Daily Futures Trading Strategy 22 August 2023 (Foreign Market)

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Daily Futures Trading Strategy 22 August 2023 (Foreign Market)

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Publish date: Tue, 22 Aug 2023, 03:43 PM

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

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E-Mini Dow

Dow Jones finished 0.1% lower, pressured by a 3% fall in shares of Johnson & Johnson after the company said it’s expecting to retain a stake of about 9.5% in its newly separated consumer health unit, Kenvue.

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Plan A: Remain short as long as market trades below 34766. Targets are 34277 and 34180.

Plan B: Consider long if market stays above 34766. Targets are 34961 and 35059.

E-Mini S&P 500

The S&P 500 gained 0.69% to close at 4,399.77. The Dow Jones Industrial Average fell 0.11% to 34,463.69.

Those moves came even as the benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007. Yields, which rise when bond prices fall, are typically bad for tech and other growth stocks as they lessen the value of their promised future earnings. That made the day’s tech gains notable.

The S&P 500 also ended Monday higher, inching up 30 points, or 0.7%.

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Plan A: Short if market failed to support above 4416. Targets are 4408 and 4399.

Plan B: Long if market supported firm above 4416. Targets are 4429 and 4432.

E-Mini Nasdaq

The Nasdaq Composite snapped a four-day losing streak on Monday, even as Treasury yields reached levels not seen in over a decade.

The tech-heavy index gained 1.6% to close at 13,497.59, its biggest one-day advance since July 28, when it rallied 1.9%.

The tech-heavy Nasdaq Composite advanced Monday, gaining 206.8 points, or about 1.6%.

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Plan A: Short if market failed to support above 14957. Targets are 14925 and 14890.

Plan B: Long if market retraced but supported firm above 14957. Targets are 14983 and 15011.

HSI

Hong Kong stocks opened lower on Monday following a tepid lead from Wall Street, with traders fretting over the outlook for the Chinese economy.

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Plan A: Remain short if the market stays below 18281. Targets are 17500 and 17344.

Plan B: Consider long only if the market stays above 18281. Targets are 18438 and 18750.

WTI Crude

crude oil closed with a loss on Monday as concerns over the health of China's economy following another unexpected interest-rate cut moved the focus off tight supply caused by Saudi Arabian production.

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Plan A: Remain short as long as oil price stays below 80.47. Targets are 78.91 and 78.13.

Plan B: Consider long only if oil price stays above 80.47. Targets are 81.67 and 82.42.

Gold

Gold prices hovered around a five-month low on Monday, as elevated bond yields pressured bullion, while investors looked ahead to the U.S. Federal Reserve's Jackson Hole symposium later this week for more clarity on the interest rate path.

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Plan A: Remain long as long as gold price stays above 1890.62. Targets are 1902.34 and 1910.15.

Plan B: Attempts short only if gold price stays below 1890.62. Targets are 1886.71 and 1878.90.

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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