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Author: Futurescoin   |   Latest post: Wed, 20 Jan 2021, 3:12 AM

 

Daily Futures Trading Strategy 7 January 2021

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

 

 
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E-Mini Dow

Overnight Dow ended higher, soaring to all-time high on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending.
 

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Plan A : Remain buy as long as market stays firm above 30225. Targets are 30691 and 30831.
 
Plan B : Consider short only if market surges but fails to breach above 30831. Targets are 30691 and 30532.
 
 
 
E-Mini S&P 500

The Dow Jones Industrial Average rose to an all-time high on Wednesday, with investors optimistic about the prospects of additional fiscal stimulus as results from the runoff elections in Georgia rolled in.

The S&P 500 advanced 0.6% to 3,748.14 and hit an intraday record. 

Stocks closed off their highs, and the CBOE Volatility Index, a gauge of investor fear, moved higher heading into the close, as protesters stormed the Capitol just after lawmakers met to count the Electoral College votes and declare Joe Biden the presidential election winner. Still, the Dow and S&P 500 closed solidly higher on the day and Treasurys, normally a safety trade, declined.

The 10-year Treasury note yield topped 1% for the first time since March. At market close, the benchmark rate was at 1.03%. Yields move inversely to prices.

Bed Bath & Beyond, Constellation Brands, Walgreens Boots Alliance and Conagra report quarterly earnings before the bell on Thursday. Chipmaker Micron reports after the bell.

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Plan A : Short if market failed to support above 3734. Targets are 3708 and 3682.

Plan B : Long if market doesn't retrace much and supported firm above 3734. Targets are 3751 and 3765.

 

E-Mini Nasdaq

U.S. stock futures rose in early morning trading on Thursday as investors digested the likely event of a Democratic held Congress and continued to look past riots at the U.S. Capitol.

The tech-heavy Nasdaq Composite closed lower by 0.6%. The Nasdaq Composite was the relative underperformer, dipping 0.6% as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all closed lower.

During Wednesday’s trading session, markets were largely unaffected by the chaos in Washington caused by pro-Trump rioters at the U.S. Capitol. 

Wednesday evening, the Capitol building was secured and Congress reconvened to continue the process to confirm Biden's win. Senate Majority Leader Mitch McConnell said the Senate will certify the winner of the 2020 election Wednesday night.

The Labor Department releases last week’s jobless claims at 8:30 a.m. on Thursday. Economists polled by Dow Jones are expecting 815,000 Americans filed for unemployment last week, compared to the previous week’s 787,000 claims.

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Plan A : Long if market doesn't retrace much and supported firm above 12647. Targets are 12678, 12709 and 12738.

Plan B : Short if market failed to support above 12647. Targets are 12604, 12565 and 12524.

 
 
HSI
 
Hong Kong shares extended gains on Wednesday after rising for six consecutive sessions, led by energy and tech shares, as investors expected the government to sustain supportive policies to counter persisting impact from COVID-19.
 

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Plan A : Remain buy as long as market stays firm above 27570. Targets are 27772 and 27940.
 

Plan B : Consider short only if market surges but fails to breach above 27846. Targets are 27670 and 27570.
 
 
 
WTI Crude
 
Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as U.S. crude inventories declined in the latest week.
 

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Plan A : Remain buy as long as oil price stays firm above 50.2. Targets are 50.8 and 51.5

Plan B : Consider short if oil price surges but fails to breach above 50.8. Targets are 50.2 and 49.5

 
 
Gold
 
Gold tumbled more than 2% on Wednesday, hit by a rebound in the dollar as U.S. Treasury yields surged, showing that investors are betting on a Democrat win in the U.S. Senate runoff elections in Georgia.
 

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Plan A : Attempt short if gold price trades below 1932.4. Targets are 1925 and 1914.5.
 
Plan B : Consider buy only if gold price test and rebound from 1914.5. Targets are 1925 and 1932.4.
 
 
 

 

 

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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