FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
E-Mini Dow
U.S. stock index futures tumbled on Wednesday, pointing to another volatile session for Wall Street as a bounce from sweeping stimulus measures was eclipsed by growing signs of coronavirus damage to corporate America.
Wall Street’s main indexes had bounced on Tuesday from a massive selloff a day earlier, as the Trump administration pressed for a $1 trillion stimulus package and the Federal Reserve relaunched a plan to purchase short-term corporate debt.
However, investors fear that even dramatic stimulus will not be able to avert a deep recession as the COVID-19 disease continues to spread rapidly across the globe and estimates for the duration of the damage extend out into the summer.
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Plan A : Continue to short if market does not breach above 20279. Targets are 20244, 20205 and 20160.
Plan B : Cut above 20315.
Plan C : Attempt to long only if market rebounds from 20280. Targets are 20315, 20355 and 20400.
Plan D : Cut below 20245.
Plan D : Cut below 20245.
E-Mini S&P 500
Futures contracts tied to the major U.S. stock indexes pointed to modest gains at the open Thursday morning.
As of 4:47 a.m. ET, Dow futures were 38 points lower, implying an opening gain of 65.08 points. S&P 500 and Nasdaq futures also pointed to slightly higher opens for the two indexes, though futures contracts trading can change rapidly overnight.
The moves followed yet another violent day on Wall Street on Wednesday as investors swung back to pessimism after Tuesday’s 6% bounce.
The Dow dropped 1,338.46 points, or 6.3%, on Wednesday and clinched its first close below 20,000 since February 2017. The Dow was down more than 2,300 points at the lows of the session. The S&P 500 dropped 5.18% to 2,398.10 and closed nearly 30% below a record set last month as both indexes sank further into bear markets.
An eye-watering spike in Treasury yields has also kept investors anxious. The 10-year Treasury rate rose 22 basis points to 1.18% on Wednesday following a rise of more than 30 basis points on Tuesday as it rebounds from record lows.
Futures contracts tied to the major U.S. stock indexes pointed to modest gains at the open Thursday morning.
As of 4:47 a.m. ET, Dow futures were 38 points lower, implying an opening gain of 65.08 points. S&P 500 and Nasdaq futures also pointed to slightly higher opens for the two indexes, though futures contracts trading can change rapidly overnight.
The moves followed yet another violent day on Wall Street on Wednesday as investors swung back to pessimism after Tuesday’s 6% bounce.
The Dow dropped 1,338.46 points, or 6.3%, on Wednesday and clinched its first close below 20,000 since February 2017. The Dow was down more than 2,300 points at the lows of the session. The S&P 500 dropped 5.18% to 2,398.10 and closed nearly 30% below a record set last month as both indexes sank further into bear markets.
An eye-watering spike in Treasury yields has also kept investors anxious. The 10-year Treasury rate rose 22 basis points to 1.18% on Wednesday following a rise of more than 30 basis points on Tuesday as it rebounds from record lows.
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Plan A : Long only if market supported firm above 2367.25. Targets are 2387.25, 2400.50 and 2417.50.
Plan B : Short if market failed to support above 2367.25. Targets are 2345.25, 2332.25 and 2312.75.
Plan A : Long only if market supported firm above 2367.25. Targets are 2387.25, 2400.50 and 2417.50.
Plan B : Short if market failed to support above 2367.25. Targets are 2345.25, 2332.25 and 2312.75.
Plan B : Short if market failed to support above 2367.25. Targets are 2345.25, 2332.25 and 2312.75.
E-Mini Nasdaq
The New York Stock Exchange said Wednesday it will temporarily close its historic trading floor and move fully to electronic trading after two people tested positive for coronavirus infection at screenings it had set up this week.
All-electronic trading will begin on March 23 at the open, the exchange said. The facilities to be closed are the NYSE equities trading floor and NYSE American Options trading floor in New York, and NYSE Arca Options trading floor in San Francisco.
The closure was in part as a result of positive coronavirus tests of two people, Stacey Cunningham, President of the NYSE, told CNBC. The entrants were stopped at the medical screenings at the Big Board.
The stock market has closed at times over the years, such as during World War II and in the wake of 9/11, but this is the first time the physical trading floor of the Big Board has ever shut independently while electronic trading continues.
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Plan A : Long if market supported firm above 7175.25. Targets are 7214.50, 7248.75 and 7272.50.
Plan B : Short if market failed to support above 7175.25. Targets are 7135.25, 7102.25 and 7078.25
Plan B : Short if market failed to support above 7175.25. Targets are 7135.25, 7102.25 and 7078.25
HSI
HSI
Hong Kong stocks slumped on Wednesday to their lowest close in more than three years, joining a sell-off in other Asian markets as mounting worries over the rapid spread of the coronavirus outbreak outside China dashed risk sentiment.
The Hang Seng index fell 4.2% to 22,291.82, its lowest close since January 2017.
Hong Kong stocks slumped on Wednesday to their lowest close in more than three years, joining a sell-off in other Asian markets as mounting worries over the rapid spread of the coronavirus outbreak outside China dashed risk sentiment.
The Hang Seng index fell 4.2% to 22,291.82, its lowest close since January 2017.
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Plan A : Continue to short if market does not breach above 22844. Targets are 222769 and 22684. Cut above 22920.
Plan B : Long only if market rebounds from 22282. Targets are 22357 and 22442. Cut below 22207.
WTI Crude
Oil dropped 24% to a more than 18-year low on Wednesday as the coronavirus pandemic continues to sap demand for crude, and as rising worries about a global recession lead to fears of longer-term demand destruction.
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Plan A : Attempt buying only if oil price able to hold firm above 22.0
Plan B : Cut below 21.1
Plan C : Consider selling if oil price recovers but fails to breach above 24.1
Plan D : Cut above 25.0
Gold
Gold dropped nearly 3% on Wednesday as investors dumped precious metals in favour of cash after additional stimulus measures by the United States failed to calm market hit by mounting fears over the economic downside from the coronavirus.
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Plan A : Attempt buying if gold price able to hold firm above 1480.4
Plan B : Cut below 1477.4
Plan C : Consider selling if gold price recovers but fails to breach and stay firm above 1498.8
Plan D : Cut above 1502
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.
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