In Europe, at midday, London -0.2%. Paris +1%. Frankfurt +1.7%.
Futures at 6:20, Dow +0.5%. S&P +0.5%. Nasdaq +0.6%. Crude +2.6% to $31.46. Gold -0.6% to $1204.
Ten-year Treasury Yield flat at 1.81%
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
9:45 Bloomberg Consumer Comfort Index
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
With renewed bullish momentum highlighted in prior DTS Report 2.17.16 price exceeded average range projections to reach 1928.00 expansion target. Bulls have decisively shifted price momentum back to their control. Price is a full 130 handles higher from swing low.
Today is Cycle Day 1 (CD1)…NORMAL SPILL DOWN…Potential exists now for corrective pullback/decline to consolidate recent price gains. We will be on guard for signs of price weakness if buyers cannot continue to press higher.
Range Projections and Key Levels:
HOD Range Projection = 1952.42; LOD Range Projection = 1897.82; CD1 Maximum Penetration Level = 1945.50; CD1 Maximum Violation Level = 1854.10; Cycle Day 1 Low = 1865.00; 3 Day Central Pivot = 1892.25; 3 Day Cycle Target = 1953.50; 10 Day Average True Range = 35.67.
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2016 (H) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: IF price holds above 1912.50 and converts PH (1927.25), THEN residual bullish momentum targets 1935.75 – 1941.25 STATX Zone. Strength above this zone measures 1945.50, then 1952.42.
Scenario 2: Failure to convert PH (1927.25) opens door for a corrective pullback to find renewed buyers. Initial downside objective is 1912.50 Central Pivot. Violation and conversion of this level targets 1904.75 followed by 1897.82 – 1892.25 3 Day Central Pivot Zone.
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