11 March 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 index futures jumped about 4% on Tuesday, clawing back dramatic losses recorded a day earlier on rising hopes for coordinated policy easing to avert a global recession from the coronavirus epidemic. 

Wall Street’s main indexes plunged more than 7% on Monday - the 11th anniversary of the longest U.S. bull run - as oil prices plummeted following pledges by top producers Saudi Arabia and Russia to increase output in an over-supplied market. 

The selloff on Monday was so sharp it triggered trading halts put in place in the wake of 1987’s “Black Monday” crash, with the blue-chip Dow Jones shedding as much as 2,000 points and the indexes slipping toward a bear market.

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Plan A : Attempt to short if market does not breach above 25025. Targets are 24990, 24950 and 24905.

Plan B : Cut above 25060.

Plan C : Attempt to long only if market tested and rebounds from 24525. Targets are 24560, 24600 and 24645.

Plan D : Cut below 24490.

E-Mini S&P 500

The Dow gained 1,167.14 points, or 4.89%, to close at 25,018.16. The S&P 500 advanced 4.94% to 2,882.23. The Nasdaq Composite jumped 4.95% to close at 8,344.25. Stocks traded wildly for most of Tuesday’s session as Wall Street weighed the prospects of fiscal stimulus to stem an economic slowdown from the coronavirus.

President Donald Trump floated the idea of “a payroll tax cut or relief” to offset the economic fallout from the coronavirus. However, administration officials told CNBC that the White House is not close to rolling out specific proposals to deal with a coronavirus-induced economic slowdown. CNBC later learned Trump pitched a 0% payroll tax rate for the rest of 2020. The uncertainty around fiscal stimulus left the major averages swinging in wide ranges throughout the session. The Dow, for example, was up more than 900 points at its session highs. At its lows of the day, the Dow was down 160 points. Bottom line: Investors want fiscal measures to prevent a massive economic slowdown sooner rather than later.

Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all rose more than 4% to lead the market higher. JPMorgan Chase was among the best-performing Dow stocks, gaining 7.77%.

Weekly mortgage applications data is set for release at 7 a.m. The latest reading on the U.S. consumer price index is scheduled for 8:30 a.m. and new federal budget numbers are due at 2 p.m. ET.  There are no major earnings reports scheduled for Wednesday.

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Plan A : Long if market supported firm above 2813.25. Targets are 2828.25, 2839.25 and 2847.50.
Plan B : Short if market failed to support above 2813.25. Targets are 2798.25, 2787.25 and 2776.50.

E-Mini Nasdaq

U.S. stock futures fell sharply on Wednesday morning stateside, pointing to another volatile session on Wall Street.

As of 3:48 a.m. ET Wednesday, Dow Jones Industrial Average futures were down 494 points, indicating a loss of 636 points at the open. S&P 500 and Nasdaq 100 futures also pointed to losses.

The move down in futures comes after the major averages regained a chunk of their losses on Tuesday. The Dow rallied more than 1,100 points while the S&P 500 had its best one-day performance since Dec. 26, 2018.

Investors keep monitoring the impact of the coronavirus on all the major economies. Market players are also looking at fiscal and monetary policy responses. President Donald Trump suggested Tuesday a 0% payroll tax rate that could last until the end of the year. 

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Plan A : Long if market supported firm above 8182.25. Targets are 8212.50, 8233.25 and 8250.75.
Plan B : Short if market failed to support above 8182.25. Targets are 8142.75, 8112.25 and 8082.25.

HSI

Hong Kong shares rebounded on Tuesday from sharp losses in the previous two sessions as investors hoped that coordinated fiscal and monetary support from global policymakers would boost economies hit by the coronavirus and limit financial contagion.

At the close of trade, the Hang Seng index was up 352.05 points, or 1.41%

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Plan A : Long only if market rebounds from 25614. Targets are 25689 and 25774. Cut below 25538.
Plan B : Short if market recovers but does not breach above 25998. Targets are 25923 and 25838. Cut above 26075.

WTI Crude

Oil prices surged on Tuesday following reports that ongoing talks between OPEC and its allies, known as OPEC+, remain possible. The move came despite a possible increase in production from Saudi Arabia and Russia.

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Plan A : Remain buy as long as oil price stays above 33.5

Plan B : Cut below 32.9

Plan C : Consider selling if oil price fails to breach and stay firm above 34.5

Plan D : Cut above 35.0

Gold

Gold slid over 1% on Tuesday, after breaching the $1,700 ceiling in the previous session, as signs of global policy easing to cushion the economic impact from the virus epidemic eased some of the investors' concerns.

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Plan A : Attempt buy only if gold price holds firm above 1650

Plan B : Cut below 1641

Plan C : Consider selling if gold price surges but fails to breach above 1663

Plan D : Cut above 1667.8

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 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.