Saturday, September 26, 2020

28 September 2020 Foreign

         FUTURESCOIN IS GOING                      GLOBAL


WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

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E-Mini Dow


Technology stocks again rode to Wall Street's rescue on Friday, lifting the main indexes more than 1%, but the Dow and the S&P 500 still posted their longest weekly long streaks in a year as fears of a slowing economy sparked an almost month-long rout.

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Plan A : Attempt short if market stays below 27134. Targets are 26843 and 26733.
Plan B : Cut above 27210.
Plan C : Consider long if market trades firmly above 26843. Targets are 27007 and 27134.
Plan D : Cut below 26733.



E-Mini S&P 500

Wall Street rose on Friday, shaking off an unsteady start, as a rally in technology stocks lifted the broader market.

The S&P 500 climbed 1.6 percent. The technology heavy Nasdaq composite rose 2.3 percent. Amazon, Microsoft and Apple were each sharply higher.

Companies that have been hard hit by the coronavirus pandemic’s impact on travel and tourism led the gains on Friday. Norwegian Cruise Line rose more than 13 percent, and Carnival Corporation, MGM Resorts and Boeing were all sharply higher.

Still, stocks were lower for the week, the fourth consecutive weekly drop for the S&P 500.

Investors are watching developments in Washington closely. On Thursday, Treasury Secretary Steven Mnuchin said that he and Speaker Nancy Pelosi had agreed to resume talks on another economic relief package. The remarks moved markets higher.

Aside from skimming 10% from the S&P 500 and more from the biggest and most stretched growth stocks, the retreat also took the market back in time. At last week’s lows near 3200 — approached a few separate times without being breached — the index returned to where it traded June 8, the peak of re-opening optimism; this was also its year-end 2019 level.

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Plan A : Long if market supported firm above 3313. Targets are 3325, 3340 and 3355.

Plan B : Short if market failed to support above 3313. Targets are 3295, 3273 and 3250.



E-Mini Nasdaq

Stock futures climbed in early morning trading on Monday following a four-week losing streak on Wall Street.

The S&P 500 and the 30-stock Dow were coming off their fourth straight negative week, shedding 0.6% and 1.8%, respectively. It marked the first time since August 2019 that the two benchmarks suffered a four-week losing streak.

The tech-heavy Nasdaq eked out a 1% gain last week, posting its first positive week in four as the technology sector rebounded slightly from the recent deep rout. 

Signs of a worsening pandemic continue to keep investors on edge. New daily coronavirus cases topped 1,000 in New York state on Saturday, marking the first time the state’s new infections have broken the 1,000 threshold since early June.

Major averages are on track to post steep losses for September, a historically weak month for stocks. The Dow and the S&P 500 have fallen 4.4% and 5.8%, respectively, while the Nasdaq has dropped 7.3%. The declines followed a massive comeback from the coronavirus sell-off that saw the S&P 500 climb more than 50% from its March bottom.

House Speaker Nancy Pelosi said Sunday a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion. The chamber could vote on the bill as soon as next week.


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Plan A : Long if market supported firm above 11259. Targets are 11285, 11315 and 11350.

Plan B : Short if market failed to support above 11259. Targets are 11225, 11199 and 11159.

HSI

Hong Kong stocks ended lower on Friday, posting their biggest weekly drop in six months, tracking a global correction as a resurgence in coronavirus cases globally raised concerns about the pace of economy recovery.

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Plan A : Remain short if market stays below 23278. Targets are 23114 and 22964.
Plan B : Exit above 23340.
Plan C : Consider long if market stays firm above 23218. Targets are 23340 and 23420.
Plan D : Cut below 23114.



WTI Crude

Oil slipped on Friday and was on track for a more than 2% weekly decline due to mounting worries about resurgent coronavirus infections crushing fuel demand and as Libyan crude exports resume.

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Plan A : Attempt buy if oil price trades firmly above 39.9
Plan B : Cut below 39.6
Plan C : Consider sell if oil price recovers but fails to breach above 40.6
Plan D : Cut above 41.3


Gold

Gold fell on Friday, hovering near last session's over two-month low, as investors sought shelter in the dollar from rising coronavirus cases and uncertainties over the next U.S. stimulus to aid the economy.

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Plan A : Remain sell if gold price trades below 1885
Plan B : Exit above 1891
Plan C : Consider buying only if gold price stays firm above 1853.9
Plan D : Cut below 1846


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 correction, 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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