Highlights

Where Futures Lies

Author: Futurescoin   |   Latest post: Fri, 15 Jan 2021, 3:14 AM

 

Daily Futures Trading Strategy 24 December 2020

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               MERRY X'MAS

                WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

 
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E-Mini Dow

 
The S&P 500 closed barely in positive territory while Dow gained 114-points on Wednesday as an expected stimulus deal and falling jobless claims prompted investors to put their money into sectors most likely to benefit from the economy re-opening when it recovers from the global health crisis.
 

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Plan A : Remain buy as long as market stays firm above 29899. Targets are 30145 and 30255.
 
Plan B : Consider sell if remain trading below 30255. Targets are 30065 and 29899.
 
 
E-Mini S&P 500
 

The S&P 500 erased most of its gains and closed little changed on Wednesday amid year-end profit-taking, while policy uncertainty weighed on sentiment as President Donald Trump picked fights with Congress.

The broad equity benchmark rose less than 0.1%, or just 2.75 points, to 3,690.01 after climbing as much as 0.7% earlier in the day. 

Cyclical sectors — pockets of the market most sensitive to an economic recovery — provided the market with some support. Energy and financials were the two best-performing groups, rising 2.2% and 1.6%, respectively.

The S&P 500 was coming off its third straight day of losses after its recent rally to record highs. Some investors started taking profits after an unexpected year of solid gains. The broad equity benchmark is up more than 14% with only five trading days left in 2020.

On the data front, U.S. jobless claims totaled 803,000 during the week ending Dec. 19, better than an estimate of 888,000 according to economists polled by Dow Jones. However, core durable goods and personal income both fell short of expectations in November.

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Plan A : Long if market doesn't retrace much and supported firm above 3664. Targets are 3679, 3695 and 3712.
 

Plan B : Short if market failed to support above 3664. Targets are 3638, 3613 and 3585.

 
 
 
E-Mini Nasdaq
 

U.S. stock index futures were higher in overnight trading on Wednesday, ahead of the final trading day of the holiday-shortened week.

The Nasdaq Composite fell 0.3%, or 36.80 points, to 12,771.11 as tech heavyweights Amazon, Apple and Microsoft all dipped. The Nasdaq Composite hit a record high, before erasing those gains. 

The late-day slide came as investors took profits into the end of the year, and as President Donald Trump vetoed a sweeping defense bill. The move came after he called Congress’ $900 billion Covid relief package — months long in the making — an unsuitable "disgrace". The president took particular issue with the direct payments, which he said should be lifted from $600 to $2,000.

With just 4.5 trading days left in the year, the Nasdaq is on pace to be the clear winner, currently up around 42%. 

The market will close early at 1 p.m. ET on Thursday, and will be closed on Friday in observance of Christmas.
 

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Plan A : Short if market failed to support above 12581. Targets are 12540, 12504 and 12457.

Plan B : Long if market doesn't retrace much and supported firm above 12581. Targets are 12612, 12645 and 12675.

 

HSI
 
Hong Kong shares settled higher on Wednesday, led by gains in tech firms, as investors hoped that policymakers would avoid sudden credit policy tightening in 2021 to support an economic recovery from the pandemic-induced slump.
 

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Plan A : Attempt buy if market trades firmly above 26180. Targets are 26394 and 26468.
 
Plan B : Consider sell if market surges but fails to breach above 26468. Targets are 26394 and 26320.
 
 
 
 
WTI Crude
 
Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors' hopes for some return in fuel demand.
 

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Plan A : Attempt buy if oil price trades firmly above 47.4. Targets are 48.2 and 49.4

Plan B : Consider short only if oil price surges but fails to breach above 48.2. Targets are 47.7 and 47.4.
 

 
 
Gold
 
Gold prices jumped as much as 1% on Wednesday, bolstered by a weaker dollar, while investors kept hopes pinned on a U.S. stimulus package even after President Donald Trump threatened to not sign the relief bill.
 

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Plan A : Attempt buy if gold price trades firmly above 1854. Targets are 1869 and 1885.
 
Plan B : Consider sell only if market surges but fails to breach above 1885. Targets are 1864 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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