In Europe, at midday, London +0.1%. Paris +0.1%. Frankfurt -0.3%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.6%. Crude +0.9% to $51.50. Gold -0.3% to $1254.70.
Ten-year Treasury Yield +1 bps to 2.36%
(Source: Seeking Alpha)
S&P e-mini (ES) held within our projected range (2345 – 2356) notching Positive 3 Day Rally, albeit not without a struggle. Bulls will need to convincingly convert 2358 to new upper support, otherwise their efforts may be thwarted.
Today is Cycle Day 1 (CD1)…Normal is for some magnitude decline with average measuring 2347.50. Violation of prior low (2344.75) turns bias back to bearish.
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 2358 to upper support, THEN upside expansion targets 2368 handle.
Scenario 2: IF price violates and converts 2345 to lower resistance, THEN downside expansion targets 2336 – 35 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!
“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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