FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
E-Mini Dow
U.S. stock index futures rose on Wednesday, after Wall Street’s main indexes fell sharply in the previous session, with markets also awaiting comments from Federal Reserve Chairman Jerome Powell amid recent speculation over negative interest rates.
Futures traders began pricing in the possibility of negative rates last week and President Donald Trump piled pressure on the Fed again on Tuesday, as the economy reels from the impact of the coronavirus pandemic. However, several members of the U.S. central bank have recently said they do not see a need for borrowing costs, now near zero, to move into negative territory.
Unprecedented monetary and fiscal stimulus actions as well as hopes of an economic recovery have been vital in helping the three main U.S. stock indexes rise about 30% from their March lows. However, the rally paused this week as a spike in cases in Germany, South Korea and China and a warning from a top U.S. health expert spurred worries of a second wave of coronavirus infections as lockdowns are slowly lifted in several countries.
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Plan A : Short if market constantly stays below 23385. Targets are 23340, 23290 and 23235.
Plan B : Cut above 23430.
Plan C : Long if market tested and rebounds from 23195. Targets are 23240 and 23295.
Plan D : Cut below 23150.
Plan D : Cut below 23150.
E-Mini S&P 500
The Dow closed 516.81 points lower, or 2.17%, at 23,247.97. The S&P 500 dropped 1.75% to 2,820.00. The Nasdaq Composite fell 1.55% to close at 8,863.17. Downbeat remarks from the top-ranking Federal Reserve official and worries over market valuation sent stocks sharply lower on Wednesday.
Fed Chairman Jerome Powell said that more needs to be done to support the economy. “While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks,” he said. Those comments raised concern over the state of the economy. Meanwhile, Appaloosa’s David Tepper said he hasn’t seen a market this overvalued since 1999.
Airline stocks fell to fresh coronavirus-crisis lows on Wednesday. American closed 5.60% lower while United lost 9.01%. Delta fell 7.70%. Bank stocks also contributed to the losses. Citigroup, Bank of America and JPMorgan Chase all closed more than 3% lower.
Weekly jobless claims are set for release Thursday.
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Plan A : Long if market doesn't retrace much and supported firm above 2813.25. Targets are 2838.25, 2860.25 and 2881.50.
Plan B : Short if market doesn't rebound much but failed to support above 2813.25. Targets are 2785.25, 2766.75 and 2744.75.
Plan B : Short if market doesn't rebound much but failed to support above 2813.25. Targets are 2785.25, 2766.75 and 2744.75.
E-Mini Nasdaq
U.S. stock futures were little changed early Thursday morning after concerns over the U.S. economy and the market’s overall valuation sparked another sell-off in equities a day earlier.
Dow Jones Industrial Average futures traded 27 points higher, implying a Thursday opening gain of about 30 points. S&P 500 and Nasdaq 100 futures also pointed to a slightly higher Thursday open for the two indexes. Earlier in the session, futures had pointed to a negative open for all three indexes.
The Dow and S&P 500 fell 2.2% and 1.8%, respectively, during regular trading hours while the Nasdaq Composite lost 1.6%. Those declines followed a stark warning from Federal Reserve Chairman Jerome Powell.
Despite the sharp drop on Wednesday, the S&P 500 remains more than 28% above its March 23 low. The Dow has also rallied more than 27% since then as shares of major tech companies surged.
U.S. stock futures were little changed early Thursday morning after concerns over the U.S. economy and the market’s overall valuation sparked another sell-off in equities a day earlier.
Dow Jones Industrial Average futures traded 27 points higher, implying a Thursday opening gain of about 30 points. S&P 500 and Nasdaq 100 futures also pointed to a slightly higher Thursday open for the two indexes. Earlier in the session, futures had pointed to a negative open for all three indexes.
The Dow and S&P 500 fell 2.2% and 1.8%, respectively, during regular trading hours while the Nasdaq Composite lost 1.6%. Those declines followed a stark warning from Federal Reserve Chairman Jerome Powell.
Despite the sharp drop on Wednesday, the S&P 500 remains more than 28% above its March 23 low. The Dow has also rallied more than 27% since then as shares of major tech companies surged.
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Plan A : Long if market retraced but supported firm above 8985.25. Targets are 9017.25, 9042.75 and 9073.25.
Plan B : Short if market failed to support above 8985.75. Targets are 8957.25, 8928.25 and 8895.75.
Plan A : Long if market retraced but supported firm above 8985.25. Targets are 9017.25, 9042.75 and 9073.25.
Plan B : Short if market failed to support above 8985.75. Targets are 8957.25, 8928.25 and 8895.75.
Plan B : Short if market failed to support above 8985.75. Targets are 8957.25, 8928.25 and 8895.75.
HSI
Hong Kong shares closed lower on Wednesday, giving up earlier gains as investors fretted over the economic impact of a possible second wave of coronavirus cases.
At the close of trade, the Hang Seng index was down 65.38 points, or 0.27%, to 24,180.30, having earlier risen as much as 0.31%.
HSI
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Plan A : Attempt to short if market does not breach above 24080. Targets are 23995 and 23875. Cut above 24165.
Plan B : Long if market tested and rebounds from 23888. Targets are 23975 and 24065. Cut below 23805.
WTI Crude
Oil prices fell more than 1% on Wednesday despite the first decline in U.S. crude inventories since January, as markets were affected by a solemn address from U.S. Federal Reserve chairman warning that economic recovery from the coronavirus pandemic would take many months.
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Plan A : Attempt sell if oil price consistently trades below 25.6
Plan B : Cut above 26.2
Plan C : Consider buying if oil price holds firmly above 25.1
Plan D : Cut below 24.7
Gold
Gold rose on Wednesday after U.S. Federal Reserve Chairman Jerome Powell pledged more stimulus measures, if required, to ease the economic blow from the novel coronavirus.
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Plan A : Remain buy as long as gold price trades above 1709
Plan B : Exit below 1702
Plan C : Consider selling if gold price fails to breach above 1728
Plan D : Cut above 1733.4
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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