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Daily Futures Trading Strategy 3 January 2022 (Foreign Market)
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Publish date: Wed, 03 Jan 2024, 03:13 PM
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WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks closed lower on Tuesday to start the new trading year, as investors readjusted expectations for the aggressiveness of the Federal Reserve in cutting interest rates this year, while a downgrade of Apple also weighed heavily.
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Plan A: Remain long as long as market trades above 37646. Targets are 37792 and 37841.
Plan B: Consider short if market stays below 37646. Targets are 37597 and 37548.
E-Mini S&P 500
The S&P 500 fell Tuesday, the first trading day of the year, as bond yields inched higher and investors took some money off the table following a surprisingly strong 2023.
The stock market finished 2023 with a bang, as the S&P 500 climbed for nine weeks in a row to end the year, notching its best weekly win streak since 2004. Risk assets enjoyed a big relief rally as the economy remained resilient and inflation cooled, while the Federal Reserve signaled an end to rate hikes and forecasted rate cuts later this year. The market also endured a regional banking crisis as well as wars in Ukraine and the Middle East.
The stock market finished 2023 with a bang, as the S&P 500 climbed for nine weeks in a row to end the year, notching its best weekly win streak since 2004. Risk assets enjoyed a big relief rally as the economy remained resilient and inflation cooled, while the Federal Reserve signaled an end to rate hikes and forecasted rate cuts later this year. The market also endured a regional banking crisis as well as wars in Ukraine and the Middle East.
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Plan A: Long if market supported firm above 4760. Targets are 4779 and 4788.
Plan B: Short if market failed to support above 4760. Targets are 4751 and 4745.
E-Mini Nasdaq
The broad market index lost 0.57% to settle at 4,742.83. The Nasdaq Composite pulled back by 1.63% to 14,765.94, for its worst day since October.
Apple shares slid more than 3% after Barclays downgraded the member of the Magnificent Seven market leaders basket to an underweight rating. On the other hand, the Dow remained in positive territory as defensive stocks like Johnson & Johnson and Merck strengthened.
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Plan A: Long if market retraced but supported firm above 16714. Targets are 16745 and 16778.
Plan B: Short if market fall below 16714. Target are 16685 and 16659
HSI
Hong Kong stocks sank Tuesday on a disappointing return from the New Year break as worries about the Chinese economy trumped hopes for a series of Federal Reserve interest rate cuts in 2024.
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Plan A: Remain short if the market stays below 16875. Targets are 16563 and 16406.
Plan B: Consider long only if the market stays above 16875. Targets are 17031 and 17188.
WTI Crude
WTI crude futures steadied above $71 per barrel, after rising to as high as $73.55 earlier in the day amid fears that heightened geopolitical tensions in the Middle East could disrupt supply.
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Plan A: Remain short as long as oil price stays below 72.66. Targets are 71.09 and 70.31.
Plan B: Consider long only if oil price stays above 72.66. Targets are 74.22 and 75.00.
Gold
Gold entered 2024 under pressure from a jump in the U.S. dollar, but held its ground on expectations the Federal Reserve will cut interest rates this year and rising concerns over attacks on shipping in the Red Sea.
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Plan A: Remain short as long as gold price stays below 2066.40. Targets are 2054.68 and 2050.78.
Plan B: Attempts long only if gold price stays above 2066.40. Targets are 2074.21 and 2082.03.
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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