Daily Futures Trading Strategy 24 February 2020 (Foreign Market)

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Daily Futures Trading Strategy 24 February 2020 (Foreign Market)

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Publish date: Mon, 24 Feb 2020, 05:45 PM

FUTURESCOIN IS GOING GLOBAL

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

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E-Mini Dow

U.S. stock index futures lurched downwards on Friday as a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds.

The risk-off mood was exacerbated by data showing Japan’s factory activity suffered its steepest contraction in seven years in February, underlining the risk of a recession in the world’s third-largest economy as the outbreak takes a toll on global growth.

With massive disruptions in supplies from China, parts shortages are hitting businesses as far away as the United States. U.S. stocks fell about 1% at one point on Thursday, with high-growth stocks including Microsoft Corp and Apple Inc taking the biggest hit.

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Plan A : Continue to short if market does not breach above 28965. Targets are 28930, 28885 and 28840.
Plan B : Cut above 29015.
Plan C : Long only if market tested and rebounds from 28675. Targets are 28710, 28755 and 28800.
Plan D : Cut below 28625.

E-Mini S&P 500

Stocks fell sharply on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.

The Dow closed 224.83 points lower, or 0.77%, at 28,992.41. It was the Dow’s first close below 29,000 since Feb. 4. The S&P 500 slid 1.05% to 3,337.75 while the Nasdaq Composite declined by 1.79% to 9,576.59. The Dow had its worst daily performance since Feb. 7 while the S&P 500 posted its biggest one-day loss since Jan. 31. The Nasdaq recorded its worst session since Jan. 27.

Friday’s losses sent the major averages lower on a weekly basis for the first time in three weeks. The Dow, S&P 500 and Nasdaq all fell more than 1% week to date.

Microsoft fell more than 3% to lead the Dow lower on Friday. The S&P 500 was pressured by a 2.3% drop in the tech sector. Facebook, Amazon, Netflix, Google-parent Alphabet and Apple all closed at least 1.5% lower to drag down the Nasdaq lower. In turn, money poured into U.S. bonds, pushing the 30-year rate to an all-time low.

China’s National Health Commission reported more than 75,000 confirmed cases and over 2,000 deaths on the mainland. More than 800 new cases were reported in China overnight. South Korea has also reported more than 200 cases.

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Plan A : Long if market supported firm above 3275.50. Targets are 3290.25, 3305.50 and 3317.25

Plan B : Short if market failed to support above 3275.50. Targets are 3260.25, 3249.25, 3238.50.

Plan C : Short if market rebounded but failed to support above 3289.25. Targets are 3273.50, 3264.25 and 3250.75.

E-Mini Nasdaq

Stock futures stateside pointed to sharp declines on Wall Street at the open on Monday as the number of coronavirus cases outside China surged.

As of 11:08 p.m. ET Sunday, Dow futures were 387 points lower, pointing to an implied opening plunge of 380.41 points for the index on Monday. S&P 500 and Nasdaq futures also pointed to declines at Monday’s open.

The moves came as investors continue to watch developments surrounding the coronavirus outbreak that was first reported in China, but has spread rapidly in other countries especially South Korea and Italy, which reported a spike in the number of confirmed cases in recent days.

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for March subscription.

Plan A : Short if market failed to support above 9477.25. Targets are 9435.25, 9405.75 and 9375.50.

Plan B : Long if market supported firm above 9477.25. Targets are 9502.25, 9520.75 and 9541.25.

Plan C : Short if market rebounded but failed to support above 9500.25. Targets are 9461.25, 9432.75 and 9401.25.

HSI

Hong Kong stocks ended weaker on Friday to finish the week lower, as worries persisted over the impact from the coronavirus outbreak even as Beijing unveiled stimulus to shore up the world’s second-largest economy.

The Hang Seng index closed 1.1% lower at 27,308.81.

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 tested and rebounds from 26795. Targets are 26870 and 26965.
Plan B : Short if market breaks below 27005. Targets are 26930 and 26835.

WTI Crude

Oil prices tumbled nearly 3% towards a one-week low on Monday as the rapid spread of the coronavirus in several countries outside China left investors fretting about a hit to demand.

Global shares also extended losses as concerns about the impact of the new virus grew, with the number of infections jumping in South Korea, Italy and Iran.

Brent crude fell by $1.69 or 2.9% to $56.81 a barrel by 0158 GMT. WTI crude futures fell by $1.40 or 2.6% to $51.98.

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for March subscription.

Plan A : Short if market rebounded but failed to support above 52.00. Targets are 51.52, 51.19 and 50.91.

Plan B : Long only if market retraced but supported firm above 51.13. Targets are 51.65, 51.92 and 52.20.

Gold

Gold prices climbed more than 2% on Monday to their highest since February 2013, as a spike in coronavirus cases in several countries outside China heightened worries about a hit to global economic growth, prompting a flight to safe havens.

Spot gold was up 1.1% at $1,661.86 per ounce by 0304 GMT, after climbing to $1,678.58 earlier in the session. U.S. gold futures rose 1% to 1,664.60.

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 retraced but supported firm above 1673.50. Targets are 1681.50, 1686.90 and 1692.20.

Plan B : Short if market failed to support above 1673.50. Targets are 1665.90, 1659.20 and 1656.10.

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 and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correctaysion, 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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