In Asia, Japan -0.90%. Hong Kong -0.12%. China +0.44%. India -2.33%.
In Europe, at midday, London -0.26%. Paris -1.12%. Frankfurt -0.94%.
Futures at 6:20, Dow -0.98%. S&P -0.67%. Nasdaq -0.37%. Crude +0.08%to $65.85. Gold -0.02% to $1,347.60.
Ten-year Treasury Yield+2 bps to 2.79%
Corporate Earnings Reports
S&P 500 (ES)
Today is Cycle Day 2 (CD2)…Prior session saw price “run-the-range”…Plus/Minus 25 handles before settling near VWAP. Anticipation is for continue choppy trade action with recent cycle boundaries as bulls/bears search for balanced value.
Scenario 1: IF price converts PC (2823.50), THEN upside targets 2828, followed by 2831.75.
Scenario 2: Price has violated CD1 Low (2823.50) and has reached lower violation level of 2798. Further weakness below this level targets 2790 handle.
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Violation of CD1 Low (6884.75) in overnight trade has pushed price lower below 6860 average Violation Level. Average True Range has elevated to 78.51 handles as price volatility from earnings reports is dominating this future’s landscape.
Scenario 1: Bulls need to hold 6850 handle from further selling and recover above 6885 handle to stem additional losses. IF successful, THEN upside measures 6918 – 33 zone.
Scenario 2: Violation below 6850 opens trap door targeting 6826 max violation level and statistical standard deviation level of 6807.50.
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.
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