Markets
In Asia, Japan +0.1%. Hong Kong +0.2%. China -0.5%. India +0.4%.
In Europe, at midday, London +0.5%. Paris +0.1%. Frankfurt +0.3%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.4%. Crude -0.8% to $62.65. Gold flat at $1273.50. Bitcoin -0.3% to $7911.
Ten-year Treasury Yield flat at 2.42%
(Source: Seeking Alpha)
Economic Calendar
1:00Fed’s Bullard: U.S. Monetary and Economic Policy
7:00MBA Mortgage Applications
10:00Fed’s Williams Speech
10:10Fed’s Bostic Speech
10:15Fed’s Kaplan Speech
10:30EIA Petroleum Inventories
2:00 PMFOMC minutes
4:00 PMFed’s Bostic Speech
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 …Cycle Objectives have been fulfilled and as such the next decline can begin at any time. Further strength should “Da Bulls” excel, would be conversion of 2870 handle. IF successful, THEN CD3 Penetration Range Zones come into play.
CD3 Range High = 2891.50 CD3 Range Low = 2835.50 CD3 Range Avg = 34.00
Scenario 1: IF Bulls hold bid above 2865, THEN initial upside target 2870, followed by 2880 – 2885 zone.
Scenario 2: IF Bears hold offer below 2865, THEN initial downside target 2860 – 2850 zone.
Range Projections and Key Levels (ES) June (M) Contract
HOD ATR Range Projection: 2895.50; LOD ATR Range Projection: 2830.50; Cycle Day 1 Low: 2832.50; 3 Day Central Pivot: 2860.00; 3 Day Cycle Target: 2870.00; 10 Day Average True Range 39.12; VIX: 15.00
Nasdaq 100 (NQ)
Today is Cycle Day 3…Cycle Objectives have been fulfilled and as such the next decline can begin at any time. Further strength should “Da Bulls” excel, would be conversion of 7485 handle. IF successful, THEN CD3 Penetration Range Zones come into play.
CD3 Range High = 7525.50 CD3 Range Low = 7372.00 CD3 Range Avg = 102.00
Scenario 1: IF Bulls hold bid above 7460, THEN initial upside potential targets 7485, followed by 7507 – 7525 zone.
Scenario 2: IF Bears hold offer below 7460, THEN initial downside targets 7418, followed by 7400 – 7390 zone.
Range Projections and Key Levels (NQ) June (M) Contract
HOD ATR Range Projection: 7562; LOD ATR Range Projection: 7335.00; Cycle Day 1 Low: 7361.50; 3 Day Central Pivot: 7479.00; 3 Day Cycle Target: 7485.00; 10 Day Average True Range: 140.21; VIX: 15.00
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!
Good Trading…David
“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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN