Where Futures Lies
Daily Futures Trading Strategy 30 May 2023 (Foreign Market)
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Publish date: Tue, 30 May 2023, 02:41 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 rose and European shares logged their largest one-day gain in two months on Friday as talks on raising the U.S. debt ceiling progressed.
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Plan A: Remain long as long as market trades above 33008. Targets are 33301 and 33398.
Plan B: Consider short if market stays below 33008. Targets are 32910 and 32813.
E-Mini S&P 500
S&P 500 finished last week with gains. The market was closed Monday due to Memorial Day.
President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid a default over the weekend, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.
The agreement comes just days before the so-called “X date” on June 5, which is the earliest date the Treasury Department has signaled the U.S. could default on debt obligations. The initial compromise was first announced on Saturday evening.
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Plan A: Short if market failed to support above 4205. Targets are 4182 and 4175.
Plan B: Long if market supported firm above 4205. Targets are 4218 and 4236.
E-Mini Nasdaq
Stock futures rose Monday night after the Biden administration and Republican lawmakers reached a tentative deal on raising the U.S. debt ceiling.
The long negotiations between the White House and congressional leaders raised concern among investors that a default on U.S. debt could take place. Wall Street has already contended with persistent inflation and a banking crisis this year.
Stocks closed higher on Friday. The Nasdaq Composite finished last week with gains. The market was closed Monday due to Memorial Day.
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Plan A: Short if market failed to support above 12975. Targets are 12942 and 12913.
Plan B: Long if market retraced but supported firm above 12975. Targets are 13027 and 13069.
HSI
Asia-Pacific markets were mixed even as Japan’s Nikkei 225 climbed to trade at the highest levels since July 1990.
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Plan A: Remain short if the market stays below 18906. Targets are 18438 and 18281.
Plan B: Consider long only if the market stays above 18906. Targets are 19063 and 19219.
WTI Crude
crude oil closed higher on Friday on mixed signals from OPEC+ over whether further production cuts are planned when its stages its ministerial meeting next month, as talks over a US debt-ceiling deal continue and a key US inflation measure rose more than expected last month.
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Plan A: Remain long as long as oil price stays above 72.27. Targets are 73.44 and 73.83.
Plan B: Consider short only if oil price stays below 72.27. Targets are 71.88 and 71.48.
Gold
Gold prices hovered near two-month lows in holiday-thinned trading on Monday as the U.S. debt ceiling agreement eased investor worries, while chances of the Federal Reserve raising rates dampened the demand for bullion.
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Plan A: Remain long as long as gold price stays above 1945.3. Targets are 1968.8 and 1976.6.
Plan B: Attempts short only if gold price stays below 1945.3. Targets are 1937.5 and 1929.7.
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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