29 January 2020 Foreign

FUTURESCOIN IS GOING GLOBAL

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

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E-Mini Dow

U.S. stock indexes were on track to recover on Tuesday after the S&P 500 suffered its worst day in nearly four months in the previous session on fears that a corona-virus outbreak could hit global economic growth.

Markets across the world stabilised as the head of the World Health Organisation (WHO) said he was confident in China’s ability to contain the virus outbreak, which has killed 106 people, prompted businesses to close operations and curbed travel.

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Plan A : Attempt long if market trades firmly above 28730. Targets are 28765, 28805 and 28850.

Plan B : Cut below 28695.

Plan C : Attempt to short if market does not breach above 28860. Targets are 28825, 28785 and 28740.

Plan D : Cut above 28895.

E-Mini S&P 500

Stocks rose on Tuesday following the market’s biggest sell-off in more than three months as investors grapple with lingering fears over a possible coronavirus outbreak.

The Dow jumped 187.05 points, or 0.66%, to 28,722.85, snapping a five-day losing streak. The S&P 500 climbed 1.01% to 3,276.24 while the Nasdaq Composite advanced 1.45% to 9,271.95. At its high of the day, the Dow was up more than 280 points.

Apple and Goldman Sachs led the Dow’s gains, rising more than 1.8% each. The S&P 500 was led higher by the tech and financials sectors, both of which surged more than 1%. The two sectors were among the hardest hit as worries over the virus increased.

The Dow and S&P 500 had their biggest drop since October on Monday. The Dow plunged more than 450 points while the S&P 500 logged in its first pullback of at least 1% in 74 sessions. The Nasdaq also had its biggest one-day decline since August amid fears the spreading coronavirus could hurt the global economy.

Corporate earnings season remains in focus, after Goldman Sachs and Apple led the Dow’s gains on Tuesday. AT&T, Boeing, General Electric, Mastercard and McDonald's are all set to report before the bell on Wednesday, while earnings for behemoths Facebook, Microsoft and Tesla will all come in after the close of trade.

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Plan A : Short if market failed to support above 3267.25. Targets are 3252.25, 3240.50 and 3231.75.
Plan B : Long if market retraced but supported firm above 3267.25. Targets are 3282.50, 3290.25 and 3329.25.

E-Mini Nasdaq

U.S. stock index futures rose on Wednesday morning as markets continue to rebound from Monday’s heavy sell-off.

At around 2 a.m. ET, Dow futures were up by 55 points and implied a positive open of more than 92 points, while futures on the S&P 500 and Nasdaq were also higher.

Markets rallied on Tuesday to snap a five-day losing streak and begin a recovery from the largest sell-off in more than three months on Monday, resulting from global concern over the spread of the Chinese coronavirus.

Chinese officials said late Tuesday that the death toll has risen to 132 with total cases in China now standing at 5,974. The White House told U.S. airlines on Tuesday that the administration is considering a suspension of flights from China to the U.S.

Investors will be closely watching the U.S. Federal Reserve on Wednesday afternoon, as the central bank convenes for its first monetary policy meeting of the decade.

The main interest rate is widely expected to hold steady in the 1.50% to 1.75% range, but the market will likely be attuned late in the session to Fed Chair Jerome Powell’s speech, particularly any comments about the Fed’s repo program or the potential economic impact of the coronavirus outbreak.

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Plan A : Long if market supported firm above 9106.25. Targets are 9135.25, 9154.25 and 9172.50.
Plan B : Short if market failed to support above 9106.25. Targets are 9072.50, 9054.25 and 9032.75.

HSI

Hong Kong stocks ended slightly firmer in half-day trade on Friday with most participants staying away ahead of the Chinese New Year holiday, but investors were cautious as fears persisted over the spread of a corona-virus outbreak in China.

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Plan A : Above 28055, do nothing.
Plan B : Below 27356, do nothing.
Plan C : Attempt to long if market tested and rebounds from 27499.
Plan D : Cut below 27425.
Plan E : Consider to short if market does not breach above 27980. 
Plan F : Cut above 28055.

WTI Crude Oil

Oil futures edged up on Tuesday after falling for five days, gaining support from a rebound in Wall Street stocks and talk that OPEC and its allies might tighten the market amid fears the coronavirus could weigh on oil demand.

Brent futures rose 13 cents, or 0.2%, to $59.43 a barrel, while U.S. WTI crude gained 34 cents, or 0.6%, to settle at $53.48 per barrel.

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Plan A : Long if market supported firm above 53.97. Targets are 54.19, 54.32 and 54.48.

Plan B : Short if market failed to support above 53.97. Targets are 53.76, 53.61 and 53.46.

Gold

Gold prices were little changed on Wednesday after sliding 1% in the previous session, as investors evaluated the economic impact from the coronavirus outbreak in China, and awaited a policy decision from the U.S. Federal Reserve due later in the day.

Spot gold was almost unchanged at $1,565.67 per ounce by 0446 GMT. U.S. gold futures fell 0.3% to $1,564.60.

The virus has caused panic in the market as it is spreading quickly and there is little known about it. It has claimed 132 lives so far and infected nearly 6,000 in China.

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Plan A : Long if market supported firm above 1568.90. Targets are 1575.20, 1581.30 and 1586.50.

Plan B : Short if market failed to support above 1568.90. Targets are 1560.30, 1554.40 and 1549.30.

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 and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correctaysion, 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.