ECB President Mario Draghi is set to give his regular testimony in Brussels, where he is expected to face questions on the central bank’s policy path, including when it might start to taper, or wind down, its €2.3T quantitative easing program. A recent rise in inflation has sparked fresh calls in Germany for a policy reversal from Frankfurt.
In Asia, Japan +0.3%. Hong Kong +1%. China +0.6%. India +0.7%.
In Europe, at midday, London +0.2%. Paris -0.1%. Frankfurt -0.4%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.1%. Crude +0.2% to $53.96. Gold +0.5% to $1226.90.
Ten-year Treasury Yield -5 bps to 2.45%
(Source: Seeking Alpha)
Price continued its rally reaching projected targets outlined in prior DTS Briefing 2.3.17 …“IF price clears and converts 2270 to upper support, THEN upside is open to 2285 – 2293 zone.”
Today begins a new Cycle Day 1 (CD1)…Normal is for some magnitude decline to unfold…Overnight trade is relatively quiet with price holding in a tight range between 2287.50 – 2294.25. Average Decline on CD1 measures 2279.60 – 2281.01 zone.
Range Projections and Key Levels
**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: Bulls need to convert PH (2294.00) to continue the current up swing targeting 2297.25 – 2300.00 STATX Zone. HOD Range Projection measures 2303.30.
Scenario 2: Bears need to convert ONL (2287.50) to initial resistance and then push for lower levels measuring 2282.25 – 2278 3 Day Central Pivot.
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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