Healthcare stocks will be in focus today after the GOP unveiled its Obamacare replacement bill. Alongside the end of health insurance mandates, the proposal would create a new tax credit tied to a person’s age and income for those who cannot get insurance through their employer, and would restructure the country’s Medicaid program. The healthcare sector of the S&P 500 closed 0.4% lower yesterday, but over the last three months it’s up more than 10%.
In Asia, Japan -0.2%. Hong Kong +0.4%. China +0.3%. India -0.2%.
In Europe, at midday, London +0.1%. Paris -0.3%. Frankfurt +0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.2%. Nasdaq -0.1%. Crude +0.4% to $53.40. Gold -0.1% to $1223.90.
Ten-year Treasury Yield flat at 2.5%
(Source: Seeking Alpha)
S&P e-mini (ES) held within its expected range (2368 – 2378) in prior session and fulfilled its objective of Positive 3 Day Cycle by trading @ 2378, albeit it took all day to get there.
Today is Cycle Day 1 (CD1)…Normal is for some magnitude decline to unfold. Average Decline measures 2365.75. The torrid upswing that has been so prevalent appears to temporarily have ended. Key range boundaries will remain between 2368 – 2380.
Note: Contract Rollover to June (M) begins Thursday.
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 will need to convert 2378 – 2380 zone to upper support to reassert the uptrend. Upside range target measures 2385.00.
Scenario 2: Bears need to convert 2368 to lower resistance to force selling. Downside range target measures 2361.00.
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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