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Where Futures Lies

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

 

Daily Futures Trading Strategy 26 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

 
The S&P 500 and Nasdaq closed modestly higher while The Dow ended lower on the Friday in choppy trading, with investors keeping a close eye on negotiations on a U.S. stimulus package that would ease the economic shock caused by the coronavirus pandemic.
 

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Plan A : Attempt buy if market supported firmly above 28191. Targets are 28338 and 28466.
 
Plan B : Consider sell only if market fails to support above 28191. Targets are 28025 and 27896.
 
 
E-Mini S&P 500
 

The Dow fell slightly on Friday to end a downbeat week as investors weighed the potential for additional fiscal stimulus.

The 30-stock average slid 28.09 points, or 0.1%, to 28,335.57 as Intel shares struggled. The S&P 500 gained 0.3% to close at 3,465.39 and the Nasdaq Composite closed 0.4% higher at 11,548.28.

The Dow and S&P 500 snapped a three-week winning streak and the Nasdaq posted its first weekly loss in five weeks. The S&P 500 lost 0.5% for the week. The Dow and Nasdaq dipped 0.95% and 1.1%, respectively.

Traders have been keeping an eye on Washington in recent weeks as they gauge the prospects for new coronavirus aid to be pushed through. Several market experts and economists, including Federal Reserve Chairman Jerome Powell, think it is imperative that lawmakers reach a deal on another stimulus package.

It was a tough week for the tech sector, falling more than 2%, amid concerns that a Democratic sweep on Nov. 3 could put pressure on the high-flying stock group.

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Plan A : Long if market doesn't retrace much and supported firm above 3426. Targets are 3440, 3455 and 3475.

Plan B : Short if market failed to support above 3426. Targets are 3402, 3378 and 3352.

 
 
E-Mini Nasdaq
 

Futures tied to major U.S. equity benchmarks traded lower in early morning trading on Monday as Wall Street headed for the last full trading week ahead of Election Day.

The decline in futures came amid a record surge in new coronavirus cases in the U.S. The country saw more than 83,000 new infections on both Friday and Saturday after outbreaks in Sun Belt states, surpassing a previous record of roughly 77,300 cases set in July, according to data from Johns Hopkins University.

This week marks the last week of October and the final trading period before Nov. 3. Major averages are on track for modest gains for the month, with the S&P 500 and the Nasdaq both rising more than 3% so far. The 30-stock Dow is up about 2% this month.

Traders will keep their eyes peeled for a raft of Big Tech and blue-chip corporate earnings as well as key economic data this week. Apple, Facebook, Alphabet, Amazon, Boeing and Caterpillar all report later in the week, while the first look at third quarter GDP is due on Thursday.

The benchmark 10-year Treasury yield jumped to a four-month high of 0.84% last week, sparking a rally in bank stocks.

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Plan A : Short if market failed to support above 11547. Targets are 11510, 11465 and 11422.
 
Plan B : Long if market supported firm above 11547. Targets are 11572, 11607 and 11643.
 
 
 
HSI
 
Hong Kong stocks closed higher on Friday to post their fourth consecutive weekly advance, underpinned by heavyweight financial firms, though gains were checked by uncertainties including the U.S. election.
 

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Plan A : Attempt buy if market supported firmly above 24810. Targets are 24949 and 25051.

Plan B : Consider selling if market fails to breach above 24966. Targets are 24866 and 24783.

 
 
 
WTI Crude
 
Oil fell nearly 2% on Friday and headed for a weekly drop as demand concerns raised by surging coronavirus cases in the United States and Europe overshadowed the prospect of an extension to OPEC-led supply curbs.
 

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Plan A : Attempt sell if oil price trades below 40.7. Targets are 39.9 and 38.7

Plan B : Consider long only if oil price test support at 39.9 and rebound. Targets are 40.5 and 41.2
 

 
 
Gold
 
Gold eased on Friday as the dollar recouped some losses, but uncertainty going into the Nov. 3 U.S. elections limited bullion's losses. Spot gold fell 0.4% to $1,896.84 per ounce, U.S. gold futures fell 0.3% to $1,898.40.
 

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Plan A : Short if gold price falls below 1910. Targets are 1893 and 1885.
 
Plan B : Consider buy only 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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