6 Dec 2024 Global Index Futures

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

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E-Mini Dow

US benchmark equity indexes retreated from Wednesday's record closing levels as traders parsed the latest labor market data ahead of the official jobs report for November.

The Dow Jones Industrial Average fell 0.6% to 44,765.7 Thursday. US-based employers cut 57,727 jobs last month, up 3.8% from October and rising 27% annually, Challenger Gray & Christmas said.

(News Source: MTNews)

Plan A: Short if market resisted below 44,850. Targets are 44,800/44,713. 

Plan B: Long if market retraced but supported firm above 44,850. Targets are 44,950/45,115. 

E-Mini S&P500

US stock futures held steady on Friday as investors took a cautious approach ahead of the crucial November jobs report, which could significantly impact the Federal Reserve's decision on interest rates in December.

The S&P 500 dropped 0.2% to 6,075.1.

The nonfarm payrolls report is expected to show a gain of 200,000 jobs, with weaker-than-anticipated data potentially strengthening expectations for a rate cut.

Markets are currently pricing in a 72% chance of a 25 basis point reduction this month, up from 66.5% a week earlier. 

(News Source: MTNews,Tradingeconomics)

Plan A: Long if market retraced but supported firm above 6,054. Targets are 6,073/6,102.

Plan B: Short only if market failed to support above 6,054. Targets are 6,035/6018. 

E-Mini Nasdaq

U.S. stocks dipped, a day after all three major U.S. stock indexes scored record closing highs, helped by the comments from Federal Reserve Chair Jerome Powell.

The Nasdaq Composite Index lost 0.18% to 19700. 19,735.

U.S. rate-cut optimism supported sentiment across broader markets. 

Over the past week and a half, markets have all but priced in an extra U.S. rate cut for 2025, and the implied chance of a cut in December has lifted from even to around 70%.

With eyes on monthly U.S. employment data on Friday, new data on Thursday showed that the number of Americans filing new applications for unemployment benefits increased moderately last week, suggesting that the labour market continued to steadily cool.

(News Source: Reuters)

 

Plan A: Long if market retraced but supported firm above 21,454. Targets are 21,524/21690. Take reasonable stop loss for each trade. 

Plan B: Short only if market failed to support above 21,454. Targets are 21,342/20903.  Take reasonable stop loss for each trade. 

Hang Seng

The Hang Seng dipped 182 points or 0.9% to close at 19,560 on Thursday after a subdued session the day before, burdened by losses across sectors. Investor unease mounted regarding China's policy outlook ahead of an upcoming central economic working forum and the Politburo gathering next week.

A new of US-China tech curbs and fears about additional trade disputes also unsettled markets. Some economists warned that China's recovery momentum during Q4 could slow in H1 2025, partly due to the impact of a new US administration.

Political turmoil in South Korea and France further contributed to market volatility, along with caution before Chinese trade data, set to be released over the weekend. Capping further declines were Fed Chair Powell's latest comments on the US economy and a surge in US tech stocks Wednesday, ahead of Friday's NFP data. Among large-cap stocks that saw deep losses included Meituan (-4.0%), Alibaba Health Intl. (-3.8%), Trip.com (-3.6%), and KE Holdings (-3.1%). 

(News Source: Tradingeconomics)

Plan A: Long if market retraced but supported firm above 19,567. Targets are 19,670/19,774. Take reasonable stop loss for each trade. 

Plan B: Short only if market failed to support above 19,567. Targets are 19,445/19,360.  Take reasonable stop loss for each trade. 

WTI Crude Oil

Friday saw a slight decline in oil prices due to sluggish demand following the OPEC+ group's decision to postpone anticipated production increases and extend significant output restrictions until the end of 2026.

By 0336 GMT, Brent crude futures dropped 6 cents, or 0.1%, to $72.03 per barrel. At $68.29 a barrel, U.S. West Texas Intermediate crude futures fell 1 penny.

WTI managed to hold onto a slim 0.1% gain for the week, but Brent was headed for a more than 1% decline.

On Thursday, the Organization of the Petroleum Exporting Countries and its allies prolonged the entire unwinding of cuts by one year till the end of 2026 and postponed the start of oil output increases by three months until April.

(News Source: Reuters)

Plan A: Short if resisted at below 68.48. Targets are 67.94/67.11.

Plan B: Consider long if break up 68.90, Targets are 70.60/71.66

Gold

Gold fell toward $2,620 on Friday, falling for the second consecutive session and reaching its lowest level in over a week, as markets awaited fresh US data for insights into Federal Reserve monetary policy.

Data showed that the number of Americans filing new applications for unemployment benefits rose last week, indicating a gradual cooling of the labor market.

(News Source: Tradingeconomics)

Plan A: Short if resisted at below 2680. Targets are 2665/2645.

Plan B: Consider long if break up 2690, Targets are 2701/2711.

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.