In Europe, at midday, London +0.2%. Paris +0.4%. Frankfurt +0.8%.
Futures at 6:20, Dow +0.6%. S&P +0.5%. Nasdaq +0.5%. Crude +0.1% to $66.29. Gold -0.4% to $1344.70. Bitcoin +0.6% to $8097.
Ten-year Treasury Yield flat at 2.84%
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:15 Industrial Production
10:00 Randal Quarles: “Semi-Annual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System”
11:00 Fed’s Harker Speech
1:40 PM Fed’s Evans: Monetary Policy
Today is Cycle Day 2 (CD2)…This cycle’s rally is taking shape pushing higher in overnight trade with initial 2701.50 price target.
Scenario 1: IF price clears and converts PH (2687), THEN upside measures 2701.50, followed by 2706.50 – 2708.25 penetration zone.
Scenario 2: IF price violates and converts PH (2687) to lower resistance, THEN downside measures 2679.50, followed by 2673.50.
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…This cycle’s rally is taking shape pushing higher in overnight trade with initial 6748.75 price target which has been fulfilled.
Scenario 1: IF price clears and converts PH (6722), THEN upside measures 6784.00 penetration level.
Scenario 2: IF price violates and converts PH (6722) to lower resistance, THEN downside measures 6703.50, followed by 6692.
Range Projections and Key Levels (NQ)
HOD ATR Range Projection: 6828.75; LOD ATR Range Projection: 6619.75; Cycle Day 1 Low: 6639.25; 3 Day Central Pivot: 6664.75; 3 Day Cycle Target: 6858.50; 10 Day Average True Range: 130.22; VIX: 16.00
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.”
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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