Where Futures Lies
Daily Futures Trading Strategy 8 January 2022 (Foreign Market)
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Publish date: Mon, 08 Jan 2024, 04:07 PM
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WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stock indexes endured a topsy-turvy session on Friday but ultimately closed marginally higher, although the small gains did not stop the S&P 500 and Nasdaq Composite from starting 2024 with their worst weekly showing in months.
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Plan A: Remain short as long as market trades below 37500. Targets are 37304 and 37207.
Plan B: Consider long if market stays above 37500. Targets are 37597 and 37695.
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 finished a tough week with another loss on Friday as 2024 got off to a terrible start for equities, with a forecast-beating US jobs report denting hopes for an early interest rate cut.
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Plan A: Remain short if the market stays below 16719. Targets are 16563 and 16484.
Plan B: Consider long only if the market stays above 16719. Targets are 16797 and 16875.
WTI Crude
West Texas Intermediate (WTI) crude oil closed higher on Friday as turmoil and war in the Middle East offset demand concerns following a big rise in US product inventories.
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Plan A: Remain long as long as oil price stays above 72.66. Targets are 73.83 and 74.61.
Plan B: Consider short only if oil price stays below 72.66. Targets are 72.27 and 71.48.
Gold
Gold held steady on Friday after swinging up and down a percentage point on mixed U.S. economic data, but bullion eyed its first weekly decline in four weeks on an overall stronger dollar and higher Treasury yields.
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Plan A: Remain short as long as gold price stays below 2054.68. Targets are 2031.25 and 2015.62.
Plan B: Attempts long only if gold price stays above 2054.68. Targets are 2062.50 and 2070.31.
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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