Wednesday, December 2, 2020

03 December 2020 Foreign

          FUTURESCOIN IS GOING                       GLOBAL


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

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E-Mini Dow


The S&P 500 climbed to a record high close on Wednesday and the Nasdaq Composite Index dipped while Dow gained 60-pints as investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report.

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Plan A : Attempt buy if market retraces but holds firmly above 29611. Targets are 29899 and 30000.

Plan B : Consider sell if market trades below 29899. Targets are 29709 and 29611.



E-Mini S&P 500

The S&P 500 rose slightly on Wednesday, eking out another record closing high, as traders digested the latest developments surrounding a new round of U.S. fiscal stimulus negotiations.

It was the second straight record close for the S&P 500. Energy and financials were the best-performing sectors in the S&P 500, advancing 3.2% and 1.1%, respectively. 

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said in a joint statement Wednesday that the bipartisan bill unveiled on Tuesday should be used as “basis for immediate bipartisan, bicameral negotiations.” Those comments lifted the market off their lows.

On the data front, private payrolls rose by 307,000 in November, according to ADP. Economists polled by Dow Jones expected 475,000 private jobs were added in November. The number was also the lowest since July. ADP’s report comes days ahead of the Labor Department’s monthly jobs report.


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Plan A : Long if market supported firm above 3663. Targets are 3678, 3692 and 3710.

Plan B : Short if market failed to support above 3663. Targets are 3639, 3610 and 3587.


E-Mini Nasdaq

U.S. stock futures were largely unchanged early Thursday morning as investors awaited news on stimulus negotiations and the vaccine approval process.

The move in futures came after a relatively quiet day on Wall Street as investors monitored developments in Washington about a possible stimulus bill. During Wednesday's session, the Dow and S&P 500 gained 0.2%, while the Nasdaq Composite slipped 0.1%. 

On Wednesday evening, the House of Representatives unanimously passed a bill that would require Chinese companies to adhere to U.S. auditing standards if they want their stocks to be to be listed on exchanges in the United States. The bill now goes to President Donald Trump, who is expected sign it into law.

On Thursday, initial claims data will give investors a final reading on the job market before Friday’s major jobs report. Economists surveyed by Dow Jones expect 780,000 new jobless claims, roughly unchanged from the prior week.

Investors will also keep an eye on the bond market, where the benchmark 10-year Treasury yield has flirted with the 1% level in recent days.

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Plan A : Long if market doesn't retrace much and supported firm above 12406. Targets are 12435, 12463 and 12500.

Plan B : Short if market failed to support above 12406. Targets are 12365, 12328 and 12270.




HSI

Hong Kong shares settled lower on Wednesday as technology and healthcare stocks dropped tracking mainland markets with investors taking a pause after a rally fueled by upbeat factory data.

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Plan A : Attempt buy if market trades firmly above 26509. Targets are 26634 and 26727.

Plan B : Consider sell only if market surges but fails to breach above 26727. Targets are 26634 and 26509.



WTI Crude

Oil prices rose more than 1% on Wednesday as the market awaited a pact from producers on output, which many traders expect will continue to be reined in, and Britain's approval of a COVID-19 vaccine boosted hopes for a demand recovery.


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Plan A : Remain buy as long as oil price trades firmly above 44.2. Targets are 45.4 and 46.2    

Plan B : Consider sell if oil price fails to hold above 44.2. Targets are 42.9 and 42.2



Gold

Gold firmed near an over one-week high on Wednesday as prospects of a U.S. coronavirus relief package reinforced its appeal as a hedge against likely inflation and sent the dollar to a multi-year trough.

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Plan A : Remain buy as long as gold price trades firmly above 1803.6. Targets are 1819 and 1836.

Plan B : Consider sell only if gold price breaks below 1803.6. Targets are 1787 and 1775.


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, mining.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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