The dollar is stumbling again, succumbing to a bout of profit-taking as U.S. futures point to a fall of around a third of a percent on Wall Street. The move comes after Goldman Sachs called the greenback’s bottom (again), stating it “remains dollar bullish and thinks the trajectory is higher from here.” The U.S. Dollar Index -0.2% to 94.05, easing back from Tuesday’s two-week high of 94.15.
In Asia, Japan +0.1% to 16579. Hong Kong -1.2% to 20007. China +0.2% to 2837. India -0.7% to 25597.
In Europe, at midday, London -0.2%. Paris -1%. Frankfurt -0.8%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.3%. Crude -1% to $44.23. Gold +0.8% to $1274.50.
Ten-year Treasury Yield flat at 1.75%
(Source: Seeking Alpha)
10:30 EIA Petroleum Inventories
1:00 PM Results of $23B, 10-Year Note Auction
2:00 PM Treasury Budget
HOD Range Projection = 2089.95; LOD Range Projection = 2058.30; CD2 Maximum Penetration Level = 2089.15; CD2 Maximum Violation Level = 2036.93; Cycle Day 1 Low = 2048.00; 3 Day Central Pivot = 2056.25; 3 Day Cycle Target = 2079.49;10 Day Average True Range = 20.45
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June (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: Price momentum clearly favors Bulls as 3 Day Central Pivot Zone has shifted to Bull Mode…Any pullback today should have ample buy response with Initial Key Support marked at 2068.25 Central Pivot. Should price clear and convert PH (2079.75), upside measures 2084.25 – 2087.25 STATX Zone. HOD ATR Range Projection is 2089.95.
Scenario 2: Price is currently trading slightly off PH (2079.75), with no additional upside expansion. Expected trade today is “back n fill” to absorb and consolidate prior gains. Levels of interest if violated may lead to deeper downside pullback in search of renewed buy response. Those levels are: 2072.50…2068.25…2064.00.
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