Tuesday, July 7, 2020

08 July 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. stocks fell on Tuesday, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new U.S. coronavirus cases rose further.

Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida’s greater Miami area rolled back its reopening.

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Plan A : Continue to hold short as long as market stays below 25980. Targets are 25935 and 25880.
Plan B : Cut above 26025.
Plan C : Attempt to long if market tested and rebounds from 25718. Targets are 25765 and 25820.
Plan D : Cut below 25673.



E-Mini S&P 500

The Dow slid 396.85 points, or 1.51%, to close at 25,890.18. The S&P 500 declined 1.08% to end the day at 3,145.32. The Nasdaq Composite fell 0.86% to 10,343.89. Stocks gave back some of the sharp gains from the previous session as a tech rally fizzled out and re-opening names were under pressure.

Shares of the major tech companies closed well off their session highs, putting pressure on the major averages. Netflix closed around the flatline after hitting a record high along with Microsoft, Alphabet, Apple and Facebook also pared gains towards the end of the day.

Names that would benefit from the economy recovering also fell on Tuesday. Carnival Corp dropped 6.66% and Delta Air Lines slid 5.03%. Retailers Gap and Nordstrom closed lower by 4.32% and 3.73%, respectively.

Weekly mortgage applications data and Bed Bath & Beyond earnings are set for release Wednesday.

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Plan A : Short if market failed to support above 3131.25. Targets are 3105.50, 3082.25 and 3061.75.
Plan B : Long if market doesn't retrace much and supported firm above 3131.25. Targets are 3156.50, 3175.25 and 3200.25.




E-Mini Nasdaq

U.S. stock futures were slightly higher during Wednesday’s early morning trade, following weakness in equities in the previous session. 

At around 4:05 a.m. ET, Dow futures rose 90 points. S&P 500 futures and Nasdaq-100 futures were both in positive territory. 

On Tuesday, the Dow Jones Industrial Average fell 397 points, or 1.5%, breaking a two-day winning streak. The Dow was brought down by a 4.8% drop in Boeing. The S&P 500 also registered a loss, slipping 1.1%, to break a five day win streak. 

The Nasdaq Composite lost 0.86%, after notching its 27th intra-day all-time high of the year earlier in the session on Tuesday. The technology-heavy index was positive for most of the day thanks to strength in Apple, Microsoft, Facebook and Netflix, which all hit record highs. 

“While significant gains in technology stocks kept the market afloat yesterday, even these market darlings capitulated during the afternoon hours today,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.

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Plan A : Long if market doesn't retrace much and supported firm above 10502.25. Targets are 10533.25, 10565.50 and 10599.75.
Plan B : Short if market failed to support above 10502.25. Targets are 10468.25, 10430.50 and 10403.25.


HSI


Hong Kong shares fell on Tuesday as a rally that pushed the city’s benchmark index sharply higher over four days lost steam, with investors booking profits from recent gains.

At the close of trade, the Hang Seng index was down 363.50 points, or 1.38%, at 25,975.66, after rising as much as 1.68% in the morning session. The index had rallied 8.39% over the previous four sessions. 

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Plan A : Attempt short if market falls below 25710. Targets are 25635 and 26310. Cut above 25550.

Plan B : Attempt long if market tested and rebounds from 25069. Targets are 25144 and 25235. Cut below 24995.


WTI Crude

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand.


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Plan A : Remain buy as long as oil price stays firm above 39.9
Plan B : Exit below 39.4
Plan C : Consider selling if oil price surges but fails to breach above 40.7
Plan D : Cut above 41.6


Gold

Gold bounced back on Tuesday, within a striking distance of the key $1,800 per ounce level, as a sharp jump in COVID-19 cases boosted hopes for more accommodative monetary policy measures and demand the safe-haven metal.


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Plan A : Remain buy as long as gold price stays firm above 1800
Plan B : Exit below 1794
Plan C : Consider selling if gold price surges but fails to breach above 1807.6
Plan D : Cut above 1811

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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