Markets
More cries for a March rate hike may be heard today as investors shift their attention to Janet Yellen, who will speak at 1 p.m. ET at the Executives’ Club of Chicago. Market expectations for an increase are already through the roof, but there is chatter that Yellen may try and give herself some wiggle room in case next Friday’s jobs report comes out weak. It’ll be the last big Fed speech before the March 14-15 policy meeting.
In Asia, Japan -0.5%. Hong Kong -0.7%. China -0.3%. India flat.
In Europe, at midday, London -0.2%. Paris +0.5%. Frankfurt -0.1%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.1%. Crude +0.3% to $52.79. Gold -0.4% to $1227.50.
Ten-year Treasury Yield flat at 2.5%
(Source: Seeking Alpha)
Economic Calendar
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:15 Fed’s Evans and Lacker at Monetary Policy Forum
1:00 PM Baker-Hughes Rig Count
1:00 PM Janet Yellen speech
1:00 PM Stanley Fischer speech
PTG Trading
Finally Cycle Day 1 (CD1) produced a “normal decline” reaching downside target zone outlined in Scenario 2 of prior DTS Briefing 3.2.17. As stated: “ IF price violates and converts 2385.50 Central Pivot, THE this would be initial sign of weakness, targeting 2380, followed by 2373 – 2370.50 3 Day Central Pivot Zone.”
Today is Cycle Day 2 (CD2)…Current swing is down and momentum may push price a bit lower before the next rally begins. We will be anticipating a renewed buy response within 2373 – 2370 zone and stabilization. Careful monitoring of this zone will be critical whether a deeper corrective move is to unfold.
Range Projections and Key Levels
HOD ATR Range Projection: 2387.75; LOD ATR Range Projection: 2366.75; Cycle Day 1 Low: 2378.00; 3 Day Central Pivot: 2377.75; 3 Day Cycle Target: 2401.45; 10 Day Average True Range: 14.00
**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: Price will need to clear and convert 2382 handle to shift the current down swing…IF this occurs, THEN initial target is 2386 SPOT.
Scenario 2: Bears will need to hold below 2382 handle and push for a break below 2373 – 2370 zone to continue to force selling. Downside measures 2268…2358 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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN