OPEC’s technical committee will meet in Vienna today to discuss the implementation of the Algiers oil-supply pact, finalized on Sept. 28, which would end a two-year policy of pumping without limits. The gathering comes as Iran and Iraq signal optimism for a deal and Russia sees few hurdles to oil producers reaching an agreement on supply levels. A formal OPEC meeting will take place on Nov. 30.
In Asia, Japan +0.8% to 18106. Hong Kong +0.1% to 22357. China +0.8% to 3218. India -1.5% to 25765.
In Europe, at midday, London +0.5%. Paris +0.6%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.3%. Crude +2.1% to $47.34. Gold +0.6% to $1215.60.
Ten-year Treasury Yield flat at 2.33%
(Source: Seeking Alpha)
8:00 Stanley Fischer
S&P e-mini (ES) produced only a shallow decline on Cycle Day 1 (CD1) and held firm bid throughout prior session. Overnight trade action is relatively quiet as price continues to hold above rising trend structure.
Today is Cycle Day 2 (CD2)…Expectation today is for some back n fill trade with upside trend bias. As holiday week is upon us, “thin to win” will be name of game as bears are unable to mount any counter attack. Price is very near to making new contract highs, so anything goes for the shortened holiday trading week.
Range Projections and Key Levels
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: December (Z) 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: IF price clears and converts PH (2187.50) to upper support, THEN upside is unobstructed with targets measuring between 2196.50 – 2201.50 zone.
Scenario 2: Sign of Weakness (SOW) would be converting CD1 Low (2165.50) to lower resistance. IF this occurs, THEN downside to 2170 – 2168 zone, followed by 2165 – 2163 range projections.
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
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