SET50 Futures Index price trend
Rising, the US stock market is positive but negative for oil
Factors affecting SET50
Last Friday, the Dow Jones closed 125 points (+0.32%) to close at 39,512 points from investors who evaluated the comments of many Fed officials last week. Including the Q1/2024 US listed company earnings report, which is nearing its end, LSEG notes that around 77% of companies that have reported earnings reported earnings that were higher than expected. In terms of price direction, WTI oil for June delivery closed at negative 1.0 US dollar/barrel. (-1.3%) and closed at 79.26 US dollars/barrel from the address
The US dollar strengthened after several Fed officials expressed that interest rates are likely to remain high for a long time, potentially damaging US oil demand.
Medium term trend
In the medium term, S50M24 is expected to vary. If it can stand above 841, it may swing up to the resistance at 849/858. If it cannot stand above 841, it may swing down to the 832/821 support.
Medium term strategy (week)
It is recommended to open a long S50M24 contract at 832 and close the position at the 841/849 resistance level with a stop loss point at 827.
For those who opened the long contract S50M24 at 841 last Wednesday, it is recommended to close the position at the resistance level. 849/858 with a stop loss point of 836
Factors to monitor in the short term
On Tuesday, follow the US Producer Price Index (PPI) for April. Including important factors to follow, including on Wednesday night the US Consumer Price Index (CPI) for April.
SET50 short-term futures trend (intraday)
Last Friday, S50M24 fluctuated upwards, turning down to a low of 838.1, alternating with a rebound to a high of 843.1 and closing at 842.7, with S50M24 adding stronger than the index, leading to the basis between S50M24 and SET50 at -1.05 points. (S50M24 and S50U24 Fair Basis Contracts are +2.86 and -0.89 points)
Evaluate the S50M24 contract, it may vary upwards. If it is still above 838, it may turn up to test the next resistance level 843/848.
Short term strategy (intraday)**
Recommend opening a long S50M24 contract at 838 and closing the position at the 843/848 resistance level with a stop loss point at 833.
For those who opened Long S50M24 contract at 838 last Thursday and Long opened at 838.1 last Friday. It can close the position at 843
The strategies that are appropriate for the market conditions are: Short term strategy (intraday)
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