Wednesday, July 29, 2020

30 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. stock index futures ticked higher on Wednesday as investors hoped for cues of support from the Federal Reserve, while the country grappled with a spike in coronavirus cases.

Investors will keep a close watch on how the U.S. central bank addresses these economic risks at the end of its two-day meeting on Wednesday. No major policy decisions are expected in Fed’s statement which will be followed by Chair Jerome Powell’s press conference.


Emergency monetary stimulus measures along with trillions of dollars in fiscal support have been pivotal in driving a sharp recovery in the U.S. stock markets since March.

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Plan A : Attempt short if market does not breach above 26656. Targets are 26611 and 26565.
Plan B : Cut above 26701.
Plan C : Attempt long if market holds firm above 26500. Targets are 26545 and 26590.
Plan D : Cut below 26465.



E-Mini S&P 500

The Dow jumped 160.29 points, or 0.69%, to close at 26,539.57. The S&P 500 gained 1.24% to 3,258.44. The Nasdaq Composite climbed 1.35% to 10,542.94. Stocks rose as major tech shares advanced broadly and after the Federal Reserve kept interest rates unchanged.

In a statement, the Fed's policymaking committee said U.S. economic activity and employment “have picked up somewhat in recent months but remain well below their levels at the beginning of the year.” Fed Chairman Jerome Powell told reporters the Fed will maintain its historic stimulus measures until they are confident the economy has “weathered” the crisis. 

Facebook closed 1.38% higher. Amazon ended the session up 1.11% and Alphabet rose 1.32%. Apple advanced 1.92%. These companies posted solid gains even as their CEOs testified in front of Congress over antitrust concerns.

Weekly jobless claims and quarterly gross domestic product data are set for release Thursday. It will also be the busiest day of the earnings season, with Eli Lily, Alphabet, Amazon, Facebook and Gilead set to report.

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Plan A : Long if market doesn't retrace much and supported firm above 3213.25. Targets are 3235.25, 3258.50 and 3285.25.
Plan B : Short if market failed to support above 3213.25. Targets are 3185.25, 3160.75 and 3132.75.



E-Mini Nasdaq

U.S. stock futures dipped on Wednesday night following a session in which the major averages posted solid gains as the Federal Reserve pledged to maintain current stimulative measures.

The Fed kept the overnight U.S. rate in a range between 0% and 0.25%. The central bank noted that while the economy has recovered slightly, activity and employment remain “well below their levels at the beginning of the year.” Fed Chairman Jerome Powell added the central bank will keep an accommodative stance until the economy has “weathered” the effects of the coronavirus pandemic.

Both the S&P 500 and Nasdaq Composite closed more than 1% higher on Thursday. The Dow climbed 160.29 points, or 0.6%.

The major averages were also boosted by gains from big tech stocks such as Facebook, Amazon Alphabet and Apple. All four stocks ended the day up more than 1% even as their respective CEOs testified in front of Congress, addressing antitrust concerns.

The four companies are slated to report earnings Thursday after the bell. Those reports come after each stock has posted massive year-to-date gains. Facebook and Alphabet are both up more than 13% in 2020. Amazon has surged 64.2% in that time and Apple is up 29.5% this year. It will also be the busiest day of the current earnings season.

In economic news, the first reading on second-quarter gross domestic product is set for release at 8:30 a.m. ET along with the latest weekly jobless claims numbers.

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Plan A : Short if market failed to support above 10529.50. Targets are 10488.25, 10445.25 and 10389.50.
Plan B : Long if market supported firm above 10529.50. Targets are 10550.25, 10589.50 and 10630.50.


HSI

Hong Kong’s Hang Seng index edged up on Wednesday, buoyed by strong inflows from onshore market, though concerns over a resurgence of coronavirus cases in the city kept gains in check.

At the close of trade, the Hang Seng index was up 117.41 points, or 0.47%, at 24,801.94. 

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Plan A : Attempt short if market does not breach above 24998. Targets are 24925 and 24845. Cut above 25075.

Plan B : Attempt long if market rebounds from 24510. Targets are 24585 and 24660. Cut below 24435.



WTI Crude

Oil prices inched up on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check.

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Plan A : Attempt sell if oil price trades below 41.6
Plan B : Cut above 42.0
Plan C : Consider buying if oil price retrace but holds firm above 41.0
Plan D : Cut below 40.7


Gold

Gold prices climbed higher to a record on Wednesday after the Federal Reserve officials left their benchmark interest rate unchanged near zero.

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Plan A : Remain buy as long as gold price stays firm above 1937
Plan B : Exit below 1933
Plan C : Consider selling if gold price surges but fails to breach above 1967.1
Plan D : Cut above 1975

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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