Wall Street will be looking for more record highs during today’s session, as Dow futures point to a 75-point advance after closing above 29,000 for the first time on Wednesday. Investors are reacting to details of the U.S.-China “Phase One” trade agreement, a first step in ending an 18-month trade war between the world’s two largest economies. President Trump said the deal restored “economic justice” as China committed to $200B in additional purchases of U.S. goods and pledged to “enhance” intellectual property protections. All U.S. tariffs on Chinese imports will be removed as soon as the two countries complete a “Phase Two” trade pact.
In Asia, Japan +0.1%. Hong Kong +0.4%. China -0.5%. India +0.1%.
In Europe, at midday, London -0.5%. Paris flat. Frankfurt -0.2%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.4%. Crude +0.4% to $58.03. Gold +0.1% to $1554.80. Bitcoin -1.5% to $8644.
Ten-year Treasury Yield flat at 1.79%
Source: Seeking Alpha https://seekingalpha.com/
8:30Initial Jobless Claims
8:30Philly Fed Business Outlook
10:00NAHB Housing Market Index
10:00Fed’s Bowman Speech
10:30EIA Natural Gas Inventory
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Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 3274.50. Average Range for CD1 is 22.25 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3289.00 CD1 Range Low = 3249.00 CD1 Range Avg = 28.25
Bull Scenario: IF Bulls hold bid above 3298, THEN initial upside targets 3308 – 3313 CD1 Penetration Zone. Statistical Extreme Target: 3323.75
Bear Scenario: IF Bears hold offer below 3298, THEN initial downside targets 3290 – 3285 3 Day Central Pivot Zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 9013.00. Average Range for CD1 is 108.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 67%
CD1 Range High = 9120.00 CD1 Range Low = 9050.00 CD1 Range Avg = 108.00
Bull Scenario: IF Bulls hold bid above 9090, THEN initial upside targets 9110 – 9120 CD1 Penetration Zone.
Bear Scenario: IF Bears hold offer below 9090, THEN initial downside targets 9066 – 9056 3 Day Central Pivot Zone.
Range Projections and Key Levels (NQ) March 2020 (H) Contract
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.”
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