Markets
Looking to avoid their first week of declines for 2020, U.S. stock index futures advanced 0.2% overnight, while oil continued to be spooked by demand signs from China. For the week, the DJIA is down nearly 0.7%, the S&P 500 is off about 0.2% and the Nasdaq is up slightly, as traders digested earnings and grappled with fears surrounding the coronavirus outbreak.
In Asia, Japan +0.1%. Hong Kong closed. China closed. India +0.6%.
In Europe, at midday, London +1.6%. Paris +1.1%. Frankfurt +1.4%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude -0.4% to $55.35. Gold -0.5% to $1558.40. Bitcoin -0.8% to $8356.
Ten-year Treasury Yield flat at 1.75%
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar
9:45 PMI Composite Flash
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 3303.00. Average Range for CD1 is 29.00 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3350.00 CD1 Range Low = 3313.00 CD1 Range Avg = 29.00
Bull Scenario: IF Bulls hold bid above 3328, THEN initial upside targets 3336 – 3340 CD1 Penetration Zone.
Bear Scenario: IF Bears hold offer below 3328, THEN initial downside targets 3322 – 3318 ATR Range Zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
HOD ATR Range Projection: 3344.00; LOD ATR Range Projection: 3318.00; 3 Day Central Pivot: 3320.00; 3 Day Cycle Target: 3354.00; 10 Day Average True Range 19.23; VIX: 12.85
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 9174.00. Average Range for CD1 is 103.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 67%
CD1 Range High = 9309.00 CD1 Range Low = 9228.00 CD1 Range Avg = 103.00
Bull Scenario: IF Bulls hold bid above 9264, THEN initial upside targets 9276 – 9297 CD1 Penetration Zone.
Bear Scenario: IF Bears hold offer below 9264, THEN initial downside targets 9251 – 9230 zone.
Range Projections and Key Levels (NQ) March 2020 (H) Contract
HOD ATR Range Projection: 9320.00; LOD ATR Range Projection: 9218.00; 3 Day Central Pivot: 9196.00; 3 Day Cycle Target: 9323.00; 10 Day Average True Range: 69.80; VIX: 12.85
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!
Good Trading…David
“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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN