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 edged lower on Thursday following two sessions of sharp declines, as investors worried that the current economic downturn maybe be here for longer than initially presumed.
The stock market’s sharp rebound from March lows was driven by hopes of a pick up in business activity as several U.S. states eased lockdowns put in place to curb the spread of the coronavirus.
Futures fell further after data showed 2.98 million Americans filed for state unemployment benefits last week, higher than economists’ estimates and cementing expectations for a third straight month of massive job losses in May. However, this marked the sixth straight weekly drop in jobless claims, since topping 6 million in the final week of March.
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Plan A : Short if market does not breach above 23590. Targets are 23545 and 23490.
Plan B : Cut above 23625.
Plan C : Long if market rebounds firmly from 23465. Targets are 23510 and 23565.
Plan D : Cut below 23420.
Plan D : Cut below 23420.
E-Mini S&P 500
The Dow gained 377.37 points, or 1.62%, to close at 23,625.34. The S&P 500 climbed 1.15% to close at 2,852.50. The Nasdaq Composite advanced 0.91% to 8,943.72. The Dow snapped a three-day losing streak as bank shares and oil prices offset more dismal jobs data.
The Labor Department reported a total of 2.981 million Americans filed unemployment insurance during the week ending May 9. The number came in worse than expectations of 2.7 million new claims, according to economists polled by Dow Jones. The new claims also brought the coronavirus crisis total to nearly 36.5 million over the past two months, by far the biggest loss in U.S. history.
Bank of America and Citigroup gained 4.02% and 3.60%, respectively. JPMorgan Chase advanced 4.15% while Wells Fargo climbed 6.75%. Energy stocks also got a boost from a 9% oil pop. Chevron advanced at least 1.52% while Halliburton gained 4.30%.
Data on retail sales, industrial production and consumer sentiment are due for release on Friday.
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Plan A : Long if market doesn't retrace much and supported firm above 2841.25. Targets are 2862.50, 2886.25 and 2905.75.
Plan B : Short if market doesn't rebound much and failed to supported firm 2841.25. Targets are 2816.50, 2798.75 and 2773.25.
Plan B : Short if market doesn't rebound much and failed to supported firm 2841.25. Targets are 2816.50, 2798.75 and 2773.25.
E-Mini Nasdaq
U.S. stock futures edged higher early Friday morning following a sharp rally during the regular session on Thursday as investors awaited several key data sets.
Dow Jones Industrial Average futures added 74 points, implying a Friday opening gain of around 64 points. S&P 500 and Nasdaq 100 futures also pointed to a marginally higher Friday open for the two indexes.
The Dow rallied more than 300 points while the S&P 500 gained over 1% on Thursday. The Nasdaq Composite advanced 0.9%. Gains in bank and energy stocks lifted the major indexes while shares of major tech companies such as Apple and Alphabet added to their recently massive gains.
Weekly jobless claims for the week ending May 9 totaled nearly 3 million, according to data from the Labor Department. That brings the total number to more than 36 million since the coronavirus crisis began.
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Plan A : Long if market supported firm above 9096.75. Targets are 9121.25, 9157.25 and 9175.75.
Plan B : Short if market failed to support above 9096.75. Targets are 9065.25, 9034.50 and 9000.75.
Plan B : Short if market failed to support above 9096.75. Targets are 9065.25, 9034.50 and 9000.75.
HSI
Hong Kong shares closed at their lowest in more than a week on Thursday, as a grim economic forecast from the head of the U.S. Federal Reserve poured cold water on hopes for a quick recovery.
At the close of trade, the Hang Seng index was down 350.56 points, or 1.45%, at 23,829.74, the lowest since May 4.
HSI
Hong Kong shares closed at their lowest in more than a week on Thursday, as a grim economic forecast from the head of the U.S. Federal Reserve poured cold water on hopes for a quick recovery.
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Plan A : Attempt to short if market does not breach above 23924. Targets are 23839 and 23744. Cut above 24010.
Plan B : Long if market rebounds from 24005. Targets are 24090 and 24185. Cut below 23925.
WTI Crude
Oil prices surged on Thursday after the International Energy Agency forecast lower global stockpiles in the second half of 2020, even as worries remain over a second surge in coronavirus infections in coming months.
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Plan A : Remain buy as long as oil price stays firm above 26.2
Plan B : Exit below 26.0
Plan C : Consider selling if oil price surges but fails to breach above 27.9
Plan D : Cut above 28.5
Gold
Gold climbed to a near three-week high on Thursday, propelled by safe-haven demand, as investors ditched riskier assets on concerns over long-drawn economic weakness and renewed U.S.-China trade tensions.
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Plan A : Remain buy as long as gold price stays firm above 1735
Plan B : Exit below 1729
Plan C : Consider selling if gold price surges but fails to breach above 1743.5
Plan D : Cut above 1746
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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