Business activity in eurozone eased slightly in January according to Markit’s flash composite PMI, which fell to 54.3 from 54.4 in December. Nonetheless the reading was one of the highest over the past five-and-a-half years. It “signals respectable quarterly GDP growth of 0.4% with a broad-based expansion across both manufacturing and services,” said Chris Williamson, chief economist at IHS Markit.
In Asia, Japan -0.6%. Hong Kong +0.2%. China +0.2%. India +1%.
In Europe, at midday, London +0.2%. Paris +0.1%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq flat. Crude flat at $52.75. Gold -0.3% to $1212.20.
Ten-year Treasury Yield +3 bps to 2.43%
(Source: Seeking Alpha)
Today is Cycle Day 1 (CD1)…Normal is for some magnitude decline, though prior session did push lower to successfully test 2250 key support and sharply bounced back 12 handles. Was that the test for a “secure-low”? Average Decline for CD1 measures 2250, which is “key support”.
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 fend off any additional selling and push through and convert 2266 to upper support. IF successful, THEN 2270 key resistance” is likely to be tested. Upper targets measure 2275 – 2280 zone.
Scenario 2: Bears need to push back below 2256 – 58 zone and retest 2250 handle for surety. IF they can force selling, lower targets measure 2245 – 2240 zone.
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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