Markets
Settling slightly in the green on Thursday, U.S. stock index futures advanced by 0.4% overnight, ahead of the eagerly-anticipated jobs report. Market focus is additionally attuned to global trade developments, following an upbeat tone from President Trump. Adding to the positive sentiment, China’s finance ministry said on Friday it will waive import tariffs for some soybeans and pork shipments from the U.S. as the two sides aim to conclude a Phase One trade deal.
Crude awaits outcome of OPEC meeting
Cohesion among the group is in the spotlight as OPEC canceled its customary press conference yesterday following an acrimonious meeting in Vienna that ran late into the evening. Led by Saudi Arabia, the alliance agreed in principle to cut production by an additional 500K barrels per day through the end of March 2020, according to sources from CNBC and Reuters. But the group must still convince a faction of its non-OPEC allies, including Russia, in a bid to prop up oil prices. Crude futures flat at $58.41/bbl.
In Asia, Japan +0.2%. Hong Kong +1.1%. China +0.4%. India -0.8%.
In Europe, at midday, London +0.8%. Paris +0.5%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.5%. Crude flat at $58.42. Gold -0.2% to $1480.60. Bitcoin -0.5% to $7355.
Ten-year Treasury Yield flat at 1.79%
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar
8:30 Non-farm payrolls
10:00 Consumer Sentiment
10:00 Wholesale Trade
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 3094. Average Range for CD1 is 31.00 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3141.00 CD1 Range Low = 3103.00 CD1 Range Avg = 31.00
Scenario 1: IF Bulls hold bid above 3118, THEN initial upside targets 3126 – 3128 zone.
Scenario 2: IF Bears hold offer below 3118, THEN initial downside targets 3110 – 3104 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
HOD ATR Range Projection: 3140.00; LOD ATR Range Projection: 3104.00; 3 Day Central Pivot: 3104.00; 3 Day Cycle Target: 3150.00; 10 Day Average True Range 23.00; VIX: 14.30
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 8250. Average Range for CD1 is 104.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 67%
CD1 Range High =8366.00 CD1 Range Low = 8287.00 CD1 Range Avg = 104.00
Scenario 1: IF Bulls hold bid above 8310, THEN initial upside targets 8340 – 8362 zone.
Scenario 2: IF Bears hold offer below 8310, THEN initial downside targets 8295 – 8280 zone.
Range Projections and Key Levels (NQ) December 2019 (Z) Contract
HOD ATR Range Projection: 8382.00; LOD ATR Range Projection: 8270.00; 3 Day Central Pivot: 8280.00; 3 Day Cycle Target: 8380.00; 10 Day Average True Range: 75.00; VIX: 14.30
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.
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