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 retreated on Wednesday as another batch of dismal first-quarter earnings reports and a slide in oil prices lent credence to forecasts for the biggest economic slump since the 1930s.
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Plan A : Continue to short if market does not breach above 23595. Targets are 23560, 23520 and 23475.
Plan B : Cut above 23630.
Plan C : Long if market rebounds from 23595. Targets are 23640 and 23685.
Plan D : Cut below 23560.
Plan D : Cut below 23560.
E-Mini S&P 500
The Dow slid 445.41 points, or 1.86% to 23,504.35. The S&P 500 fell 2.20% to close at 2,783.36. The Nasdaq Composite closed 1.44% lower at 8,393.18. Stocks were under pressure as dismal economic data and weak bank earnings dented market sentiment.
Retail sales during the month of March plunged a record 8.7%, marking the largest one-month decline since the Commerce Department began tracking the series in 1992. Manufacturing in the New York area also slumped by its biggest margin ever to a historic low, surpassing the levels seen in the throes of the Great Recession. “This points to a very severe recession because this is just the beginning of a series,” notes one economist.
Bank of America shares dropped 6.49% after the banking giant posted quarterly results that were below expectations. Citigroup’s stock was also under pressure after the company posted its first-quarter earnings.
Weekly jobless claims are scheduled for release Thursday. Morgan Stanley is among the companies scheduled to report earnings.
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Plan A : Short if market failed to support above 2801.25. Targets are 2776.25, 2758.25 and 2735.75.
Plan B : Long if market doesn't retrace much and supported firm above 2801.25. Targets are 2823.25, 2845.25 and 2866.25.
Plan C : Long if market retraced but supported firm above 2756.25. Targets are 2781.50, 2800.25 and 2819.25.
Plan D: Short if market failed to support above 2756.25. Targets are 2732.25, 2710.25 and 2688.25.
Plan B : Long if market doesn't retrace much and supported firm above 2801.25. Targets are 2823.25, 2845.25 and 2866.25.
Plan C : Long if market retraced but supported firm above 2756.25. Targets are 2781.50, 2800.25 and 2819.25.
Plan D: Short if market failed to support above 2756.25. Targets are 2732.25, 2710.25 and 2688.25.
E-Mini Nasdaq
Futures contracts tied to the major U.S. stock indexes recovered earlier losses and pointed to opening gains ahead of key jobless claims data.
In early Thursday morning trading, Dow futures rose 227 points, implying an opening gain of about 228 points. S&P 500 and Nasdaq futures also pointed to higher opens Thursday.
Earlier, Dow futures had fallen more than 100 points.
The overnight moves followed a slump during the regular trading session on Wednesday as gloomy economic data and anemic bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy.
Central to Thursday’s session will be the Labor Department's report on last week's initial jobless claims, which economists polled by Dow Jones expect to total 5 million.
The jobless figures have proved a key retrospective gauge for those tracking the ailing health of the U.S. economy, with last week’s 6.61 initial claims. Last week’s print brought total claims over the three weeks prior to more than 16 million, implying that about 10% of the U.S. workforce had filed for unemployment benefits over that time.
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Plan A : Short if market failed to support above 8629.25. Targets are 8588.25, 8559.75 and 8525.25.
Plan B : Long if market doesn't retrace much and supported firm above 8629.25. Targets are 8659.25, 8685.75 and 8712.25.
Plan C : Long if market retraced but supported firm above 8559.25. Targets are 8598.75, 8630.25 and 8657.25.
Plan D : Short if market failed to support above 8559.25. Targets are 8519.25, 8491.25 and 8462.75.
Plan B : Long if market doesn't retrace much and supported firm above 8629.25. Targets are 8659.25, 8685.75 and 8712.25.
Plan C : Long if market retraced but supported firm above 8559.25. Targets are 8598.75, 8630.25 and 8657.25.
Plan D : Short if market failed to support above 8559.25. Targets are 8519.25, 8491.25 and 8462.75.
HSI
HSI
Hong Kong’s benchmark share index ended lower on Wednesday as forecast of a deep recession this year by the International Monetary Fund outweighed a monetary stimulus from China’s central bank.
At the close of trade, the Hang Seng index was down 290.06 points, or 1.19%, at 24,145.34.
Hong Kong’s benchmark share index ended lower on Wednesday as forecast of a deep recession this year by the International Monetary Fund outweighed a monetary stimulus from China’s central bank.
At the close of trade, the Hang Seng index was down 290.06 points, or 1.19%, at 24,145.34.
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Plan A : Short if market stays below 23895. Targets are 23820 and 23725. Cut above 23980.
Plan B : Long if market tested and rebounds from 23515. Targets are 23590 and 23675. Cut below 23440.
WTI Crude
Oil dropped to its lowest level in more than 18 years on Wednesday amid reports suggesting persistent oversupply and collapsing demand due to global coronavirus-related lockdowns could continue to hammer prices.
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Plan A : Remain sell as long as oil price stays below 21.3
Plan B : Exit above 22.0
Plan C : Consider buying only if oil price able to hold above 20.1
Plan D : Cut below 19.2
Gold
Gold prices fell on Wednesday, a day after scaling over seven-year highs, as the dollar firmed and investors booked profits, although concerns of a global recession put a floor under prices.
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Plan A : Remain sell as long as gold price trading below 1759.8
Plan B : Cut above 1769.9
Plan C : Consider buying only if gold price trades firmly above 1738
Plan D : Cut below 1731
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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