Highlights

Where Futures Lies

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

 

Daily Futures Trading Strategy 24 August 2021

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

 

 
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E-Mini Dow

 
Wall Street rallied on Monday, and the Nasdaq reached an all-time closing high as sentiment was boosted by full FDA approval of a COVID-19 vaccine and market participants looked ahead to the Jackson Hole Symposium expected to convene later this week.
 

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Plan A : Remain buy as long as market trades firmly above 35237. Targets are 35338 and 35529.
 
Plan B : Consider short if market surges but fails to stay firm above 35338. Targets are 35237 and 35146.


 
E-Mini S&P 500

Stocks finished higher Monday following a volatile week on Wall Street, led by reopening stocks as the Food and Drug Administration approved its first Covid-19  vaccine.

The S&P 500 added 0.8% to reach 4,479.53, just shy of a record close. 

The immediate impact of the FDA approval of the Pfizer vaccine on efforts to combat the virus could be muted until the U.S. population reaches herd immunity, which “will be a while,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

As reopening trades resurface, traders are eagerly awaiting the Jackson Hole symposium for clues on the Fed’s timeline for dialing back its $120 billion a month bond-buying program. The event, originally scheduled as an in-person gathering, will now take place virtually on Thursday and Friday for the second year in a row.

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Plan A : Short if market failed to support above 4484. Targets are 4469, 4453 and 4435.
 
Plan B : Long if market supported firm above 4484. Targets are 4495, 4506 and 4515.
 
 
 
E-Mini Nasdaq
 

Stock futures edged higher in early morning trading on Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.

The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. 

“The Fed may make a taper announcement in September or November, but it will probably be a slow taper with no commitment over interest rate hikes.” said Edward Moya, senior market analyst at Oanda.

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Plan A : Long if market supported firm above 15332. Targets are 15364, 15399 and 15425.
 
Plan B : Short if market failed to support above 15332. Targets are 15290, 15251 and 15200.
 
 
 
HSI
 
Hong Kong shares rebounded on Monday from an almost 10-month low hit last week, helped by gains in technology and healthcare stocks.
 

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Plan A : Attempt long if market trades firmly above 25050. Targets are 25158 and 25417.

Plan B : Consider short if market surges but fails to breach above 25417. Targets are 25200 and 25084.

 
 
WTI Crude
 
Oil prices jumped Monday, snapping a seven-day losing streak that was crude's worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone.
 

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Plan A : Attempt long if oil price trades firmly above 65.5. Targets are 66.3 and 67.8.

Plan B : Consider short if oil price surges but fails to breach above 66.3. Targets are 65.5 and 63.8.

 
 
Gold
 
Gold vaulted over the key $1,800 psychological level on Monday as a retreat in the dollar pushed investors to bullion, with rising coronavirus cases driving expectations that the U.S. Federal Reserve might delay tapering of economic support.
 

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Plan A : Remain buy as long as gold price trades firmly above 1794.8. Targets are 1806 and 1811.1.

 
Plan B : Consider short if gold price surges but fails to breach above 1811.1. Targets are 1805 and 1794.8.
 
 
 
 
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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