Jitters over the virus are sending investors to safe haven assets following another upward revision in cases, which now stand at 75,465 in China and 2,236 deaths nationwide. U.S. equity futures slipped 0.5% and oil fell nearly 2%, though gold remains on a tear, rising 1.1% to $1638/oz.
In Asia, Japan -0.4%. Hong Kong -1.1%. China +0.3%. India closed.
In Europe, at midday, London -0.2%. Paris -0.1%. Frankfurt flat.
Futures at 6:20, Dow -0.5%. S&P -0.5%. Nasdaq -0.6%. Crude -1.9% to $52.84 Gold +1.1% to $1637.80. Bitcoin +1.2% to $9720.
Ten-year Treasury Yield -3 bps to 1.49%
Source: Seeking Alpha https://seekingalpha.com/
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Today is Cycle Day 3 (CD3)…Price having fulfilled upside range projections on CD1 received a sharp rejection on subsequent attempts to auction higher. 11 am reversal sent price plummeting 47 handles before recovering back to 3373 5-day Point of Control.
Price is currently below Cycle Day 1 Low (3370.75) with an objective to recover back “at or above” before end of session to fulfill Cycle Statistic.
Range High = 3369.00 Range Low = 3345.00 CD3 Range Avg = 30.50
Bull Scenario: IF Bulls hold bid above 3357, THEN initial upside targets 3367 – 3372 zone.
Bear Scenario: IF Bears hold offer below 3357, 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 is currently below Cycle Day 1 Low (9641.25) and will need to recover “at or above” before end of session to fulfill Cycle Statistic.
CD3 Range High = 9598.00 CD3 Range Low = 9562.00 CD3 Range Avg = 110.50
Bull Scenario: IF Bulls hold bid above 9579, THEN initial upside targets 9598 – 9612 zone.
Bear Scenario: IF Bears hold offer below 9579, THEN initial downside targets 9562 – 9548 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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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