3 Dec 2024 Global Index Futures

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

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E-Mini Dow

Federal Reserve Governor Christopher Waller said Monday that he is “leaning” toward supporting a quarter percentage point cut in short-term interest rates when the Fed holds its mid-December monetary policy meeting but opened the door to a pause in the monetary easing process if incoming economic data so warrant.

Plan A: Sell below 44, 900, target  around 44,852/ 44,790

Plan B: Long above 44, 900, Target around 44,950/44,990

E-Mini S&P500

US stock futures remained steady on Tuesday after the S&P 500 and Nasdaq Composite reached new record highs to kick off December, gaining 0.24% and 0.97%, respectively.

Plan A: Long if supported above 6050, target around 6069/6080

Plan B: Short if below 6050, target around 6039/ 6015

E-Mini Nasdaq

The Nasdaq and S&P 500 scored record closing highs on Monday, boosted by tech-related shares following the market's strong November gains, as investors awaited this week's economic data including the key monthly jobs report on Friday.

The Nasdaq Composite gained 185.78 points or 1% to finish at 19,403.95, a record close. It is the index's 33rd record close of 2024.

(News Source: Reuters)

Plan A: Long if market retraced but supported firm above 21080. Targets at 21268/21335.

Plan B: Consider short if market failed to support above 21080. Targets at 20806/20680.

Hang Seng

The Hang Seng rose 127 points or 0.65% to close at 19,550 on Monday, marking gains for the second session amid strength across sectors. Upbeat manufacturing data from China, provided by both officials and private survey, boosted sentiment as stimulus measures initiated in September began to take effect.

Meanwhile, bets increased that the PBoC might roll out more policy easing, potentially including further reductions in the RRR and injecting more liquidity into the markets. Locally, Hong Kong's retail sales fell the least in eight months for October, with a government spokesperson saying China's recent stimulus helped support consumption sentiment and economic activities in the city. However, further gains were capped by a notable drop in US futures after a winning week and month on Wall Street in the wake of Donald Trump's victory. 

(News Source: tradingeconomics.com)

Plan A: Long if market retraced but supported firm above 19350. Targets are 19626/19750

Plan B: Consider short only if market rebounded but resilient to 19750. Targets are 19626/19350

WTI Crude Oil

As traders anticipated the results of an OPEC+ meeting later this week, oil prices on Tuesday barely moved, staying inside a narrow range. 

Futures for Brent Crude (BRN1) were down 1 cent the previous day, but were up 14 cents, or 0.19%, at $71.97 a barrel at 0404 GMT. After closing Monday with a 10-cent gain, U.S. West Texas Intermediate crude (CL1!) increased 8 cents, or 0.12%, to $68.18.

"Ahead of the OPEC+ meeting, investors are in wait-and-watch mode," ANZ analysts wrote in a note.

At its meeting on December 5, the producer group, according to sources, decided to extend its most recent round of output cuts through the end of the first quarter.

Plan A: Remain long as long as oil price stays above 68.30. Targets at 68.90/69.71 and stop loss at 67.90

Plan B: Consider short only if oil price stays below 68.20. Targets at 67.50/66.91 and stop-loss at 68.50

Gold

Gold prices held steady on Tuesday as investors adopted a cautious approach ahead of upcoming U.S. economic data that could shed light on the Federal Reserve’s interest rate trajectory. As of Malaysia noon time, spot gold was nearly unchanged at $2,638.73 per ounce, following a 1% decline on Monday. Meanwhile, U.S. gold futures edged up 0.1% to $2,661.10.

(News Source: Reuters)

Plan A:Remain short position below 2670  Targets at 2663/2656

Plan B: Consider long position may be opened above 2675. Targets at 2683/2692

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 the investment.