over 1.6%. All 11 S&P sectors finished in the red. The slump marked the fourth down day in five for the Dow and the S&P 500, while it was the fifth-straight negative session for the tech-heavy Nasdaq.

Stimulus negotiations have hung over the market for months after the main provisions from the CARES Act expired at the end of July. Since then, job growth has slowed but consumer spending has continued to recover. However, some indicators have shown that savings built up by the massive economic relief package are starting to run out.

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Plan A : Long if market doesn't retrace much and supported firm above 11734. Targets are 11765, 11792 and 11820.

Plan B : Short if market failed to support above 11734. Targets are 11698, 11654 and 11615.

 
 
HSI
 
Hong Kong stocks closed higher on Monday, aided by heavyweight financial and utilities firms, but China's weaker-than-expected GDP data kept gains in check.
 

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Plan A : Attempt buy if market supported firmly above 24410. Targets are 24485 and 24581.

Plan B : Consider sell if market fails to hold above 24410. Targets are 24350 and 24248.

 
 
WTI Crude
 
Oil steadied on Monday, weighed by concerns over surging coronavirus cases globally and by Libya's plan to boost output, but supported by hopes for a U.S. fiscal package.
 

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Plan A : Long if oil price trades firmly above 40.6. Targets are 41.2 and 41.8

Plan B : Consider short only if oil price surges but fails to breach above 41.2. Targets are 40.6 and 39.9
 
 
 
Gold
 
Gold rose about 1% on Monday as the dollar retreated and as expectations of a U.S. stimulus deal being reached ahead of the presidential elections in November bolstered bullion's appeal as an inflation hedge.
 

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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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