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Where Futures Lies

Author: Futurescoin   |   Latest post: Wed, 21 Apr 2021, 5:04 AM

 

Daily Futures Trading Strategy 24 February 2021

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

 

 
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E-Mini Dow

 
Wall Street reverses course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from reopening economy.
 

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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 31273.
 

 
E-Mini S&P 500
 

The Dow Jones Industrial Average bounced back from steep losses and closed the session in the green on Tuesday after Federal Reserve Chair Jerome Powell relieved some of the concerns about higher interest rates and inflation.

The blue-chip Dow wiped out a 360-point loss and closed 15.66 points higher, or 0.1%, at 31,537.35. The S&P 500 also reversed a 1.8% loss and ended the day 0.1% higher at 3,881.37.The Nasdaq Composite slipped 0.5% to 13,465.20 after dropping as much as 3.9% earlier. At its session low, the tech-heavy benchmark fell below its 50-day moving average, a key technical indicator, for the first time since Nov. 3 on an intraday basis.

Inflation fears have risen in recent weeks amid a sharp rise in bond yields as policymakers debate another round of economic relief. Investors worry that a spike in prices due to federal stimulus could force the central bank to raise short-term borrowing costs.

Energy and financials — two of the best-performing sectors this year — once again supported the market Tuesday as investors snap up names they think will benefit from an economic recovery. The energy sector gained 1.6%, bringing its 2021 rally to nearly 27%.

The 10-year Treasury yield, which has risen steadily since the start of 2021, held steady on Tuesday around 1.36%. So far this month, the benchmark rate has moved up hefty 28 basis points. The 30-year yield touched a one-year high of 2.2% Monday. A basis point is 0.01%.
 

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Plan A : Long if market supported firm above 3848. Targets are 3863, 3880 and 3902.

Plan B : Short if market failed to support above 3848. Targets are 3823, 3795 and 3778.
 

 
E-Mini Nasdaq
 

U.S. stock futures were largely flat on Tuesday evening as investors looked to see whether a late-day swing in the market would continue into Wednesday.

The move in futures follows a wild comeback during Tuesday's market hours that saw the Dow and S&P 500 erase sharp losses to finish modestly higher. The positive finish snapped a five-day skid for the S&P 500. The Nasdaq Composite, which was down nearly 4% at point, finished with a loss of just 0.5%.

The market’s overall rebound on Tuesday was mirrored in the moves of tech giant Apple and electric-vehicle stock Tesla, which finished with losses of 0.1% and 2.2%, respectively, after suffering much steeper losses earlier in the day. Energy stocks and financials outperformed, while tech and consumer discretionary plays lagged the broader market.

On Wednesday, Powell’s visit to Capitol Hill will continue when he addresses the House of Representatives Financial Services Committee. Investors will also get another look at the construction industry with data on new home sales and an earnings report from Lowe’s.

 

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Plan A : Short if market failed to support above 13093. Targets are 13055, 13010 and 12971.

Plan B : Long if market doesn't retrace much and supported firm above 13093. Targets are 13123, 13151 and 13189.
 

 
HSI
 
Hong Kong stocks closed higher on Tuesday, helped by gains in financial and energy firms on hopes of a faster economic recovery globally.
 
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Plan A : Attempt buy if market trades firmly above 30494. Targets are 30638 and 30699.

Plan B : Consider short if market fails to hold above 30494. Targets are 30330 and 30155.

 
 
WTI Crude
 
Oil prices were steady on Tuesday, trading close to more than year-long highs on signs that global coronavirus restrictions were being eased although concerns about the pace of a U.S. economic recovery kept gains in check.

 
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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 fails to hold above 61.3. Targets are 60.3 and 59.4.
 
 
 
Gold
 
Gold edged lower in choppy trade on Tuesday as the dollar recovered ground lost in the immediate wake of comments from U.S. Federal Reserve Chairman Jerome Powell, who said the economic recovery was "uneven and far from complete." 
 
 
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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.
 
 
 
 
 
 

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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