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Where Futures Lies

Author: Futurescoin   |   Latest post: Tue, 26 Jan 2021, 2:55 AM

 

Daily Futures Trading Strategy 24 November 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

 
U.S. stocks closed higher in a choppy session on Monday as hopes for a COVID-19 vaccine lifted economically sensitive sectors such as energy and industrials, but a pullback in megacap shares curbed gains on the S&P 500 and Nasdaq.
 

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Plan A : Remain buy as long as market trades firmly above 29611. Targets are 29748 and 29899.
 
Plan B : Consider sell if market breaks below 29611. Targets are 29550 and 29324.
 
 
E-Mini S&P 500
 

Stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.

The Dow closed 327.79 points higher, or 1.1%, at 29.591.27. The S&P 500 gained 0.6% to end the day at 3,577.59, and the Nasdaq Composite advanced 0.2% to 11,880.63.

Shares of cruise lines and airlines led the gains on hope distributing these vaccines would reopen the economy and boost travel early next year. Shares of Carnival Corp. added 4.8%, while United Airlines rose 2.6%. Shares of major tech companies struggled, however. Apple dropped nearly 3%, and Netflix slid 2.4%. Facebook, Amazon, Alphabet and Microsoft all posted slight losses.

Sentiment was also boosted by strong economic data. IHS Markit said their U.S. manufacturing and services purchasing managers’ indexes hit multiyear highs. The flash U.S. services index rose to 57.7, its highest level in more than five years. The manufacturing PMI popped to 56.7, its highest level in over six years.

The Dow and S&P 500 were coming off a losing week as Covid-19 cases continue to rise, with the U.S. reporting a record-high spike of more than 195,500 new cases on Friday. Public health officials have warned that Thanksgiving celebrations on Thursday could further exacerbate the outbreak.

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Plan A : Long if market doesn't retrace much and supported firm above 3605. Targets are 3619, 3638 and 3651.

Plan B : Short if market failed to support above 3605. Targets are 3581, 3555 and 3527.

 
 
E-Mini Nasdaq
 

Stock futures climbed in overnight trading on Monday following a strong session on Wall Street boosted by positive vaccine news. 

Stocks kicked off the Thanksgiving week on a high note on Monday as investors piled into re-opening trades amid vaccine optimism.

The move higher in futures came after General Services Administration chief Emily Murphy told President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office.

Major averages hit their session highs after news broke that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. Many view Yellen as a market-friendly pick considering that she oversaw a long economic expansion with historically low-interest rates and she’s likely to push for further fiscal stimulus.

Yellen oversaw a solid economic expansion during her term as Fed chair from 2014 to 2018 in the wake of the financial crisis. During that time, rates remained low, and the S&P 500 rose nearly 60%.

Investors will monitor a slew of earnings from retailers ahead of the holiday season, including Best Buy and Dick’s Sporting Goods before the bell as well as Gap and Nordstrom after the close Tuesday.

U.S. markets will be closed for the Thanksgiving holiday on Thursday and will have a short session on Friday.

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Plan A : Long if market doesn't retrace much and supported firm above 11950. Targets are 11978, 12012 and 12041.

Plan B : Short if market failed to support above 11950. Targets are 11915, 11872 and 11833.

 
 
HSI
 
Hong Kong shares closed higher on Monday as cyclical stocks rose on hopes of a vaccine-led recovery, although Sino-U.S. tensions capped gains.
 

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Plan A : Remain buy as long as market stays firm above 26440. Targets are 26542 and 26727.

Plan B : Consider sell only if market fails to stay firm above 26440. Targets are 26366 and 26238.
 

 
 
WTI Crude
 
Oil prices rose more than 1% on Monday, extending last week's gains as traders eyed a recovery in demand due to successful coronavirus vaccine trials.
 

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Plan A : Remain buy as long as oil price trades firmly above 42.2. Targets are 42.9 and 44.2

Plan B : Consider sell if oil price surges but fails to breach above 43.3. Targets are 42.2 and 41.5
 
 
 
Gold
 
Gold fell nearly 2% to its lowest in four-months on Monday as better-than-expected U.S. business activity data and optimism over progress in COVID-19 vaccines boosted hopes for a swifter economic rebound and drove investors towards riskier assets.

 
To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for December subscription.

 
Plan A : Remain sell as long as gold price stays below 1854. Targets are 1828 and 1804.
 
Plan B : Consider buy only if gold price holds resiliently above 1828. Targets are 1838 and 1854.
 
 
 

 

 

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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