In Europe, at midday, London -0.5%. Paris -0.5%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude +0.02% to $53.12. Gold +0.9% to $1289.30.
Ten-year Treasury Yield -1 bps to 2.22%
(Source: Seeking Alpha)
8:30 Initial Jobless Claims
8:30 Producer Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Consumer Sentiment
10:30 EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
S&P e-mini (ES) broke below VAL-W (2346) on increasing sell volume shifting daily value lower as weakness in technology sector and geo-political concerns have traders seeking the exit ahead of long holiday weekend.
Today is Cycle Day 1 (CD1)…Norm is for some magnitude decline with average measuring 2334 which has already occurred in overnight trade. Price will need to find support near this level to squelch any potential margin call selling into the long weekend. Cycle Range Low projects 2328 – 2326 zone. Cycle Range High = 2348 handle.
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 need to play defense and absorb any early selling and push for a reversal above 2339 – 2341 zone to stem any further price damage. IF this occurs, THEN primary objective targets 2344 – 45 zone.
Scenario 2: Bears maintain control below PL (2337.50) and seek to push lower targeting 2328 – 2326 Range and Cycle Violation Lows.
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
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.
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