In Asia, Japan -0.9%. Hong Kong -1.8%. China -0.3%. India -0.6%.
In Europe, at midday, London -0.5%. Paris -0.5%. Frankfurt -0.8%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.5%. Crude -0.7% to $56.40. Gold -0.8% to $1465.60. Bitcoin +0.3% to $8751.
Ten-year Treasury Yield -3 bps to 1.88%
Source: Seeking Alpha https://seekingalpha.com
8:30Consumer Price Index
10:00Atlanta Fed’s Business Inflation Expectations
11:00Powell To Testify Before The Congressional Joint Economic Committee
12:30 PMFed’s Barkin: “The New Environment for Monetary Policy”
1:30 PMFed’s Kashkari Speech
2:00 PMTreasury Budget
Today is Cycle Day 2 (CD2)…Price traded higher right into CD1 Penetration Zone which typically acts as resistance when fulfilled early in prior trade session. Overnight trade is testing 3081 – 3078 “key support” zone between VAL (5) and Cycle Day 1 Low.
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CD2 Range High = 3114.00 CD2 Range Low = 3054.00 CD2 Range Avg = 38.00
Scenario 1: IF Bulls hold bid above 3081, THEN initial upside potential targets 3090 – 3095 zone.
Scenario 2: IF Bears hold offer below 3081, THEN initial downside objective targets 3072 – 3063 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
CD2 Range High = 8350.00 CD2 Range Low = 8143.00 CD2 Range Avg = 130.00
Scenario 1: IF Bulls hold bid above 8234, THEN initial upside potential targets 8250 – 8265 zone.
Scenario 2: IF Bears hold offer below 8234, THEN initial downside objective targets 8220 – 8200 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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