U.S. stock index futures are pulling back from record highs – with the DJIA pointing to an opening loss of 200 points. Denting sentiment are 15,000 new coronavirus infections in China that were calibrated using a new CT scan detection method, rather than confirmation via slower ribonucleic acid tests. That brings the national total to just over 60,000 cases
In Asia, Japan -0.1%. Hong Kong -0.3%. China -0.7%. India -0.3%.
In Europe, at midday, London -1.5%. Paris -1%. Frankfurt -1.1%.
Futures at 6:20, Dow -0.7%. S&P -0.7%. Nasdaq -0.9%. Crude -0.8% to $50.75. Gold +0.4% to $1578. Bitcoin -1.3% to $10189.
Ten-year Treasury Yield -4 bps to 1.58%
Source: Seeking Alpha https://seekingalpha.com/
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During GLOBEX Session price has declined in excess of 34 handles, exceeding CD3 Average Range of 29 handles, on new scare of exponentially increased COVID-19 cases.
Range High = 3380.00 Range Low = 3350.00 CD3 Range Avg = 29.00
Bull Scenario: IF Bulls hold bid above 3356, THEN initial upside targets 3360 – 3368 zone.
Bear Scenario: IF Bears hold offer below 3356, THEN initial downside targets 3350 – 3345 zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price failed to exceed CD2 high (9628.25) and has reversed sharply lower during GLOBEX Session, currently within 3 Day Central Pivot Zone (9547 – 9534). Price has fulfilled Positive 3 Day Cycle Statistic which has a 91% probability of occurring each Cycle.
CD1 Range High = 9571.00 CD1 Range Low = 9521.00 CD1 Range Avg = 105.00
Bull Scenario: IF Bulls hold bid above 9543, THEN initial upside targets 9560 – 9565 zone.
Bear Scenario: IF Bears hold offer below 9543, THEN initial downside targets 9534 – 9521 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.”
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