Broadly positive U.S. jobs data has quelled some fears about an economic slowdown, but nervousness over U.S.-China trade talks is setting in, as well as more weak economic data out of Europe (see below). The mood is once again weighing on U.S. stock index futures, which have started the week down 0.5%.
In Asia, Japan -0.2%. Hong Kong closed. China closed. India -0.4%.
In Europe, at midday, London +0.2%. Paris +0.2%. Frankfurt +0.3%.
Futures at 6:20, Dow -0.5%. S&P -0.5%. Nasdaq -0.5%. Crude +0.6% to $53.10. Gold -0.4% to $1507.20. Bitcoin +1.1% to $8002.
Ten-year Treasury Yield +1 bps to 1.52%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…Price successfully recovered back above 2937 prior Cycle Day 1 Low fulfilling Positive 3 Day Cycle Statistic. Current cycle target objectives have been achieved; As such bulls are back in control and will adjust trading biases to remain in alignment with dominant forces.
Note: Technically price did not recover back above CD1 Low by cycle end, BUT in practice cycles are flexible and as such, we allow a “grace-day” for recovery attempt. If unsuccessful, then official failed cycle would be marked.
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CD2 Range High = 2952.50 CD2 Range Low = 2922.25 CD2 Range Avg = 47.00
Scenario 1: IF Bulls hold bid above 2938, THEN initial upside potential targets 2946 – 2949 zone.
Scenario 2: IF Bears hold offer below 2938, THEN initial downside objective targets 2935 – 2928 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price successfully recovered back above 7691 prior Cycle Day 1 Low fulfilling Positive 3 Day Cycle Statistic.
CD2 Range High = 7742.25 CD2 Range Low = 7700 CD2 Range Avg = 156.25
Scenario 1: IF Bulls hold bid above 7730, THEN initial upside potential targets 7743 – 7756 zone.
Scenario 2: IF Bears hold offer below 7730, THEN initial downside objective targets 7712 – 7700 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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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