Daily Futures Trading Strategy 27 February 2020 (Foreign Market)

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Daily Futures Trading Strategy 27 February 2020 (Foreign Market)

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Publish date: Thu, 27 Feb 2020, 04:39 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 were mixed on Wednesday after the Dow and the S&P 500 indexes suffered their sharpest four-day percentage fall in more than a year on fears of the economic damage from the global spread of the coronavirus.

Demand for defensive plays such as gold remained high as the World Health Organization (WHO) cautioned that the rapid spread of the virus to more places was inevitable, even as the outbreak in China had peaked. The U.S. Centers for Disease Control and Prevention also warned that a pandemic was likely.

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Plan A : Continue short if market stays below 26670. Targets are 26640, 26600 and 26555.
Plan B : Cut above 26705.
Plan C : Long only if market rebounds from 26695. Targets are 26725, 26765 and 26810.
Plan D : Cut below 26660.

E-Mini S&P 500

The Dow fell 123.77 points, or 0.46%, to 26,957.59. The S&P 500 dipped 0.38% to close at 3,116.39. The Nasdaq Composite ended the day up 0.17% at 8,980.78. The major averages struggled to find direction as investors kept adding bonds to their portfolio amid coronavirus concerns.

The benchmark 10-year Treasury yield hit 1.3%, a fresh all-time low, as the bond market kept signaling slower economic growth with the number of coronavirus cases around the world increasing. Wednesday also marked the stock market’s second failed attempt at a rally after a steep day of losses. Bottom line: Expect markets to remain volatile until investors get indications that the outbreak is ebbing.

Apple shares closed 1.59% higher, rebounding slightly from a steep decline on Tuesday. Disney, meanwhile, slid 3.77% after Bob Iger stepped down from his role as company CEO.

Weekly jobless claims, durable goods order and pending home sales data are due out on Thursday.

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Plan A : Long if market supported firm above 3099.25. Targets are 3115.25, 3126.25 and 3135.75.

Plan B : Short if market rebounded but resisted around 3099.25. Targets are 3082.50, 3070.50 and 3062.25.

E-Mini Nasdaq

U.S. stock futures on Thursday morning pointed to significant declines at the day’s open even after President Donald Trump tried to assuage concerns over the coronavirus outbreak.

Futures slipped after the CDC confirmed the first U.S. coronavirus case of unknown origin in Northern California, indicating possible “community spread” of the disease. The CDC doesn’t know exactly how the patient, a California resident, contracted the virus. As of 12:48 a.m. ET, Dow futures fell 379 points and indicated a plunge of 400.59 points at Thursday’s open. S&P 500 futures and Nasdaq 100 futures also pointed to opening declines on Thursday.

Trump said in a news conference the risk of coronavirus to people in the U.S. is still “very low.” He added the U.S. is going to “spend whatever’s appropriate” to deal with the virus. Trump also put Vice President Mike Pence in charge of the U.S. response to the coronavirus.

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Plan A : Long only if market supported firm above 8779.25. Targets are 8805.75, 8827.25 and 8845.50.

Plan B : Short if market failed to support above 8779.25. Targets are 8740.25, 8712.50 and 8681.75.

HSI

Hong Kong stocks closed lower on Wednesday as fears grew over the rapidly spreading coronavirus outbreak outside China, though losses narrowed after the Asian financial hub rolled out stimulus to prop up its economy.

Asia reported hundreds of new coronavirus cases, including the first U.S. soldier to be infected, as the United States warned of an inevitable pandemic, and as outbreaks in Italy and Iran spread to more countries.

Hong Kong unveiled a record budget deficit, pledging cash handouts to residents and business tax breaks to soften the blow to the recession-hit economy from often-violent protests and the coronavirus.

The benchmark Hang Seng index fell as much as 1.54% in early trade following Wall Street’s sharp losses on growing fears of a global pandemic. The index later recovered some ground as investors cheered Hong Kong’s latest stimulus, finishing the day down 0.73%.

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Plan A : Continue to short if market stays below 26580. Targets are 26505 and 26420. Cut above 26665.
Plan B : Long only if market does not break below 26025 and rebounds. Targets are 26100 and 26185.

WTI Crude

Oil prices fell more than 2% on Wednesday after hundreds of new coronavirus cases reported in Asia, Europe and the Middle East stoked fears that energy demand would decline, while crude oil inventories in the United States grew.

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Plan A : Remain sell if oil price stays below 50.3

Plan B : Cut above 50.6

Plan C : Consider buying if oil price able to hold resiliently above 48.5

Plan D : Cut below 48.2

Gold

Gold pared earlier gains on Wednesday as investors took profits and U.S. share market gained footing, even as the spread of the coronavirus dimmed the global outlook.

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Plan A : Attempt sell if gold price trades below 1660

Plan B : Cut above 1667.8

Plan C : Consider buying if gold price holds firm above 1625.3

Plan D : Cut below 1624

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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