Where Futures Lies
Daily Futures Trading Strategy 24 May 2023 (Foreign Market)
Futurescoin
Publish date: Thu, 25 May 2023, 02:46 PM
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WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
Global equities retreated and benchmark U.S. Treasury yields eased off two-month highs on Tuesday as talks over the U.S. debt ceiling continued without resolution.
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Plan A: Remain short as long as market trades below 33398. Targets are 33105 and 32910.
Plan B: Consider long if market stays above 33398. Targets are 33496 and 33594.
E-Mini S&P 500
Stocks fell Tuesday as ongoing debt ceiling discussions appeared to yield little progress.
The Allianz chief economic advisor said he’s “very impressed” by the recent market stability. El-Erian added that he views the S&P 500 as fairly priced despite this recent headwind and uncertainty surrounding the Federal Reserve’s next rate move.
While lawmakers should achieve a resolution to the debt ceiling woes, Aspiriant’s Sandi Bragar remains cautious as recession fears persist. Recent history suggests a downturn will likely come when the Federal Reserve completes its hiking cycle, she added.
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Plan A: Short if market failed to support above 4145. Targets are 4138 and 4120.
Plan B: Long if market supported firm above 4145. Targets are 4169 and 4172.
E-Mini Nasdaq
Some traders interpreted the lack of any major updates on negotiations as a sign that lawmakers, perhaps, are struggling to progress as hoped.
Investors have been closely eyeing debt-limit negotiations in Washington, hoping for more certainty as the so-called June 1 X-date expected by Treasury Secretary Janet Yellen fast approaches. Some House Republicans on Tuesday questioned the accuracy of this projected default date.
On Monday, Kevin McCarthy and President Joe Biden met at the White House, in a discussion that the House speaker described as “productive” and “professional,” although the hourlong talk concluded without a resolution.
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Plan A: Short if market failed to support above 12560. Targets are 12527 and 12493.
Plan B: Long if market retraced but supported firm above 12560. Targets are 12599 and 12620.
HSI
Hong Kong stocks closed in negative territory on Tuesday, with nervous investors keeping a close eye on debt talks in Washington as US lawmakers battle to hammer out a deal to lift the country's borrowing limit to avert a default.
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Plan A: Remain short if the market stays below 19531. Targets are 19219 and 19141.
Plan B: Consider long only if the market stays above 19531. Targets are 19609 and 19688.
WTI Crude
crude oil rose on Tuesday ahead of the start of the US driving season on the Memorial Day weekend and after Saudi Arabia warned short-sellers to watch out as OPEC+ readies to meet early next month.
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Plan A: Remain long as long as oil price stays above 71.88. Targets are 74.22 and 74.61.
Plan B: Consider short only if oil price stays below 71.88. Targets are 71.48 and 70.70.
Gold
Gold prices rebounded from their earlier losses on Tuesday, as yields fell and the dollar retreated from its highs, while another round of U.S. debt ceiling talks ended without much progress.
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Plan A: Remain long as long as gold price stays above 1960.9. Targets are 1980.5 and 1984.4.
Plan B: Attempts short only if gold price stays below 1960.9. Targets are 1953.1 and 1949.2.
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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