The U.S. jobs report is due to be released today in the headline event for market watchers. Economists expect U.S. non-farms payrolls to be up a strong 200K jobs for February, down from the 227K gain in January. The unemployment rate is seen declining to 4.7% from 4.8% in the previous month.
Crude oil prices move higher after dropping to a three-month low this week. WTI crude oil futures +0.75% to $49.65/bbl. Brent crude +0.50% to $52.45/bbl.
In Asia, Japan +1.5%. Hong Kong +0.3%. China -0.1%. India +0.1%.
In Europe, at midday, London +0.4%. Paris +0.6%. Frankfurt +0.6%.
Futures at 6:20, Dow +0.3%. S&P +0.4%. Nasdaq +0.3%. Crude +0.8% to $49.65. Gold -0.6% to $1196.50.
Ten-year Treasury Yield Flat at 2.61%.
(Source: Seeking Alpha)
Snap-back rally during afternoon session reversed the early damage in morning which may have qualified for this cycle’s “secure low”. Cycle support marker is now 2351.
Today is Cycle Day 1 (CD1)…Norm is for a decline, though prior session low marker may be retested for surety. Contract rollover continues as discount spread is 3 pts between H & M contracts.
Note: Contract Rollover to June (M)
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: June 2017 (M) 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 will need to hold 2356 as support on any pullback and continue prior session’s rally above 2366 handle for expansion. Upside range objectives measures 2376.50.
Scenario 2: Bears need to reassert below 2366, otherwise they may have lost their recent momentum. Downside range objective measures 2358.00
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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