Where Futures Lies
Daily Futures Trading Strategy 8 Jun 2023 (Foreign Market)
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Publish date: Thu, 08 Jun 2023, 03:01 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 on Wednesday ended mixed, as technology stocks wavered after a massive recent runup. Investors were largely cautious ahead of next week's consumer inflation report and Federal Reserve monetary policy committee meeting.
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Plan A: Remain long as long as market trades above 33496. Targets are 33691 and 33789.
Plan B: Consider short if market stays below 33496. Targets are 33398 and 33301.
E-Mini S&P 500
The S&P 500 and Nasdaq Composite closed lower Wednesday, with the broad market index fluctuating near its highest closing levels since August 2022.
Stocks have been boosted recently as the promise of artificial intelligence lifts tech names. Over the past three months, the S&P 500 is up more than 7%.
The S&P 500 Industrials now stand less than 1.4% below their 52-week high set in February, and are almost 6% higher in June alone. The 14-day relative strength index (RSI) for the group is a shade more than 62 — well below the 70 threshold that might signal it’s overbought.
Stocks have been boosted recently as the promise of artificial intelligence lifts tech names. Over the past three months, the S&P 500 is up more than 7%.
The S&P 500 Industrials now stand less than 1.4% below their 52-week high set in February, and are almost 6% higher in June alone. The 14-day relative strength index (RSI) for the group is a shade more than 62 — well below the 70 threshold that might signal it’s overbought.
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Plan A: Short if market failed to support above 4267. Targets are 4258 and 4137.
Plan B: Long if market supported firm above 4267. Targets are 4279 and 4294.
E-Mini Nasdaq
Nasdaq Composite declined 1.29% to end at 13,104.89. The Dow Jones Industrial Average, the outlier among the major averages, added 91.74 points, or 0.27%, closing at 33,665.02.
JPMorgan Analyst Doug Anmuth hiked his price target on the streaming giant, saying the streaming giant’s password sharing crackdown can drive revenue growth.
The U.S. trade deficit rose sharply in April, though the increase wasn’t quite as much as expected.
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Plan A: Short if market failed to support above 13100. Targets are 13068 and 13025.
Plan B: Long if market retraced but supported firm above 13100. Targets are 13125 and 13176.
HSI
Hong Kong stocks ended with gains on Wednesday thanks to a rally in Chinese tech firms, with another batch of weak mainland economic data fuelling speculation leaders could unveil more stimulus measures to boost growth.
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Plan A: Remain long if the market stays above 19063. Targets are 19375 and 19531.
Plan B: Consider short only if the market stays below 19063. Targets are 18906 and 18750.
WTI Crude
crude oil closed higher on Wednesday as a report showed an unexpected drop in US inventories while China's imports rose last month.
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Plan A: Remain long as long as oil price stays above 71.09. Targets are 73.44 and 74.22.
Plan B: Consider short only if oil price stays below 71.09. Targets are 70.31 and 69.53.
Gold
Gold prices fell 1% on Wednesday, weighed by an uptick in U.S. bond yields, while investors looked forward to inflation data and the Federal Reserve policy meeting next week for more clarity on the U.S. interest rate path.
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Plan A: Remain short as long as gold price stays below 1976.6. Targets are 1953.1 and 1945.3.
Plan B: Attempts long only if gold price stays above 1976.6. Targets are 1984.4 and 1992.2.
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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