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

 

Daily Futures Trading Strategy 21 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 shares closed higher Tuesday on growing optimism that U.S. lawmakers are nearing a deal on a stimulus package aimed at cushioning the economic shock from the coronavirus pandemic.
 

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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 rose on Tuesday after House Speaker Nancy Pelosi signaled Democrats and the White House were making progress in negotiations for a new fiscal stimulus deal.

The Dow closed 113.37 points higher, or 0.4%, at 28,308.79. The 30-stock average was briefly up more than 300 points. The S&P 500 gained 0.5% to end the day at 3,443.12 and the Nasdaq Composite advanced 0.3% to 11,516.49.

Shares of Carnival Corp. and American Airlines rose 3.3% and 1.9%, respectively, as company groups that would benefit the most from the economy re-opening led the way higher. Kohl’s jumped 6.6% and Nordstrom advanced 1.2%.

A slew of companies reported quarterly earnings after the bell on Tuesday, most notably Netflix. Shares of the streaming giant slipped 5.7% after the company missed earnings estimates, and reported fewer-than-expected subscriber additions. On the other hand, shares of Snap jumped 24% after the company reported a surprise earnings beat.

Looking ahead to Wednesday Biogen, AutoNation, Baker Hughes and Abbott Labs are among the names set to report ahead of the opening bell. After the market closes Tesla will release its third quarter results, with CSX, Las Vegas Sands and Chipotle Mexican Grill also on deck.

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Plan A : Long if market doesn't retrace much and supported firm above 3426. Targets are 3441, 3458 and 3471.

Plan B : Short if market failed to support above 3426. Targets are 3402, 3375 and 3350.

 

 
E-Mini Nasdaq
 

U.S. stock index futures rose in early morning trading on Wednesday after White House Chief of Staff Mark Meadows said that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made “good progress” on stimulus talks, before adding that they "still have way to go" before an agreement is reached.

Following Pelosi and Mnuchin’s meeting on Tuesday, Meadows told CNBC’s "Closing Bell" that the two will talk again on Wednesday, and that he hopes to see “some kind of agreement before the weekend.”

Mnuchin and Pelosi’s conversation Tuesday continued a desperate attempt to hash out an agreement before the Nov. 3 election. Democrats and the Trump administration have struggled for months to overcome fundamental disagreements over additional stimulus measures — including the dollar amount — as the economy continues to feel the burden of the coronavirus pandemic.

Stocks have been trading based on lawmakers’ perceived progress — or lack thereof — and on Tuesday finished the session higher after Pelosi told Bloomberg TV that she’s “optimistic” about a potential aid deal.

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Plan A : Long if market doesn't retrace much and supported firm above 11719. Targets are 11745, 11777 and 11808.

Plan B : Short if market rebounded and resisted around 11719. Targets are 11682, 11638 and 11605.
 

 
HSI
 
Hong Kong shares ended marginally higher on Tuesday, supported by gains in consumer firms and Chinese tech giants, but investor caution ahead of Nov.3 U.S. presidential election and concerns over surging global COVID-19 cases capped gains.
 

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Plan A : Attempt buy if market supported firmly above 24516. Targets are 24585 and 24642.

Plan B : Consider sell if market fails to hold above 24510. Targets are 24450 and 24350.
 

 
 
WTI Crude
 
Oil edged up on Tuesday on hopes that the United States was nearing a stimulus deal, but the threat to demand from rising coronavirus cases worldwide and increased Libyan output kept prices from moving higher.
 

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Plan A : Remain long as long as oil price trades firmly above 41.2. Targets are 41.8 and 42.6

Plan B : Consider short only if oil price surges but fails to breach above 41.8. Targets are 40.6 and 39.9

 
 
Gold
 
Gold edged higher on Tuesday as the dollar weakened and hopes for a U.S. coronavirus aid package ahead of the presidential election boosted 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 1910. Targets are 1923 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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