Markets
Investors are eyeing today’s non-farm payrolls report, which will offer a broad snapshot of the labor market as the Trump administration took office. Economists project employers added 175,000 jobs – not far off from last year’s monthly average – following an increase of 156,000 in December. The jobless rate is expected to remain at 4.7%, a level the Fed considers at or near full employment, with a smaller pickup in wages of 0.3%.
Oil prices are on the rise on news that President Trump will impose new sanctions on dozens of Iranian entities for their alleged role in missile development and terrorism. He further insisted that “nothing is off the table,” including military action, following the nation’s recent missile test. Comments by Russia’s energy minister stating oil producers had cut their output in accordance with a pact agreed upon in December are also helping to support crude.
In Asia, Japan flat. Hong Kong -0.2%. China -0.6%. India +0.1%.
In Europe, at midday, London +0.5%. Paris +0.9%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.1%. Crude +0.4% to $53.74. Gold -0.4% to $1215.10.
Ten-year Treasury Yield +2 bps to 2.49%
(Source: Seeking Alpha)
Economic Calendar
8:30 Non-farm payrolls
9:15 Fed’s Evans speech
9:45 PMI Services Index
10:00 Factory Orders
10:00 ISM Non-Manufacturing Index
1:00 PM Baker-Hughes Rig Count
PTG Trading
Prices were held in-check in prior session as Earnings Reports and Non-Farm Payroll Report this morning being the main themes this week. Bulls need above 2280…Bears need below 2270 respectively.
Today is Cycle Day 3 (CD3)…Positive 3 Day Cycle is in-place…So with range-type trade action, directional lean could go either way today. Neutral trade posture.
Range Projections and Key Levels
HOD ATR Range Projection: 2285.90; LOD ATR Range Projection: 2265.10; Cycle Day 1 Low: 2268.25; 3 Day Central Pivot: 2273.75; 3 Day Cycle Target: 2292.58; 10 Day Average True Range: 15.40
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2017 (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 clears and converts 2270 to upper support, THEN upside is open to 2285 – 2293 zone.
Scenario 2: IF price violates and converts 2270 to lower resistance, THEN downside is open to 2260 – 2253 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!
Good Trading…David
“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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