Wall Street stocks rose to all-time highs on Thursday, with the S&P 500 index pushing past 3,200 for the first time, after Treasury Secretary Steven Mnuchin said the U.S. and China would sign their “phase one” trade agreement in early January. However, there wasn’t much movement from futures overnight, as investors begin winding down their books in the days leading up to the year-end holidays. Later in the session, we’ll get consumer spending figures, key inflation measures and the third estimate for third-quarter GDP.
In Asia, Japan -0.2%. Hong Kong +0.3%. China -0.4%. India flat.
In Europe, at midday, London +0.2%. Paris +0.6%. Frankfurt +0.6%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude -0.6% to $60.83. Gold -0.2% to $1481. Bitcoin -0.3% to $.7130.
Ten-year Treasury Yield +3 bps to 1.94%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…Price is holding gains made during prior Cycle Day 1 Session. Key initial price support now is marked at 3192. Price action is expected to be influenced by Quadruple Expiration for Options Contracts today.
Key Options Expiration Strike Prices: 3200…3225..3250
Looking forward >> Christmas falls mid-week, so expectation is for lower volumes as majority of Money Mangers / Traders will be taking extended holiday time-off. So best to pare back your trading activity and risk profiles.
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CD2 Range High = 3233.00 CD2 Range Low = 3190.00 CD2 Range Avg = 30.00
Scenario 1: IF Bulls hold bid above 3212, THEN initial upside potential targets 3220 – 3227 zone.
Scenario 2: IF Bears hold offer below 3212, THEN initial downside objective targets 3206 – 3200 zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
Nasdaq 100 (NQ)
CD2 Range High = 8725.00 CD2 Range Low = 8625.00 CD2 Range Avg = 100.00
Scenario 1: IF Bulls hold bid above 8670, THEN initial upside potential targets 8685 – 8700 zone.
Scenario 2: IF Bears hold offer below 8670, THEN initial downside objective targets 8660 – 8650 zone.
Range Projections and Key Levels (NQ) March 2020 (H) Contract
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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