23 April 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 rebounded on Wednesday as upbeat quarterly earnings reports lifted investor sentiment following a two-day selloff due to a record crash in oil prices, although companies warned of more pain in the coming months. 

Trillions of dollars in stimulus have helped Wall Street recover from its March lows and the U.S. Senate on Tuesday approved another $484 billion in relief, sending the bill to the House of Representatives for a final vote later this week. 

“Stock markets seem to think stimulus packages of both government and central banks are sufficient to neutralize the (economic) damage being done by coronavirus,” said Teeuwe Mevissen, senior market economist at Rabobank. 

“As long as this sentiment dominates the market, it doesn’t seem to matter what economic data is doing.”

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Plan A :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 23515. Targets are 23555 and 23605.

Plan D : Cut below 23480.

E-Mini S&P 500

The Dow surged 456.94 points, or 1.99%, to 23,475.82. The S&P 500 advanced 2.29% to 2,799.31. The Nasdaq Composite gained 2.81% to 8,495.38. Stocks got a boost as oil prices clawed back some of their historic losses while solid earnings lifted sentiment as well.

The overnight moves followed a bounce in U.S. equities during normal trading hours on Wednesday that helped pare the S&P 500′s 4.8% slide over Monday and Tuesday.

The West Texas Intermediate contract for June jumped 19%, erasing an earlier decline and lifting the energy sector in the S&P 500. Crude seemed to get a jolt after President Donald Trump tweeted he had “instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea.” Still, one trader notes that oil’s price action over the past few days “not only points us back to the economy and demand side, but is showing signs of spillover and contagion in risk toward other markets.”

Chipotle shares gained more than 12% after the company reported quarterly earnings that beat analyst expectations. Snap shares gained more than 36% on the back of its quarterly numbers.

Weekly jobless claims data are scheduled for release Thursday along with earnings from Domino's Pizza, Eli Lilly and Southwest Airlines.

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Plan A : Long if market doesn't retrace much and supported firm above 2773.25. Targets are 2798.50, 2819.75 and 2840.25.
Plan B : Short if market failed to support above 2773.25. Targets are 2748.25, 2725.50 and 2704.25.

E-Mini Nasdaq

U.S. stock futures were up in early morning trade Thursday as investors took a breather after the turbulence of the prior three regular sessions.

Dow futures were up 105 points, implying an opening gain of about 100 points. S&P 500 and Nasdaq futures also pointed to a positive Thursday open for the two indexes.

Violent fluctuations in the price of oil have kept markets on edge this week as a slide in demand the result of the coronavirus and persistent oversupply keep pressure on crude. 

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Plan A : Long if market doesn't retrace much and supported firm above 8654.25. Targets are 8691.25, 8723.75 and 8755.25.
Plan B : Short if market failed to support above 8654.25. Targets are 8614.25, 8580.75 and 8552.25.

HSI

Hong Kong shares closed up on Wednesday, erasing earlier losses, as optimism around further fiscal stimulus from Beijing to shore up the economy outweighted worries about further turmoil in the energy sector.

At the close of trade, the Hang Seng index was up 99.81 points, or 0.42%, at 23,893.36.

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Plan A : Short if market does not breach above 24090. Targets are 24005 and 23920. Cut above 24175.

Plan B : Long if market rebounds from 24104. Targets are 24179 and 24274. Cut below 24030.


WTI Crude

Oil jumped 40% at the high on Wednesday, recovering from early losses in a volatile overnight trading session that saw international benchmark Brent crude fall to its lowest level in more than 20 years.

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Plan A : Attempt sell if oil price trades below 14.2
Plan B : Cut above 14.7
Plan C : Consider buying only if oil price test and holds firm above 13.4
Plan D : Cut below 13.1


Gold

Gold prices jumped as much as 1.9% on Wednesday on expectations for more fiscal and monetary stimulus measures amid massive economic damage due to stay-at-home and business shutdown orders around the world to limit the spread of the novel coronavirus.

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Plan A : Remain buy as long as gold price trades above 1709
Plan B : Exit below 1703
Plan C : Consider selling only if gold price surges but fails to breach above 1738
Plan D : Cut above 1743

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.