LOCAL MARKET
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LOCAL MARKET
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The Dow Jones Industrial Average swung wildly Friday to close near its session low as Wall Street struggled to shake off fears of rapidly rising rates.
The S&P 500 fell 0.5% to 3,811.15 as energy and financial stocks pulled back.
The weakness in the broader market came even after the personal consumption expenditures price index indicated subdued inflation in January. The PCE index, which the Federal Reserve watches closely, rose 0.3% for the month, slightly ahead of the 0.2% expectation but was up just 1.5% year over year, matching Dow Jones estimates.
The 10-year Treasury yield fell 10 basis points to around 1.42% Friday, after surging above 1.6% at one point on Thursday. Treasury yields initially fell following the inflation data release, but they bounced higher, triggering the intraday slump in major indexes. Even as they ended the day much lower, stocks failed to shake off the fears that higher rates may halt the equity rally.
Economists and investment managers say the bond market is reacting to positive economics as vaccines are rolled out and GDP forecasts improve, which should benefit corporate profits. But the move could also signal faster-than-expected inflation ahead.
Plan A : Short if market failed to support above 3834. Targets are 3808, 3784 and 3755.
Plan B : Long if market supported firm above 3834. Targets are 3851, 3868 and 3880.
U.S. stock futures rose sharply in early morning trading on Monday, as Treasury yields continued to retreat from their highs from last week.
The Nasdaq Composite ended the day 0.6% higher at 13,192.34 as Big Tech names rebounded after a large sell-off in the previous session amid surging bond yields. Facebook, Microsoft and Amazon each rose more than 1%. The tech-heavy benchmark gyrated in Friday’s session where it jumped 1.9% at its high and fell as much as 0.7%.
The technology-heavy Nasdaq Composite dropped more than 4% for the week, suffering its worst one-day sell-off since October on Thursday. Technology companies rely on being able to borrow money for a low rate in order to invest in future growth.
February’s final read for Markit’s U.S. manufacturing purchasing managers’ index for February comes out on Monday at 9:45 a.m. ET. Economists polled by Dow Jones are expecting a read of 58.5, the same as December’s read of 58.5.
Plan A : Long if market supported firm above 13123. Targets are 13154, 13185 and 13218.
Plan B : Short if market failed to support above 13123. Targets are 13083, 13041 and 13000.
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WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The momentum that carried stocks to all-time highs earlier this month has met resistance amid a sudden and pronounced rise in bond yields. The rate on the U.S. 10-year Treasury note briefly soared as high as 1.6% on Thursday before simmering back down to around 1.52%, its highest level since February 2020.
Economists and investment managers say the rise in rates is an appropriate reaction by the bond market to positive economics as vaccines are rolled out and GDP forecasts improve, which should benefit corporate profits.
U.S. stocks fell sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names.
The S&P 500 lost 2.5% to 3,829.34 in its worst day since Jan. 27.
The major averages tumbled in a rapid fashion as the 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a “flash” spike. The yield later settled back down to around 1.52%, its highest level since February 2020.
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Plan A : Long if market supported firm above 3830. Targets are 3846, 3861 and 3880.
Plan B : Short if market failed to support above 3830. Targets are 3807, 3779 and 3754.
Futures contracts tied to the major U.S. stock indexes fell during the overnight session Thursday evening after a pop in interest rates earlier in the day helped push the Nasdaq Composite to its worst session since October.
The tech-heavy Nasdaq Composite slid 3.5% to 13,119.43, posting its biggest sell-off since Oct. 28.
Popular big-tech stocks like Alphabet, Facebook and Tesla, all of which began the year on strong footing, dropped 3.2%, 3.6% and 8% on Thursday. Apple, one of the largest, cash-heavy companies in the world, has seen its stock slide more than 15% over the last month.
To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for March subscription.
Plan A : Long if market supported firm above 12799. Targets are 12830, 12861 and 12895.
Plan B : Short if market failed to support above 12799. Targets are 12761, 12715 and 12650.
U.S. WTI crude futures dropped 36 cents, or 0.6%, to $63.17 a barrel at 0241 GMT, giving up all of Thursday’s gains.
Despite the drop in prices on Friday, both Brent and WTI are on track for gains of about 20% this month, as markets have grappled with supply disruptions in the United States, while optimism has built for demand to improve with vaccine rollouts.
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Gold inched higher after hitting a one-week low on Friday, but headed for a second straight weekly and monthly decline as brighter economic outlook and inflation fears propped up U.S. Treasury yields.
Spot gold was up 0.2% to $1,773.06 per ounce by 0303 GMT, having earlier fallen to its lowest since Feb. 19 at $1,764.90. Prices were down 0.6% for the week and 4% for the month so far.
U.S. gold futures fell 0.2% to $1,771.80 on Friday.
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We are expanding to global markets
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq If you like what we are doing, kindly like and share our page on FB. Foll...