The U.S. Labor Department’s jobs report for November will be the last major piece of economic data before the Federal Reserve’s next meeting. Economists expect 175,000 jobs to be added, up from 161,000 in October, and see the unemployment rate remaining at 4.9%. If the report comes close to those estimates, the Fed will likely raise rates in December for the first time in a year.
In Asia, Japan -0.5%. Hong Kong -1.4%. China -0.9%. India -1.2%.
In Europe, at midday, London -1.1%. Paris -1.4%. Frankfurt -1%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.5%. Crude -1.6% to $50.21. Gold +0.2% to $1171.70.
Ten-year Treasury Yield flat at 2.43%
(Source: Seeking Alpha)
Selling which began on Cycle Day 3 (CD3) “Key Reversal Day” continued into Cycle Day 1 (CD1) reaching 2190.50 LOD Range Projection. Overnight trade has price marginally lower holding at 2185 handle STATX Level.
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 can auction back above PL (2186.00) and convert to support, THEN primary objective is to convert 2193 handle to upper support. IF this occurs, THEN upper target measures 2200.00 3D CPZ.
Scenario 2: IF price cannot convert PL (2186.00), THEN continued selling may unfold initially targeting 2180 handle, followed by 2175 – 2172 STATX Level.
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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