S&P 500 and Nasdaq notched new closing highs on Wednesday, though stock index futures are now debating direction after inching between gains and losses overnight.
The FOMC viewed “current stance of monetary policy” as “appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation returning to the committee’s symmetric 2% objective,” according to the minutes of its Jan. 28-29 meeting.
In Asia, Japan +0.3%. Hong Kong -0.2%. China +1.8%. India -0.4%.
In Europe, at midday, London flat. Paris -0.2%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude +0.4% to $53.70. Gold +0.1% to $1614. Bitcoin -5.4% to $9611.
Ten-year Treasury Yield -3 bps to 1.54%
Source: Seeking Alpha https://seekingalpha.com/
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Today is Cycle Day 2 (CD2)…Rally which began from CD3 low continued into CD1 fulfilling upside objectives. Expectation for today is for a “normal” ‘back n fill’ price action to absorb recent rally gains. Retest of CD1 Low (3370.75) is certainly possible to make sure it’s “secure”.
CD2 Range High = 3401.00 CD2 Range Low = 3373.00 CD2 Range Avg = 27.25
Bull Scenario: IF Bulls hold bid above 3380, THEN initial upside targets 3388 – 3392 zone
Bear Scenario: IF Bears hold offer below 3380, THEN initial downside targets 3373 – 3370 zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD1)…Price has fulfilled Cycle objectives and as such expectation for today would be for normal “back n fill” price action with an upside bias holding above 3 Day Central Pivot Zone.
CD2 Range High = 9748.00 CD2 Range Low = 9702.00 CD2 Range Avg = 101.50
Bull Scenario: IF Bulls hold bid above 9718, THEN initial upside targets 9734 – 9748 zone.
Bear Scenario: IF Bears hold offer below 9718, THEN initial downside targets 9693 – 9686 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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