In Asia, Japan +1.6%. Hong Kong -0.8%. China -1%. India -0.2%.
In Europe, at midday, London -0.1%. Paris +0.4%. Frankfurt +0.1%.
Futures at 6:20, Dow -0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +0.7% to $65.17. Gold -0.2% to $1341.10. Bitcoin -5.6% to $9601.
Ten-year Treasury Yield +2 bps to 2.74%
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Productivity and Costs
9:45 PMI Manufacturing Index
9:45 Bloomberg Consumer Comfort Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
S&P 500 (ES)
Today is Cycle Day 1 (CD1)…S&P failed to recover its prior CD1 Low (2851.50). Technically that registers as a failed 3 Day Rally, although with any cycle as with this one, it is pliable. This means there is potential for the recovery rally to regain lost ground back to prior CD1 Low. Should it again fail, then potentially a Change of Character would be afoot.
Scenario 1: IF price clears and converts PH (2839.75), THEN upside targets 2845.50 – 2851 zone.
Scenario 2: IF price violates and converts 2822, THEN downside targets 2815 – 2812 zone.
Nasdaq 100 (NQ)
Scenario 1: IF price clears and converts PH (6991.00), THEN upside targets 7006.00.
Scenario 2: IF price violates and converts 6945.50, THEN downside targets 6940.70, followed by 6928.50.
Range Projections and Key Levels (NQ)
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN