The dollar is likely to hit parity with the euro during 2017, according to Goldman’s chief economist Jan Hatzius, driven by diverging paths for interest rates. “If we are right that the Fed moves the funds rate up more than what the market’s currently pricing… that’s generally a relatively good indicator to watch.” Euro -0.1% to $1.0526.
In Asia, Japan closed. Hong Kong +0.3%. China +0.6%. India -0.1%.
In Europe, at midday, London +0.1%. Paris -0.7%. Frankfurt -0.5%.
Futures at 6:20, Dow -0.2%. S&P -0.1%. Nasdaq flat. Crude -1.8% to $53.02. Gold +0.5% to $1179.50.
Ten-year Treasury Yield -3 bps to 2.39%
(Source: Seeking Alpha)
Prior Session only produced a shallow Cycle Day 1 decline as buyers keep firm bid throughout the session, ultimately breakout through 2266 resistance vaulting 10 handles higher to reach daily range targets.
Today is Cycle Day 2 (CD2)…Possible for some “back n fill” price action following breakout session. As long as price maintain bid above 2266 handle, breakout remains valid. Violation and conversion of 2262 handle would be an initial Sign of Weakness.
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 holds bid at or above 2266 handle, THEN primary objective is to retest PH (2277.00) with expansion above if converted to upper support. HOD Range Projection measures 2282.70 should this occur.
Scenario 2: Violation and conversion of 2266 handle places breakout in jeopardy…Further weakness below 2262 handle targets 2260.30 LOD Range Projection and possible test of Cycle Day 1 Low (2258.25).
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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