Stocks gear up for another run at the elusive Dow 20K mark today after the S&P 500 Index closed just off its record high yesterday. Yesterday’s ho-hum reaction to the report on FOMC minutes shows that investors are taking their cues from factors outside of the sport of Federal Reserve watching, according to economists. U.S. stock futures are mixed in early action.
In Asia, Japan -0.4% to 19,520. Hong Kong +1.5% to 22,456. China flat at 10,133. India +0.9% to 26,878.
In Europe, at midday, London -0.1%. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow +0.3%. S&P -0.1%. Nasdaq -0.1%. Crude +0.1% to $53.29. Gold +0.7% to $1173.80.
Ten-year Treasury Yield Flat at 2.45%
(Source: Seeking Alpha)
Chain Store Sales
7:30 Challenger Job-Cut Report
8:15 ADP Jobs Report
8:30 Initial Jobless Claims
8:30 Gallup Good Jobs Rate
9:45 PMI Services Index
9:45 Bloomberg Consumer Comfort Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
4:30 Money Supply
4:30 Fed Balance Sheet
Price rallied in prior session to reach 3 Day Cycle Target (2265.73) completing a Positive Cycle. Economically sensitive Sectors such as Consumer Discretionary and Technology were among the leadership. Crude Oil also rebounded aiding in positive numbers for Basic Materials.
Today is Cycle Day 3 (CD3)…The rally is in place, so bulls will need to force higher prices for expansion. Failure to convert GBX Open (2264.50) and PH (2267.25) to upper support may weight heavily in today’s session.
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: IF price can clear and convert 2264.50 to upper support, THEN upside potential measures 2272.50 – 2275.50 zone.
Scenario 2: IF price violates and converts 2258 handle to lower resistance, THEN odds favor pullback targeting 2253 – 2251 LOD Range Projection.
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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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