Tuesday, August 25, 2020

26 August 2020 Foreign

        FUTURESCOIN IS GOING GLOBAL


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

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E-Mini Dow


The S&P 500 and the Nasdaq hit all-time closing highs on Tuesday, but a drop in Apple stock capped gains from positive developments in U.S.-China trade and fresh progress in the medical battle against the coronavirus pandemic.

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Plan A : Remain long as long as market trades firmly above 28160. Targets are 28330 and 28418.
Plan B : Exit below 28100.
Plan C : Attempt short if market surges but stays below 28418. Targets are 28330 and 28220.



E-Mini S&P 500

The Dow slid 60.02 points, or 0.2%, to 28,248.44 as shares of Apple snapped a 5-day winning streak. However, the S&P 500 gained 0.4% to close at 3,443.62. The benchmark hit another record on strength in other tech shares. The Nasdaq Composite advanced 0.8% to 11,466.47, also a record.

The U.S. Census reported a 36% surge in sales of newly built homes in July. However, the Conference Board’s consumer confidence index fell for a second straight month. Those mixed data sets come ahead of a key speech from Federal Reserve Chairman Jerome Powell later this week. 

Salesforce shares rose 4% while Amgen and Honeywell were both up by at least 3% after it was announced the three companies will be added to the Dow later this month. The three stocks they will replace — ExxonMobil, Pfizer and Raytheon Technologies dropped 3%, 1% and 1.5%, respectively. Apple, meanwhile, dropped 0.8% to snap a five-day winning streak. Shares of Facebook, Amazon and Microsoft were higher.

Data on weekly mortgage applications and durable goods orders are set for release Wednesday. 

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Plan A : Long if market retraced but supported firm above 3422.25. Targets are 3438.25, 3452.50 and 3465.75

Plan B : Short if market failed to support above 3422.25. Targets are 3397.25, 3370.50 and 3332.50.



E-Mini Nasdaq

U.S. stock futures were flat in overnight trading on Tuesday after the S&P 500 closed at a new record high. 

On Tuesday, the Dow Jones Industrial Average lost 60 points as Apple, the gauge’s biggest influence, snapped a five-day winning streak. The tech giant closed the session down about 0.8%. 

The S&P 500 gain 0.36%, to notch its 17th record close of 2020. The Nasdaq Composite also closed at a record after popping 0.76%. Shares of Facebook rose more than 3%. 

China and the U.S. resumed trade talks on Tuesday. In a statement, the Office of the U.S. Trade Representative said that both sides made “progress and are committed to taking the steps necessary to ensure the success of the phase one trade deal". 

Markets were “bolstered by converts finally joining the party, by recent persistent declines in Covid cases, the halo of ongoing new treatments, and renewed progress on trade negotiations with China,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. 

Earnings season continues on Wednesday with Dick's Sporting Goods, Express and Royal Bank of Canada reporting before the opening bell. Box, NetApp, Splunk and Williams-Sonoma will report after the bell on Wednesday. 

Later this week, the Federal Reserve will hold its annual symposium on monetary policy. Wall Street will look for clues on further stimulus and where the economy is headed out of the event. Investors will be looking specifically for Powell’s comments on inflation and its impact on the dollar. 


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Plan A : Short if market failed to support above 11696.25. Targets are 11650.25, 11612.25 and 11569.50.

Plan B : Long if market retraced but supported firm above 11635.25. Targets are 11662.25, 11698.25 and 11721.75.


HSI

Hong Kong shares closed lower on Tuesday, dragged down by healthcare and property stocks.

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Plan A : Attempt short if market stays below 25500. Targets are 25410 and 25310. Cut above 25550.

Plan B : Consider long if market trades firmly above 25310. Targets are 25410 and 25510. Cut below 25250.



WTI Crude

Crude oil prices rose on Tuesday, hitting a five-month high as U.S. producers shut most output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases in Asia and Eurtope capped gains.

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Plan A : Attempt buy as long as oil price stays above 42.6
Plan B : Exit below 41.9
Plan C : Consider selling if oil price surges but fails to breach above 43.4
Plan D : Cut above 43.8

Gold

Gold prices fell on Tuesday as growing optimism over U.S.-China trade relations dented the metal's safe-haven appeal, while investors awaited a speech by Federal Reserve Chair Jerome Powell this week.

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Plan A : Attempt buy if gold price trades firmly above 1922
Plan B : Cut below 1910
Plan C : Consider selling if gold price trades below 1935
Plan D : Cut above 1946

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 correction, 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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