In Europe, at midday, London +0.4%. Paris +0.1%. Frankfurt flat.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude +0.5% to $50.51. Gold +0.6% to $1261.
Ten-year Treasury Yield -2 bps to 2.33%
(Source: Seeking Alpha)
Today is Cycle Day 3 (CD3)…Price is currently below CD1 Low (2356.75) and will need to trade above to notch positive cycle. Failure to do so may open door for more weakness.
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: IF price clears and converts ONH (2355.50) primary objective is to trade above CD1 Low (2356.75) and convert to new support. Initial upside targets 2360.75 followed by 2365 – 2367 zone.
Scenario 2: Violation and conversion of 2345 to lower resistance opens door for potential more downside initially targeting 2339.50, followed by 2335.50 – 2333.00.
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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