In Europe, at midday, London +0.1%. Paris +0.1%. Frankfurt +0.1%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude -0.2% to $54.05. Gold -0.3% to $1274.10.
Ten-year Treasury Yield +1 bps to 2.38%
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
Prior trade session produced a CD1 normal decline as price hit projected low outlined in Scenario 2: “IF price violates and converts 2572 (POC) to resistance, THEN downside targets 2565.” Low of Day = 2565.50.
Tuesday is Cycle Day 2 (CD2)…Part of the rally off CD1 Low is in place in overnight trade…Additional gains are required to secure cycle low. Violation and conversion of 2565.50 to lower resistance would suggest deeper decline. Upside targets 2576, followed by 2580 range projection.
Range Projections and Key Levels (ES)
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: December 2017 (ESZ) 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 2572 (POC) to support, THEN initial upside targets 2578 – 80 range high zone.
Scenario 2: IF price violates and converts 2568 to lower resistance, THEN initial downside targets 2565, followed by 2560 range low.
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.
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