Highlights

Where Futures Lies

Author: Futurescoin   |   Latest post: Thu, 4 Mar 2021, 3:17 AM

 

Daily Futures Trading Strategy 23 February 2021

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

 

 
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E-Mini Dow

 
The S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies. The Dow index however, ended slightly higher, lifted by a 4% surge in Walt Disney Co. shares.
 

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Plan A : Attempt buy if market trades firmly above 31422. Targets are 31622 and 31863.
 
Plan B : Consider short only if market fails to hold above 31422. Targets are 31339 and 31228.
 
 
 
E-Mini S&P 500
 

Steep losses in technology shares dragged down the S&P 500 on Monday as a continuous rise in bond yields dented the appetite for growth stocks. Meanwhile, investors piled into economically sensitive names to bet on a comeback.

The broad equity benchmark lost 0.8% to 3,876.50 in volatile trading, falling for a fifth straight session amid the weakness in tech and consumer discretionary. 

Some equity investors grew concerned about rapidly rising Treasury yields in recent weeks as they could especially hurt high-growth companies reliant on easy borrowing while diminishing the relative appeal of stocks. These same tech stocks also thrived during the pandemic, so some investors may be taking profits and rotating into names that will do well in a recovery.

The 10-year Treasury yield rose again on Monday to around 1.35% after jumping 14 basis points last week to its highest level since February 2020. So far this month, the benchmark rate has moved up 27 basis points. The 30-year yield touched a one-year high of 2.2% Monday. A basis point is 0.01%.

All eyes will be on Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday. His comments on rates and inflation could determine the market direction for the week.

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Plan A : Long if market retraced but supported firm above 3883. Targets are 3899, 3912 and 3930. 

Plan B : Short if market failed to support above 3883. Targets are 3859, 3832 and 3809.
 

 
E-Mini Nasdaq
 

U.S. stock futures were higher in early Tuesday trading after tech stocks fell sharply to start the week.

The Nasdaq Composite fell 2.5% to 13,533.05 as Tesla shares slid 8.6%. Big Tech stocks came under pressure with Apple, Amazon and Microsoft all dropping at least 2%.

The bond market will likely remain a key topic of discussion on Tuesday, as Fed Chair Jerome Powell begins his two days of Congressional hearings. The central banker has been adamant that the Fed is not considering raising its benchmark interest rate, but Powell’s comments will be watched closely for possible insight into the economy’s inflation outlook.

Inflation fears have risen in recent weeks as policymakers debate another round of economic relief as Covid cases decline amid the rollout of vaccines. The U.S. surpassed 500,000 deaths from the virus on Monday, according to Johns Hopkins University.

Investors will also get new data on consumer confidence and home prices on Tuesday. Retailers Home Depot and Macy's will report earnings before the opening bell.

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Plan A : Long if market doesn't retrace much and supported firm above 13278. Targets are 13307, 13333 and 13372.

Plan B : Short if market failed to support above 13278. Targets are 13239, 13200 and 13158.
 

 
HSI
 
Hong Kong shares shed early gains to close 1% lower on Monday, as investors fretted over stretched valuations while concerns over the risks of policy tightening in China also weighed.
 

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Plan A : Attempt sell if market stays trading below 30330. Targets are 30030 and 29873.

Plan B : Consider long only if market able to hold firm above 30030 and rebound. Targets are 30330 and 30440.
 

 
WTI Crude
 
Oil prices gained more than 3% on Monday, driven by the expected slow return of U.S. crude output after last week's deep freeze in Texas shut in production.

 

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Plan A : Remain buy as long as oil price trades firmly above 61.3. Targets are 62.4 and 64.2

 
Plan B : Consider selling only if oil price surges but fails to breach above 62.4. Targets are 61.3 and 60.1.

 
 
Gold
 
Gold rose more than 1.5% to a near one-week high on Monday, as expectations for rising inflation triggered equity valuation concerns and drove investors toward the safe-haven metal, while a weaker U.S. dollar lent further support.
 

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Plan A : Remain buy as long as gold price stays firm above 1795.1. Targets are 1814.1 and 1837.7.

Plan B : Consider short if market rebounds but fails to breach above 1814.1. Targets are 1795.1 and 1776.0.

 
 
 
 
 
 
 

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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