The financial markets have priced in a 50 basis-point rate cut by the Federal Reserve at this week’s FOMC meeting, possibly the third in the last three meetings. Opinions vary on the effectiveness of the cuts since rates are already low, so lowering them further may not have the desired effect and would take away some of its powder for future interventions.
In Asia, Japan +0.30%. Hong Kong +0.84%. China +0.85%. India Closed.
In Europe, at midday, London -0.37%. Paris -0.16%. Frankfurt +0.06%.
Futures at 5:30, Dow +0.19%. S&P +0.15%. Nasdaq +0.25%. Crude -0.60% to $56.32. Gold +0.27% to $1,509.40. Bitcoin +1.56% to $9,447.
Ten-year Treasury Yield +3 bps to 1.833%.
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…ES begins this last week of October in fine shape having fulfilled cycle objectives and pushing for higher levels. We’ve been maintaining a long-bias which will be carried over into today’s session. Stay focused on high-quality core setups within the context of bullish trend.
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CD2 Range High = 3071.50 CD2 Range Low = 2980.25 CD2 Range Avg = 48.75
Scenario 1: IF Bulls hold bid above 3026, THEN initial upside potential targets 3035 – 3044 zone.
Scenario 2: IF Bears hold offer below 3026, THEN initial downside objective targets 3020 – 3012 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…NQ begins this last week of October in fine shape having fulfilled cycle objectives and pushing for higher levels.
CD2 Range High = 8212.00 CD2 Range Low = 7911.00 CD2 Range Avg = 164.00
Scenario 1: IF Bulls hold bid above 8058, THEN initial upside potential targets 8070 – 8075 zone.
Scenario 2: IF Bears hold offer below 8058, THEN initial downside objective targets 8042 – 8036 zone.
Range Projections and Key Levels (NQ) December 2019 (Z) 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.”
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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