Wednesday, November 18, 2020

19 November 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 closely steeply lower after a late-session sell-off on Wednesday as investors weighed surging COVID-19 infections and mounting shutdowns against encouraging vaccine developments.

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Plan A : Attempt buy if market able to hold resiliently above 29323 and rebound. Targets are 29430 and 29611.

Plan B : Remain sell as long as market stays below 29611. Targets are 29323 and 29062.



E-Mini S&P 500

U.S. stocks fell for a second straight day on Wednesday as the market’s recent rally to new records took a pause.

The Dow Jones Industrial Average dropped 344.93 points, or 1.2%, to 29,438.42 in a volatile session, after rising as much as 147 points at its session high. The S&P 500 slid 1.2%, or 41.74 points, to 3,567.79, while the tech-heavy Nasdaq Composite fell 0.8%, or 97.74 points, to 11,801.60. The major averages finished the day near their session lows.

The worsening pandemic that brought on new restrictions overshadowed positive developments on the coronavirus vaccine front.

Stocks turned sharply lower after Mayor Bill de Blasio announced New York City’s public schools will move to remote learning only as the city tries to tamp down a growing number of coronavirus cases.

Despite Wednesday’s struggle, Wall Street has still seen a strong November. The S&P 500 has gained 9.1% month to date.

Thursday morning will also bring another look at how the labor market recovery is faring amid rising cases of Covid-19. Economists surveyed by Dow Jones expect the reading for initial jobless claims to come in at 710,000, roughly flat compared with the prior week.

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Plan A : Short if market failed to support above 3561. Targets are 3535, 3508 and 3486.

Plan B : Long if market doesn't retrace much and supported firm above 3561. Targets are 3577, 3590 and 3612.


E-Mini Nasdaq

U.S. stock futures were little changed on Wednesday evening on the heels of a market slide.

The calm night for futures follows a Wednesday session that finished on a sour note. The slide for stocks accompanied mixed news about the coronavirus crisis. On Wednesday morning, Pfizer announced that a final analysis showed that its vaccine candidate was 95% effective against Covid-19. However, New York City announced during the afternoon that it was closing schools due to a rising positivity rate.

Some stay-at-home stocks jumped after the announcement of the shuttering of the nation’s largest school system. Video conferencing company Zoom Video rallied more than 3%, while Peloton gained nearly 2%.

The major benchmarks’ back-to-back pullback pared their strong gains for this month. The Nasdaq Composite is up more than 8%, lagging as investors ditch technology shares for cyclical plays.

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Plan A : Short if market failed to support above 11804. Targets are 11765, 11720 and 11676.

Plan B : Long if market doesn't retrace much and supported firm above 11804. Targets are 11835, 11866 and 11901.



HSI

Hong Kong stocks ended higher for a third straight session on Wednesday, with the automotive sector leading gains, as investors continued to cheer news of COVID-19 vaccine breakthroughs.

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Plan A : Remain buy as long as market stays firm above 26416    . Targets are 26510 and 26644.


Plan B : Consider sell only if market fails to stay firm above 26416. Targets are 26238 and 26072.



WTI Crude

Oil prices firmed by more than 1% on Wednesday on hopes OPEC and its allies will delay a planned increase in oil output and after Pfizer said its COVID-19 vaccine was more effective than previously reported.

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Plan A : Remain buy as long as oil price trades firmly above 40.9. Targets are 41.5 and 42.2

Plan B : Consider sell if oil price consistently trading below 41.5. Targets are 40.9 and 40.2



Gold

Gold prices eased on Wednesday as optimism about Pfizer's successful vaccine trials countered concerns over rising coronavirus infections and bets for further economic support.

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Plan A : Remain sell as long as gold price stays below 1885. Targets are 1876 and 1854.

Plan B : Consider buy only if gold price trades firmly above 1885. Targets are 1896 and 1910.



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, mining.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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