U.S. stock index futures rise as investors weigh the latest developments in the U.S.-China trade and foreign policy disputes. Reuters reports that China is planning visa restrictions for U.S. nationals with ties to anti-China groups. The Nasdaq is up 0.9%, the S&P gains 0.8% and the Dow increases 0.7%. The 10-year Treasury ticks up, pushing yield up 1 basis point to 1.54%. Crude oil slips 0.5% to $52.87 per barrel. Gold rises 0.3% to $1,508.40 per ounce.
In Asia, Japan -0.61%. Hong Kong -0.81%. China +0.39%. India +1.66%.
In Europe, at midday, London +0.40%. Paris +0.78%. Frankfurt +1.11%.
Futures at 6:20, Dow +0.67%. S&P +0.76%. Nasdaq +0.86%. Crude +0.48% to $52.87. Gold +0.30% to $1,508.40. Bitcoin +0.11% to $8,213.
Ten-year Treasury Yield +1.4 bps to 1.553%.
Source: Seeking Alpha https://seekingalpha.com/
10:00Job Openings and Labor Turnover Survey
10:30EIA Petroleum Inventories
11:00Jerome Powell Speech
11:00Fed’s George Speech
1:00 PMResults of $24B, 10-Year Note Auction
2:00 PMFOMC minutes
***New: PTG Trading Room Chat Log’s Link
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2903.50 (FULFILLED). Average Range for CD1 is 40.75 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
3 Day Cycle Lesson: This cycle’s decline occurred on Cycle Day 3 (yesterday) and the Average Decline Objective (2903.50) was fulfilled in prior session. As such, trade expectation shifts to Long Bias and this cycle’s rally with upside target range projections taken from daily spreadsheet. Overnight trade price has indeed rallied back to 3 Day Central Pivot Zone (2910 – 2913) and 10 day ATR Range (2929.50).
CD1 Range High = 2931.00 CD1 Range Low = 2910.00 CD1 Range Avg = 43.00
Scenario 1: IF Bulls hold bid above 2917, THEN initial upside targets 2927 – 2931 zone.
Scenario 2: IF Bears hold offer below 2917, THEN initial downside targets 2910 – 2903 zone.
Range Projections and Key Levels (ES) September 2019 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7628.75 (FULFILLED). Average Range for CD1 is 131.50 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 66%
CD1 Range High =7740.50 CD1 Range Low = 7583.00 CD1 Range Avg = 136.00
Scenario 1: IF Bulls hold bid above 7650, THEN initial upside targets 7700 – 7712 zone.
Scenario 2: IF Bears hold offer below 7650, THEN initial downside targets 7613 – 7594 zone.
Range Projections and Key Levels (NQ) September 2019 (U) 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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