Economic growth for the eurozone rose 1.7% last year, growing at a faster rate than the U.S. managed when averaged across the whole of 2016. That’s the first time that happened since 2008. The region’s jobless rate also fell to 9.6%, the lowest figure since May 2009, while inflation of 1.8% is now near the ECB’s target of “close to, but below 2%.” Stock appetite is back on in Europe, as less stimulus could mean investment in riskier assets.
In Asia, Japan -1.7%. Hong Kong closed. China closed. India -0.7%.
In Europe, at midday, London +0.5%. Paris +0.4%. Frankfurt +0.2%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -0.3% to $52.45. Gold +0.5% to $1201.40.
Ten-year Treasury Yield flat at 2.48%
(Source: Seeking Alpha)
FOMC meeting begins
8:30 Employment Cost Index
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
9:45 Chicago PMI
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
3:00 Farm Prices
Price continued this cycle’s decline bottoming out at 2263.25 deep low projection mid morning and by settlement price had rebounded back to 2276 pairing early losses.
Today is Cycle Day 3 (CD3)…Key for this Cycle is to auction price back above 2287 (CD1 Low) to notch a Positive 3 Day Cycle. Failure to achieve this objective casts a near-term shadow on bullish case.
Range Projections and Key Levels
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2017 (H) 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: Bulls need to convert GBX Open (2276.00) to solid support then make a run to 2287.00 closing the open gap.
Scenario 2: Bears will need to continue pressing below GBX Open (2276.00) and force sellers back below 2268.00 (ONL) for a retest of prior low (2263.25).
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
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