U.S. stock futures are trading mixed ahead of the open. The Dow is flagging triple-digit declines as Boeing (BA) shares tumble, while the S&P 500 is flat and Nasdaq futures are up 0.3%. A mixed employment report on Friday also showed solid wage growth and a drop in unemployment, but the headline non-farm payroll figure fell way short of expectations at a measly 20,000 jobs.
Crude futures rose 1% to $56.63/bbl overnight, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June. OPEC+ has pledged to cut 1.2M bpd in crude supply since the start of the year to tighten markets and prop up prices.
In Asia, Japan +0.5%. Hong Kong +1%. China +1.9%. India +1%.
In Europe, at midday, London +0.8%. Paris +0.3%. Frankfurt +0.3%.
Futures at 6:20, Dow -0.7%. S&P flat. Nasdaq +0.3%. Crude +1% to $56.63. Gold -0.2% to $1296.40. Bitcoin -0.7% to $3864.
Ten-year Treasury Yield -2 bps to 2.65%
(Source: Seeking Alpha)
Today is Cycle Day 3 (CD3)…Price is marginally higher during overnight trade with upside rally targets ranging between 2764 – 2772.
CD3 Range High = 2764.00 CD3 Range Low = 2735.00 CD3 Range Avg = 23.50
Scenario 1: IF Bulls holds bid above 2750, THEN initial upside target measures 2762 – 2765 zone.
Scenario 2: IF Bears holds offer below 2750, THEN initial downside target measures 2745 – 2740.00
Range Projections and Key Levels (ES) June (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 …Price is marginally higher during overnight trade with upside rally targets ranging between 7081 – 7100.
CD3 Range High = 7104.00 CD3 Range Low = 7002.50 CD3 Range Avg = 56.25
Scenario 1: IF Bulls holds bid above 7050, THEN initial upside potential targets 7081 – 7100 zone.
Scenario 2: IF Bears holds offer below 7050, THEN initial downside targets 7014 – 7003 zone.
Range Projections and Key Levels (NQ) June (M) 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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