12 May 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 fell on Monday following a strong week of gains for Wall Street, as investors turned cautious about a second wave of coronavirus infections with several countries reopening economies.

After financial markets began pricing in negative U.S. interest rates for the first time ever last week, all eyes will be on Federal Reserve Chair Jerome Powell’s outlook on the economy at a webcast event on Wednesday.

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Plan A : Short if market falls below 24185. Targets are 24145, 24105 and 24055.

Plan B : Cut above 24225.

Plan C : Long if market tested and rebounds from 24055. Targets are 24100 and 24155.

Plan D : Cut below 24020.

E-Mini S&P 500

U.S. stocks were mixed as traders assessed the latest moves around the globe to relax restrictions amid the coronavirus pandemic.

The S&P 500 was little changed, the Dow Jones Industrial Average fell and the Nasdaq 100 rose for a sixth day -- its longest winning streak this year. The dollar climbed, while Treasuries dropped. Oil erased gains driven by Saudi Arabia’s plan to deepen output cuts.

Earlier Monday, the S&P 500 rose as New York Governor Andrew Cuomo said businesses including construction, curbside retail, drive-in movies and some recreational activities will reopen this week on a regional basis. The state reported 161 additional deaths, the lowest since late March. Still, Mayor Bill de Blasio said the lockdown in New York City is likely to continue into June.

While bouncing swiftly from their March lows, the S&P 500 and the Dow are still well in the negative territory for the year, down 9.3% and 15.1%, respectively. Energy remained the worst-performing sector among the 11 S&P 500 groupings, with a 36% loss in 2020.

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Plan A : Long if market doesn't retrace much and supported firm above 2908.25. Targets are 2933.25, 2955.50 and 2972.75.

Plan B : Short if market failed to support above 2908.25. Targets are 2883.25, 2860.25 and 2839.75.

E-Mini Nasdaq

Stocks futures fell in overnight trading on Monday as investors evaluated the latest attempts to re-open the economy.

Futures on the Dow Jones Industrial Average dropped 221 points, implying a Tuesday opening decline of about 229 points. Futures on the S&P 500 and Nasdaq also pointed to Tuesday opening losses for the two indexes.

The tech-heavy Nasdaq Composite rose for a sixth day in the previous session, posting its longest winning streak this year. With Monday’s gain, the gauge is firmly in the green on the year, up 2.4% and sitting just 6.5% from its record high reached on Feb. 19.

Investors continued to pile into tech firms whose businesses proved to have the most resilient in the age of coronavirus crisis. Shares of Amazon and Netflix both soared more than 30% this year, while Microsoft gained 18%. Chip maker Nvidia also hit an all-time high on Monday, bringing its 2020 gains to 37%.

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Plan A : Long if market retraced but supported firm above 9228.25. Targets are 9265.25, 9296.25 and 9321.50.

Plan B : Short if market rebounded but failed to support above 9264.25. Targets are 9223.25, 9194.25 and 9160.75.

Plan C : Long only if market doesn't retrace much and supported firm above 9264.25. Targets are 9290.25, 9321.25 and 9350.75.

HSI

Hong Kong stocks tracked Wall Street higher on Monday as more countries looked to restart their economies, though gains were capped by fears of a coronavirus resurgence in mainland China.

At the close of trade, the Hang Seng index was up 371.89 points, or 1.53%, at 24,602.06.

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Plan A : Attempt to short if market does not breach above 24686. Targets are 24601 and 24506. Cut above 24777.

Plan B : Long if market holds above 24068. Targets are 24155 and 24240. Cut below 23985.

WTI Crude

Oil moved lower on Monday as coronavirus-induced demand fears outweighed Saudi Arabia announcing additional production cuts in an effort to support prices.

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Plan A : Remain buy as long as oil price stays firm above 24.1

Plan B : Exit below 23.9

Plan C : Consider selling if oil price stays below 24.6

Plan D : Cut above 25.6

Gold

Gold prices retreated on Monday as the dollar benefited from safe-haven buying driven by fears over a second wave of coronavirus infections.

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Plan A : Attempt selling if gold price stays below 1701

Plan B : Cut above 1709

Plan C : Consider buying if gold price manages to hold firm above 1694 and rebounds

Plan D : Cut below 1691

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.