A flurry of U.S. economic data will be crammed into the market session today, as trading activity slows before a long Thanksgiving weekend. Up ahead: Durable Goods, Jobless Claims, Personal Income, New Home Sales, Consumer Sentiment and EIA Petroleum Inventories. The figures come on the back of a solid revision to third quarter GDP and could provide more evidence that the economy is strong enough to withstand a rate hike in December. (Source: Seeking Alpha)
7:00 MBA Mortgage Applications
8:30 Initial Jobless Claims
8:30 Durable Goods
8:30 Personal Income and Outlays
9:00 FHFA House Price Index
9:45 PMI Services Index Flash
9:45 Bloomberg Consumer Comfort Index
10:00 New Home Sales
10:00 Reuters/UofM Consumer Sentiment
10:30 EIA Petroleum Inventories
11:30 Results of $29B, 7-Year Note Auction
12:00 PM EIA Natural Gas Inventory
Tuesday’s Session was a textbook Cycle Day 1 Decline which began Monday, as price probed lower to find a new “secure low” from which to stage this cycle’s rally. Retest of 2066.00 proved successful as price rallied to reach the 2091.50 SPOT.
Today is Cycle Day 2 (CD2)…NEUTRAL SPILL UP…Odds of Rally > 10 = 83%; Odds of Rally > 20 = 45%; Average Range = 14.50; Max Average Range = 22.75; Possible HOD = 2101.00; Possible LOD = 2078.50.
***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 2: Failure to convert PH (2091.50) keeps price within prior range to consolidate recent gains…Levels to be mindful of for renewed buy response on pullbacks are; 2083.00, 2080.25, 2078.50 Central Pivot Zone.
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