The first look at U.S. GDP for the second quarter arrives later this morning. Economists expect 2.6% growth to be reported, although many forecasts have been revised lower. Both Morgan Stanley and JPMorgan trimmed their GDP forecast recently to 2.2%, while GDPNow clipped its view to 1.8%. The U.S. economy generated 1.1% growth in Q1. The reading from the University of Michigan survey of consumers will also be closely watched this morning. The preliminary report for July showed a 4.3% month-over-month drop to 89.5 for the Index of Consumer Sentiment. Analysts expect an improvement to 90.6 for the final survey report.
In Asia, Japan +0.6% to 16529. Hong Kong -1.28% to 21891. China -0.5% to 2979. India -0.6% to 28054.
In Europe, at midday, London -0.1%. Paris +0.1%. Frankfurt +0.5%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq flat. Crude -0.7% to $40.85. Gold -0.1% to $1340.40.
Ten-year Treasury Yield Flat at 1.52%
(Source: Seeking Alpha)
Good Friday Morning Everyone! Having fun trading this week/month? I am being totally sarcastic of course…There is nothing more for me to add in terms of valued commentary as shrinking ranges, volumes and volatility continues….I can barely find a pulse. There was a tweet quoted yesterday by Ryan Detrick, CMT that sums it up quite nicely:..“The S&P 500 has traded in a range of less than 1% the past 11 days. That has never happened going back 45 years.”
Today is Cycle Day 2 (CD2)…Simply stated…Market can go either way as price is dead center (2163) within range. Stay Vigilant!
Range Projections and Key Levels: Sept (U) Contract
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (U) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: IF price clears and converts 2170 handle, THEN upside is open to 2178 initial target.
Scenario 2: IF price violates and converts 2153 handle, THEN downside is open to 2142 initial target.
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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