In Europe, at midday, London +0.3%. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude +0.1% to $54.34. Gold -0.1% to $1276.70.
Ten-year Treasury Yield flat at 2.37%
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
4:30 Money Supply
4:30 Fed Balance Sheet
S&P 500 (ES)
Thursday begins a new Cycle Day 1 (CD1)…Normal is for a decline with average measuring 2564 which has already been achieved during Globex trade action. Current session low = 2563.50.
As such, should this low continue to hold during RTH, then rally projection is 2573 (3D CPZ), followed by 2578. Violation of 2563.50 target 2559 cycle range low.
Nasdaq 100 (NQ)
Price has pulled back to successfully test 6200 handle in Globex session and rallied approximately 40 handles..Range projection targets 6247.50 – 6255.50 zone.
Range Projections and Key Levels (ES)
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: December 2017 (ESZ) 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: Bulls objective will be to keep ball control above ONL (2563.50) but especially above Prior RTH Low (2571.00), then convert 2578.00 (POC) to upper support to push for higher levels.
Scenario 2: Bears have an opening to continue the sell-down which began in prior session targeting 2559 with a hard break to 2552 handle.
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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