Nasdaq futures led U.S. indexes overnight, rising as much as 1%, after Apple’s (NASDAQ:AAPL) quarterly results sent relief waves through the markets. Investors are now looking to the outcome of the Fed’s rate review later in the session, amid heightened expectations policymakers will reinforce their dovish stance and hold off on hikes for at least the next few meetings. The spotlight is also on Chair Jerome Powell and whether he has any inclination to slow the draw-down of the Fed’s balance sheet by up to $50B/month.
In Asia, Japan -0.5%. Hong Kong +0.4%. China -0.7%. India flat.
In Europe, at midday, London +1.4%. Paris +0.6%. Frankfurt -0.4%.
Futures at 6:20, Dow +0.8%. S&P +0.3%. Nasdaq +0.3%. Crude +0.7% to $53.66. Gold +0.7%to $1318.60. Bitcoin +1.7% to $3421.
Ten-year Treasury Yield flat at 2.72%
Source: Seeking Alpha
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 GDP Q4
8:30 Treasury Refunding Quarterly Announcement
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:00 PM Chairman Press Conference 8:30 Durable Goods
10:00 New Home Sales
1:00 PM Baker-Hughes Rig Count
Today is Cycle Day 2 (CD2)…Price is continuing this Cycle’s Rally following a consolidation range day in prior session. Upside extension targets measure between 2656 (3D Cycle Tgt) through 2658 – 2660 CD2 Penetration Range Zone.
CD1 Range High = 2660.00 CD1 Range Low = 2631.00 CD1 Range Avg = 24.00
Scenario 1: IF price holds bid above 2642, THEN initial upside objective targets 2656 – 2660 Cycle Target Zone.
Scenario 2: IF price holds offer below 2642, THEN initial downside objective targets 2631 – 2621 STATX Zone.
Range Projections and Key Levels (ES) March 2019 (H) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is rallying pre-RTH on the heals of Apple Computer earnings, trading near to 5-Day Value High & 3 Day Central Pivot Zone. Conversion of this zone would offer bulls price extension potential.
CD1 Range High = 6714.00 CD1 Range Low = 6653.00 CD1 Range Avg = 56.00
Scenario 1: IF price holds bid above 6677, THEN initial upside objective targets 6710.75 – 6720.25 3 Day Central Pivot Zone.
Scenario 2: IF price holds offer below 6677, THEN initial downside objective targets 6653 – 6633 CD2 Range Low Zone.
Range Projections and Key Levels (NQ) March 2019 (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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