In Europe, at midday, London -0.1%. Paris -0.2%. Frankfurt -0.2%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq flat. Crude -0.4% to $56.95. Gold +0.5% to $1281.60. Bitcoin +4.9% to $7,470.
Ten-year Treasury Yield flat at 2.31%
10:30 EIA Petroleum Inventories
1:00 PM Results of $20B, 10-Year Note Auction
S&P 500 (ES)
Wednesday is Cycle Day 2 (CD2)…Early rally faded with a failure to penetrate 2593, followed by decline to test 2580 3 Day Central Pivot. Bulls need to convert 2588 to upper support to push higher. Bears are eager to convert 2580 to lower resistance. Battlefield has been established.
Nasdaq 100 (NQ)
Price action in this arena was likened to the WWF Smack-Down in prior session as bulls n bears fought for control between 6326 – 6296 zone with a stalemate by session end. We will use these price edges as markers for next directional move.
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: IF price clears and converts 2588 to upper support, THEN initial objective is to retest 2593 high.
Scenario 2: IF price violates and converts 2580 to lower resistance, THEN downside projects 2573 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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