FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
The S&P 500 and the Dow advanced but the Nasdaq closed lower on Thursday as investors digested the U.S. Federal Reserve's new strategy to adopt an average inflation target and restore the United States to full employment, as well as promising development in the fight to contain the coronavirus pandemic.
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Plan A : Remain long as long as market trades firmly above 28418. Targets are 28540 and 28590.Plan B : Exit below 28340.Plan C : Attempt short if market fails to stay above 28418. Targets are 28330 and 28220.Plan D : Cut above 28480.
E-Mini S&P 500
The Dow gained 160.35 points, or 0.6%, to close at 28,492.27. The Dow also briefly erased its losses for 2020 at one point. The S&P 500 advanced 0.2% to 3,484.55. The Nasdaq Composite fell 0.3% to 11,625.34. Stocks gyrated throughout Thursday's session after the Federal Reserve unveiled a new framework that could keep interest rates lower for a longer period of time.
Fed Chairman Jerome Powell said the central bank formally agreed to a policy of "average inflation targeting.” In other words, the central bank will let inflation run “moderately” above its 2% goal for “some time.” Powell also hinted that unemployment data can stay lower for longer before the Fed starts thinking about raising rates. This led to a decline in short-term yields and gains along the long end of the yield curve.
JPMorgan Chase advanced 3% and Citigroup rose 1.7%. Wells Fargo and Bank of America were up 2.3% and 1.9%, respectively. Facebook, meanwhile, dropped 3.5% and Amazon slid 1.2%. Netflix dropped 3.9% and Alphabet pulled back by 1%.
Data on consumer sentiment and personal income is set for release Friday.
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Plan A : Short if market failed to support above 3486.25. Targets are 3461.25, 3435.25 and 3400.50.
Plan B : Long if market retraced but supported firm above 3465.50. Targets are 3482.25, 3495.75 and 3515.25.
E-Mini Nasdaq
Futures tied to major U.S. equity benchmarks rose in overnight trading on Thursday as Wall Street attempts to build on its record-breaking rally.
The S&P 500 reached a new all-time high for a fifth day in a row on Thursday, and briefly topped 3,500 for the first time ever. The Dow gained 160 points for its fifth positive day in six. The Nasdaq underperformed with a 0.3% loss, led by declines in Apple and Amazon.
Stocks got a boost Thursday amid volatile trading after the Federal Reserve unveiled a major policy shift, allowing inflation and employment to run higher to continue to support the economy.
The move indicates that interest rates are likely to stay near zero for a long period of time. The central bank previously hiked rates pre-emptively to head off higher levels of inflation.
So far this week, the S&P 500 is up 2.5%, on pace for its best week since July 2 and its fifth straight week of gains for the first time this year. The Dow and the Nasdaq also have gained more than 2% each week to date.
Investors will monitor fresh economic data on Friday, including consumer spending, personal consumption expenditures as well as consumer sentiment.
Futures tied to major U.S. equity benchmarks rose in overnight trading on Thursday as Wall Street attempts to build on its record-breaking rally.
The S&P 500 reached a new all-time high for a fifth day in a row on Thursday, and briefly topped 3,500 for the first time ever. The Dow gained 160 points for its fifth positive day in six. The Nasdaq underperformed with a 0.3% loss, led by declines in Apple and Amazon.
Stocks got a boost Thursday amid volatile trading after the Federal Reserve unveiled a major policy shift, allowing inflation and employment to run higher to continue to support the economy.
The move indicates that interest rates are likely to stay near zero for a long period of time. The central bank previously hiked rates pre-emptively to head off higher levels of inflation.
So far this week, the S&P 500 is up 2.5%, on pace for its best week since July 2 and its fifth straight week of gains for the first time this year. The Dow and the Nasdaq also have gained more than 2% each week to date.
Investors will monitor fresh economic data on Friday, including consumer spending, personal consumption expenditures as well as consumer sentiment.
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Plan A : Long if market retraced but supported firm above 11905.50. Targets are 11932.25, 11965.50 and 12010.25.
Plan B : Short if market failed to support above 11905.50. Targets are 11865.25, 11820.25 and 11785.50.
HSI
Hong Kong's benchmark share index ended lower on Thursday as tensions between the United States and China weighed on sentiment, and as global investors awaited the outlook on monetary policy from U.S. Federal Reserve Chair Jerome Powell.
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Plan A : Attempt short if market stays below 25470. Targets are 25330 and 25160. Cut above 25580.
Plan B : Consider long if market trades firmly above 25330. Targets are 25470 and 25510. Cut below 25260.
WTI Crude
Oil prices fell on Thursday as a massive hurricane in the Gulf of Mexico made landfall in the heart of the U.S. oil industry, forcing oil rigs and refineries to shut down.
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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 slumped over 2% in volatile trading on Thursday as the U.S. dollar and Treasury yields rose after Federal Reserve Chair Jerome Powell shifted the central bank's inflation target in a widely expected move.
Plan C : Consider selling if oil price surges but fails to breach above 43.4
Plan D : Cut above 43.8
Plan D : Cut above 43.8
Gold
Gold slumped over 2% in volatile trading on Thursday as the U.S. dollar and Treasury yields rose after Federal Reserve Chair Jerome Powell shifted the central bank's inflation target in a widely expected move.
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Plan A : Attempt buy if gold price trades firmly above 1920Plan B : Cut below 1910Plan C : Consider selling if gold price surges but fails to breach above 1935Plan D : Cut above 1939
Plan A : Attempt buy if gold price trades firmly above 1920
Plan B : Cut below 1910
Plan C : Consider selling if gold price surges but fails to breach above 1935
Plan D : Cut above 1939
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