Despite a 550-point drop for the DJIA over the last two sessions, U.S. futures are now suggesting gains of 0.5-0.7% at the open after sitting deep in the red for most of the night. Trade-inspired movement… Bloomberg reported that the U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a Phase One trade deal despite legislation over Hong Kong and Xinjiang. The pact would be completed before another tariff deadline on December 15, despite comments a day earlier from President Trump that cast doubt on a quick agreement.
In Asia, Japan -1.1%. Hong Kong -1.3%. China -0.2%. India +0.3%.
In Europe, at midday, London +0.2%. Paris +1.2%. Frankfurt +1.2%.
Futures at 6:20, Dow +0.5%. S&P +0.5%. Nasdaq +0.7%. Crude +1.3% to $56.80. Gold -0.2% to $1480.90. Bitcoin -1.3% to $7200.
Ten-year Treasury Yield +4 bps to 1.75%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…Price is rallying during overnight trade as the “US/China Phase-One Ping-Pong Game” continues. Price has fulfilled 3-Day Cycle Range Objectives (3103.50). As such, today could be a bumpy “back in fill” session.
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CD2 Range High = 3113.00 CD2 Range Low = 3084.00 CD2 Range Avg = 32.00
Scenario 1: IF Bulls hold bid above 3100, THEN initial upside potential targets 3111 – 3113 zone.
Scenario 2: IF Bears hold offer below 3100, THEN initial downside objective targets 3094 – 3092 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is rallying during overnight trade as the “US/China Phase-One Ping-Pong Game” continues. Price has fulfilled 3-Day Cycle Range Objectives (8286). As such, today could be a bumpy “back in fill” session.
CD2 Range High = 8332.00 CD2 Range Low = 8254.00 CD2 Range Avg = 111.00
Scenario 1: IF Bulls hold bid above 8292, THEN initial upside potential targets 8304 – 8315 zone.
Scenario 2: IF Bears hold offer below 8292, THEN initial downside objective targets 8275 – 8265 zone.
Range Projections and Key Levels (NQ) December 2019 (Z) 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.”
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