Where Futures Lies
Daily Futures Trading Strategy 23 February 2022 (Foreign Market)
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Publish date: Wed, 23 Feb 2022, 03:52 PM
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WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Wall Street's main indexes fell on Tuesday, with the S&P 500 confirming a correction, as the Ukraine-Russia crisis kept investors on edge after Russian President Vladimir Putin recognized two breakaway regions in the country and ordered troops to the area.
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Plan A: Remain short as long as market stays below 33722. Targets are 33354 and 33058.
Plan B: Consider long if market able to hold resiliently above 33354 and rebound. Targets are 33621 and 33722.
E-Mini S&P 500
U.S. stock market futures were modestly higher in early morning trading Wednesday after the S&P 500 closed in correction territory amid escalating tensions between Russia and Ukraine.
During regular trading the Dow fell 483 points, or 1.42%, for its fourth straight negative session. At one point the 30-stock benchmark had been down more than 700 points. The S&P 500 shed 1.01%, and is now 10.25% below its Jan. 3 record close, putting the broad market index in correction territory.
All 11 S&P 500 sectors declined on Tuesday, led to the downside by consumer discretionary stocks, which fell 3%. Energy stocks moved lower despite a jump in oil prices. International benchmark Brent crude traded as high as $99.50 per barrel. West Texas Intermediate crude futures, the U.S. oil benchmark, hit a session high of $96, a price last seen in August 2014.
Wall Street is betting that there’s a 100% chance of a rate hike at the Federal Reserve’s March meeting, according to the CME Group’s FedWatch tool. With inflation running hot, calls for a 50-basis point hike at the March meeting had been accelerating.
As tensions build between Russia and Ukraine, yields have retreated, with the yield on the benchmark U.S. 10-year Treasury falling below 2% as investors seek out safe-haven assets.
As of Friday 78% of S&P 500 companies that have reported have topped earnings estimates, while 78% have exceeded revenue expectations, according to data from FactSet.
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Plan A: Long if market supported firmly above 4319. Targets are 4327, 4335 and 4348.
Plan B: Short only if the market failed to support above 4319. Targets are 4301, 4295 and 4288.
E-Mini Nasdaq
The Nasdaq Composite slipped 1.2% to 13,381.52. The U.S. stock market was closed Monday due to the Presidents’ Day holiday.
The Russia-Ukraine conflict has put pressure on market sentiment recently, with the major averages coming off of back-to-back weekly losses. The Dow fell 1.9% last week, and the S&P 500 and Nasdaq Composite slid 1.6% and 1.8%, respectively.
Anxieties over the Federal Reserve’s move to raise interest rates – particularly the prospect of a half-point rate hike – have pushed stocks lower in recent weeks.
The Russia-Ukraine conflict has put pressure on market sentiment recently, with the major averages coming off of back-to-back weekly losses. The Dow fell 1.9% last week, and the S&P 500 and Nasdaq Composite slid 1.6% and 1.8%, respectively.
Anxieties over the Federal Reserve’s move to raise interest rates – particularly the prospect of a half-point rate hike – have pushed stocks lower in recent weeks.
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Plan A: Long if the market supported firmly above 13952. Targets are 13988, 14019 and 14040.
Plan B: Short if market failed to support above 13952. Targets are 13923, 13899 and 1866.
HSI
Shares in Hong Kong fell on Tuesday, dragged down by consumer stocks, after tensions escalated between the West and Russia over Ukraine, pushing investors away from riskier assets.
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Plan A: Remain short as long as market stays below 23863. Targets are 23495 and 23126.
Plan B: Consider long if market able to hold resiliently above 23495 and rebound. Targets are 23730 and 23863.
WTI Crude
Oil prices jumped as the crisis between Russia and Ukraine escalated. However, price moved off their highs during mid-morning trading on Wall Street.
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Plan A: Attempt long if oil price trades firmly above 92.1. Targets are 94.0 and 95.0.
Plan B : Consider short if oil price trades below 92.1. Targets are 91.5 and 91.0.
Gold
Gold prices hit its highest in almost nine months on Tuesday before pulling back as investors waiting for more developments in the Ukraine crisis repositioned near the pivotal $1,900 an ounce mark.
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Plan A: Remain buy as long as gold price trades firmly above 1880. Targets are 1903.9 and 1918.7.
Plan B: Consider short if gold price trades below 1903.9. Targets are 1897 and 1880.
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 that investment.
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