FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
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Plan A : Remain short if market stays below 26843. Targets are 26522 and 26372.Plan B : Exit above 26873.Plan C : Consider long if market dives but stays firm above 26372. Targets are 26522 and 26736.Plan D : Cut below 26372.
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.
JP Morgan 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 3244. Targets are 3224, 3200 and 3179.
Plan B : Long if market doesn't retrace much and supported firm above 3244. Targets are 3258, 3275 and 3292.
E-Mini Nasdaq
U.S. stock futures rose slightly on early Friday morning as the market indexes tried to avoid a fourth consecutive week of losses.
The move in futures comes after the three major U.S. indexes held on to slight gains during a choppy session Thursday but were still negative for the week. The Nasdaq Composite slightly outperformed, gaining about 0.4%, and has also been the best performing index this week.
That outperformance for the tech-heavy index is a reversal from earlier during this market pullback. Much of September’s losses have been concentrated in megacap tech stocks, which carry a heavy weight in the indexes. Shares of Apple rose 1% on Thursday but were still down more than 19% from their recent closing high on Sept. 1.
The state of the economic recovery has become a hot topic in recent weeks on Wall Street, especially after the death of Supreme Court Justice Ruth Bader Ginsburg led many strategists to downgrade the chances for another relief package before the election. On Thursday, Goldman Sachs cut its fourth quarter projection for gross domestic product growth to 3% on an annualized basis, down from 6%.
U.S. stock futures rose slightly on early Friday morning as the market indexes tried to avoid a fourth consecutive week of losses.
The move in futures comes after the three major U.S. indexes held on to slight gains during a choppy session Thursday but were still negative for the week. The Nasdaq Composite slightly outperformed, gaining about 0.4%, and has also been the best performing index this week.
That outperformance for the tech-heavy index is a reversal from earlier during this market pullback. Much of September’s losses have been concentrated in megacap tech stocks, which carry a heavy weight in the indexes. Shares of Apple rose 1% on Thursday but were still down more than 19% from their recent closing high on Sept. 1.
The state of the economic recovery has become a hot topic in recent weeks on Wall Street, especially after the death of Supreme Court Justice Ruth Bader Ginsburg led many strategists to downgrade the chances for another relief package before the election. On Thursday, Goldman Sachs cut its fourth quarter projection for gross domestic product growth to 3% on an annualized basis, down from 6%.
To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for October subscription.
Plan A : Short if market failed to support above 10893. Targets are 10850, 10815 and 10770.
Plan B : Long if market doesn't retrace much and supported firm above 10893. Targets are 10921, 10960 and 10983.
HSI
Hong Kong shares closed near a four-month low on Thursday following a selloff in equity markets worldwide, as a resurgence in COVID-19 cases and warnings from U.S. Federal Reserve officials undermined hopes for a quick global recovery.
Plan A : Short if market failed to support above 10893. Targets are 10850, 10815 and 10770.
Plan B : Long if market doesn't retrace much and supported firm above 10893. Targets are 10921, 10960 and 10983.
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Plan A : Remain short if market stays below 23444. Targets are 23277 and 23165.
Plan B : Exit above 23510.
Plan C : Consider long if market stays firm above 23284. Targets are 23444 and 23510.
Plan D : Cut below 23165.
WTI Crude
Oil prices steadied on Thursday, as the bullish impact of a fall in U.S. inventories was offset by a stronger dollar and a renewed wave of coronavirus cases in Europe that led several countries to reimpose travel restrictions.
Plan C : Consider long if market stays firm above 23284. Targets are 23444 and 23510.
Plan D : Cut below 23165.
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