In Asia, Japan -1.4%. Hong Kong -1.1%. China -1%. India -0.7%.
In Europe, at midday, London -0.6%. Paris -0.4%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.6%. S&P -0.4%. Nasdaq -0.4%. Crude -0.9% to $64.99. Gold +0.6% to $1347.70. Bitcoin -2.1% to $10930.
Ten-year Treasury Yield flat at 2.7%
Economic Calendar
FOMC meeting begins
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
3:00 Farm Prices
S&P 500 (ES)
Today is Cycle Day 2 (CD2)…Price is continuing its slide in overnight trade fulfilling downside CD1 Violation objective if 2833. Price has rebounded off deep low holding 10 handles higher @ 2843. Resistance will be marked @ 2846 while support @ 2836.
Scenario 1: Bulls will need to hold above 2836 and stabilize price for a recovery attempt to 2846 and higher.
Scenario 2: Bears have their first opening in months to press for a follow-through down session. Deep extreme measures 2825 – 2821 zone.
HOD ATR Range Projection: 2853.75; LOD ATR Range Projection: 2835.77; Cycle Day 1 Low: 2851.50; 3 Day Central Pivot: 2855.75; 3 Day Cycle Target: 2877.19; 10 Day Average True Range: 22.75; VIX: 14.00
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading lower fulfilling its CD2 Violation Level @ 6925.88 and has rebounded higher currently trading @6965 handle. Initial resistance will be marked @ 6970.00, while support marked @ 6040.00.
Scenario 1: Price will need to hold above 6940 for stabilization and attempt to recover above 6970 handle.
Scenario 2: Violation of 6925.88 targets deep extreme @ 6909.86 – 6896.98 zone.
Range Projections and Key Levels (NQ)
HOD ATR Range Projection: 6998.75; LOD ATR Range Projection: 6933.50; Cycle Day 1 Low: 6980.00; 3 Day Central Pivot: 6983.25; 3 Day Cycle Target: 7037.66; 10 Day Average True Range: 73.00; VIX: 14.00
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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