WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
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Plan A : Attempt sell if market stays below 30831. Targets are 30510 and 30256.
Plan B : Consider long only if market able to trades firmly above 30831. Targets are 30982 and 31111.
E-Mini S&P 500
Stocks climbed on Tuesday, rebounding from a losing week, as investors digested results from the new earnings season as well as signals for another big stimulus and faster pace of vaccine distribution ahead.
The S&P 500 gained 0.8% to 3,798.91, led by energy and communication services sectors.
The first week of earnings season saw a historically high proportion of beats with 88% of the S&P 500 companies that reported exceeding EPS estimates, according to Bank of America data.
While the earnings cycle started out strong, many on Wall Street believe fourth-quarter earnings have been priced in and the market is focused on the 2021 outlook and the ultimate size of fiscal stimulus that would translate into profit growth.
Janet Yellen, President-elect Joe Biden’s designated nominee for Treasury Secretary and a former chair of the Federal Reserve, appeared before the Senate Finance Committee on Tuesday. Yellen called for the federal government to enact a large stimulus to help the economy.
Biden, set to be inaugurated on Wednesday, unveiled his $1.9 trillion plan for economic relief last week as the country tries to get a handle on the Covid-19 pandemic.
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Plan A : Long if market doesn't retrace much and supported firm above 3796. Targets are 3811, 3829 and 3840.
Plan B : Short if market failed to support above 3796. Targets are 3772, 3749 and 3718.
E-Mini Nasdaq
Stock futures held steady in early morning trade on Wednesday as investors waited for President-elect Joe Biden’s inauguration.
The tech-heavy Nasdaq Composite outperformed with a 1.5% gain to 13,197.18. Some of the major technology stocks rebounded sharply from last week’s losses. Facebook and Alphabet climbed 3.9% and 3.3%, respectively, while Microsoft rose 1.8%. Apple and Amazon also advanced.
Netflix soared more than 12% in extended trading after the company reported strong subscriber growth and said it's considering share buybacks. Netflix handily beat estimates for global paid net subscriber additions, reporting 8.5 million versus the 6.47 million analysts anticipated.
Biden will succeed President Donald Trump as the 46th president of the United States shortly after noon ET. His inauguration speech will focus on the need to bring the country together on the heels of a violent riot on Capitol Hill and amid extreme partisanship in Congress.
The U.S. has fallen far short of its goal of vaccinating 20 million people by the end of last year. While the Trump administration’s Operation Warp Speed has delivered over 31.1 million doses across the country, only 12.3 million people have been inoculated.
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Plan A : Long if market doesn't retrace much and supported firm above 12992. Targets are 13021, 13055 and 13089.
Plan B : Short if market failed to support above 12992. Targets are 12952, 12908 and 12870.
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