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Where Futures Lies

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

 

Daily Futures Trading Strategy 5 March 2021

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

 

 
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E-Mini Dow

 
Worries about lofty U.S. bond yields hit global shares including U.S. markets on Thursday as investors waited to see if Federal Reserve Chair Jerome Powell would address concerns about a rapid rise in long-term borrowing costs.
 

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Plan A : Remain sell as long as market stays trading below 31022. Targets are 30697 and 30407.
 
Plan B : Consider long if market able to hold firmly above 30697 and rebound. Targets are 30876 and 31022.

 
 
E-Mini S&P 500
 

U.S. stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.

The S&P 500 closed the wild session down 1.3% to 3,768.47 after dropping 2.5% at its session low. 

The 10-year Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.54% after Powell’s remarks. Last week, the benchmark 10-year soared to a high of 1.6% in a sudden move that sparked a big sell-off in stocks. Yields then generally eased back down this week before Powell triggered another spike.

Gold shed more than 1%, hitting a near nine-month low amid Powell’s comments. A rise in bond yields could erode gold’s appeal as an inflation hedge.

On the data front, investors digested a better-than-expected reading on weekly jobless claims. First-time filings for unemployment insurance in the week ended Feb. 27 totaled 745,000, a touch below the Dow Jones estimate of 750,000, the Labor Department reported Thursday.

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Plan A : Long if market supported firm above 3760. Targets are 3778, 3791 and 3808.

Plan B : Short if market failed to support above 3760. Targets are 3737, 3708 and 3682.

 
 
E-Mini Nasdaq
 

Stock futures were little changed in early morning trading Friday following a tech-led rout on Wall Street amid a surge in bond yields.

The Nasdaq Composite fell 2.1% to 12,723.47 as growth stocks led the declines amid rising rates. Tesla shares dropped nearly 5%. 

With Thursday’s steep sell-off, the Nasdaq turned negative on the year with a 1.3% loss. The tech-heavy benchmark also fell into correction territory on an intraday basis, down more than 10% from its recent 52-week high.

All eyes will be on February jobs report, which is set to be released Friday morning. Economists expect to see that 210,000 payrolls were added in February, compared to just 49,000 in January, according to Dow Jones.

The move in futures followed a sharp sell-off triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. He said the recent run-up caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected the Fed chair to signal his willingness to adjust the Fed’s asset purchase program.

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Plan A : Long if market supported firm above 12469. Targets are 12498, 12532 and 12561.

Plan B : Short if market failed to support above 12469. Targets are 12430, 12391 and 12345.

 
 
HSI
 
Hong Kong stocks slumped on Thursday as a bond market rout infected equity markets around the region with traders grappling with valuation, inflation and monetary policy tightening risks.
 

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Plan A : Remain sell as long as market stays trading below 29200. Targets are 28639 and 28367.

Plan B : Consider buying only if market supported firmly above 28367 and rebound. Targets are 28639 and 28912.
 

 
 
WTI Crude
 
Oil prices jumped on Thursday after OPEC and its oil-producing allies said the group would keep production largely steady through April. Saudi Arabia also said that it would extend its one million barrels per day voluntary production cut into April.
 

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Plan A : Remain buy as long as oil price trades firmly above 62.4. Targets are 64.2 and 65.4
 

Plan B : Consider short only if oil price surges but fails to breach above 64.2. Targets are 62.4 and 61.3.

 
 
Gold
 
Gold slumped to a near nine-month low on Thursday pressured by gains in the dollar and U.S. Treasury yields after Federal Reserve Chair Jerome Powell signaled no immediate move to address the surge in bond yields.
 

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Plan A : Remain short as long as market stays trading below 1714.2. Targets are 1683 and 1676.
 
 
Plan B : Consider long only if market supports firmly above 1676 and rebound. Targets are 1687 and 1714.2
 
 
 

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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