Thursday, July 16, 2020

17 July 2020 Foreign

FUTURESCOIN IS GOING GLOBAL


WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

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E-Mini Dow

Wall Street was set to open lower on Thursday as concerns about the economic toll from another round of shutdowns across the United States offset data showing a higher-than-expected rise in domestic retail sales in June.
The Commerce Department’s report showed retail sales jumped 7.5% last month compared with economists’ forecast of 5%, signalling the economy was continuing to limp out of a coronavirus-driven slump as several states eased lockdowns from May.
But a recent surge in domestic COVID-19 cases has forced states such as California to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally.

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Plan A : Continue to hold short as long as market stays below 26770. Targets are 26725 and 26680.
Plan B : Cut above 26815.
Plan C : Attempt to long if market tested and rebounds from 26615. Targets are 26660 and 26705.
Plan D : Cut below 26570.



E-Mini S&P 500


The Dow fell 135.39 points, or 0.50%, to 26,734.71. The S&P 500 dipped 0.34% to 3,215.57. The Nasdaq Composite closed 0.73% lower at 10,473.83. Stocks closed lower as tech struggled once again while traders pored over mixed economic data.

Microsoft shares fell 1.98% and Apple dipped 1.23%. Amazon closed around the flatline along with Facebook. Netflix was the outperformer among Big Tech stocks, rising 0.79% ahead of its earnings release. Major tech stocks — which have been the stalwarts in the market this year — are mostly down for the week.

The weekly jobless claims number came in slightly worse than expected. The Labor Department said a total of 1.3 million Americans filed for unemployment benefits last week, compared to Dow Jones estimates of 1.25 million first-time filers. However, retail sales jumped 7.5% in June, topping expectations of a 5.2% increase per Dow Jones. This reading came after May’s 17.7% surge, which blew past estimates and was the largest reading on record.

Consumer sentiment data along with BlackRock earnings are set for release Friday.

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Plan A : Short if market failed to support above 3203.25. 3175.25, 3152.25 and 3131.75.

Plan B : Long if market doesn't retrace much and supported firm above 3203.25. Targets are 3228.25, 3246.75 and 3269.25.



E-Mini Nasdaq

U.S. stock futures were up slightly Thursday night following a volatile session in that snapped a four-day winning streak for one of the major averages. 

Dow Jones Industrial Average futures gained 91 points, or 0.3%. S&P 500 futures climbed 0.3% as well and Nasdaq-100 futures advanced 0.6%. 

During regular trading, the Dow slid 135 points, or 0.5%, to post is first daily decline in five days. The S&P 500 and Nasdaq Composite dipped 0.3% and 0.7%, respectively. Those losses came amid a mixed batch of U.S. economic data. 

Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down 10% in after-hours trading. The company’s guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock.

Those results come as Netflix, along with other major tech stocks, have struggled this week. Facebook, Amazon, Alphabet and Microsoft are all down week to date.

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Plan A : Long if market supported firm above 10572.50. Targets are 10600.50, 10635.50 and 10680.25.

Plan B : Short if market failed to support above 10572.50. Targets are 10520.50, 10485.25 and 10442.25.


HSI

Hong Kong shares on Thursday fell the most in more than a month, weighed down by concerns about policy tightening after China posted a better-than-expected economic rebound in the second quarter and as Sino-U.S. relations deteriorated.

At the close of trade, the Hang Seng index was down 510.89 points or 2% at 24,970.69. 

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Plan A : Attempt short if market falls below 24915. Targets are 24840 and 24755. Cut above 24990.

Plan B : Attempt long if market tested and rebounds firmly from 24405. Targets are 24480 and 24565. Cut below 24330.



WTI Crude

Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.

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Plan A : Attempt buy if oil price trades firmly above 40.7
Plan B : Cut below 39.9
Plan C : Consider selling if oil price breaks below 40.7
Plan D : Cut above 41.6




Gold

Gold fell below the key $1,800 level on Thursday as the dollar strengthened and the European Central Bank kept its monetary policy on hold, prompting some investors to lock in profits.


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Plan A : Attempt sell if gold price trades below above 1807.6
Plan B : Cut above 1816
Plan C : Consider buying if gold price holds firm above 1796
Plan D : Cut below 1791



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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