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Where Futures Lies

Author: Futurescoin   |   Latest post: Fri, 17 Sep 2021, 4:10 AM

 

Daily Futures Trading Strategy 29 July 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 ended little changed while Dow lost 127-points on Wednesday after Federal Reserve Chair Jerome Powell said the central bank was still a ways away from considering raising interest rates.
 

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Plan A : Remain buy as long as market trades firmly above 34703. Targets are 35030 and 35146.
 
Plan B : Consider sell if market surges but fails to breach above 34910. Targets are 34830 and 34740.



E-Mini S&P 500

The S&P 500 closed near the flatline on Wednesday after Federal Reserve Chairman Jerome Powell said substantial economic improvement is needed for the central bank to start dialing back its easy-money policies.

The broad equity benchmark erased earlier losses and ended the session little changed at 4,400.64.  

The Federal Open Market Committee kept interest rates in a target range near zero, reiterating its view that the economy continues to “strengthen” despite the spread of the delta coronavirus strain. Still, Powell stressed that the economy a good deal away from achieving the Fed’s dual mandates of stable prices and maximum employment.

The central bank started purchasing at least $120 billion a month in bonds and other securities in December until “substantial further progress” had been made on employment and inflation.
 

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Plan A : Long if market supported firm above 4397. Targets are 4412, 4429 and 4445.
 
Plan B : Short if market failed to support above 4397. Targets are 4371, 4345 and 4320.
 
 
E-Mini Nasdaq

U.S. stock futures were little changed in Wednesday evening trade after the Federal Reserve concluded its two-day meeting of the Federal Open Market Committee by making no move on asset purchases.

The tech-heavy Nasdaq Composite climbed 0.7% to 14,762.58.

The moves in futures came after Fed Chairman Jerome Powell cautioned in a press conference that although the economy is making progress toward its goals, it has a way to go before the central bank would actually adjust its easy policies. Treasury yields inched climbed higher in anticipation of the announcement but pulled back slightly following Powell’s comments.

Amazon, Pinterest and Anheuser-Busch are set to report earnings Thursday. Traders will also watch out for the latest readings on initial jobless claims and pending home sales.

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Plan A : Long if market supported firm above 14970. Targets are 15001, 15032 and 15065.
 
Plan B : Short if market failed to support above 14970. Targets are 14928, 14888 and 14845.
 

 
HSI
 
Hang Seng recovered yesterday and will be monitored by investors for signs of a further rebound from the more than 8% rout the HSI experienced over two days early this week. Investors have rushed to exit bets on China's health sector this week, fearing that a regulatory crackdown that sparked panic selling in the tech and education sectors might hit the medical industry next.
 

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Plan A : Attempt short if market recovers but fails to breach above 25742. Targets are 25595 and 25452.

Plan B : Consider long if market holds firm above 25452 and rebound. Targets are 25564 and 25742.

 
 
WTI Crude
 
Oil rose toward $75 a barrel on Wednesday after data showed U.S. crude inventories fell more sharply than analysts had forecast, bringing the market's focus back to tight supplies rather than rising coronavirus infections.
 

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Plan A : Remain buy as long as oil prices trades firmly above 71.7. Targets are 72.4 and 73.1.

Plan B : Consider sell only oil price fails to breach above 72.4. Targets are 71.7 and 70.8.

 
 
Gold
 
Gold prices on Wednesday shook off initial declines to move higher after a U.S. Federal Reserve policy statement as chair Jerome Powell flagged lingering risks to the U.S. economy from the Delta coronavirus variant.
 

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Plan A : Attempt sell as long as gold price stays below 1811.5. Targets are 1799.4 and 1794.8. 
 
Plan B : Consider buy only if gold price trades resiliently above 1794.8. Targets are 1803 and 1811.5.
 
 
 
 
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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