Markets
Oil prices are bouncing around the $46 level as traders bet on whether OPEC will slash output at its closely watched meeting on Wednesday. While Libya has announced it won’t take part in any OPEC cuts and Saudi Arabia hinted that the oil market would rebalance itself, some still feel the group will be able to rein in global oversupply. Venezuela’s oil minister will also meet his Algerian counterpart later today before the two meet with Russia to seek support for a production cut.
In Asia, Japan -0.1%. Hong Kong +0.5%. China +0.5%. India +0.1%.
In Europe, at midday, London -0.7%. Paris -0.7%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.2%. Crude -0.2% to $45.95. Gold +0.9% to $1189.
Ten-year Treasury Yield -4 bps to 2.33%
(Source: Seeking Alpha)
Economic Calendar
10:30 Dallas Fed Manufacturing Survey
PTG Trading
Bulls continue to march price higher as lack of sellers (thin to win) dominate the trading landscape. The 10 day average true range has contracted to 11.30 handles. This favors the bulls, but the warning sign here is that expansion follows contraction…We just do not know when…So continue to play the very best patterns and signals.
Today is Cycle Day 1 (CD1)…First sign of change in sentiment will be when the 3 Day Central Pivot Zone which is currently in bullish formation shifts to bearish. We will then be able to safely play short-side setups.
Range Projections and Key Levels
HOD Range Projection: 2210.75; LOD Range Projection: 2198.25; Cycle Day 1 Low: 2176.50; 3 Day Central Pivot: 2203.50; 3 Day Cycle Target: 2224.00; 10 Day Average True Range: 11.30
**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: Price is currently trading at 2203.50 3D Central Pivot…IF price can hold above this level THEN primary objective is test 2211.75 prior high. Expansion above this level targets 2210.75 HOD Range Projection
Scenario 2: Sign of Weakness (SOW) would be violation and conversion of 2203.50 to lower resistance. IF this occurs THEN primary target is 2194.50 which is CD1 Average Decline.
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!
Good Trading…David
“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. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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