Markets
Dow futures are up 75 points, with S&P 500 and Nasdaq futures ahead by 0.3% and 0.5%, respectively, ahead of the Labor Department’s closely watched monthly employment report that’s likely to signal little desire to adjust monetary policy anytime soon. Non-farm payrolls probably increased by 181K jobs last month after rising to 196K in March, with the unemployment rate holding steady at 3.8% and average hourly earnings likely climbing 0.3%. A solid official reading would bolster the notion the U.S. economy is on track for its longest expansion ever, further boosting the greenback and prospects for corporate earnings.
In Asia, Japan closed. Hong Kong +0.5%. China +0.5%. India -0.1%.
In Europe, at midday, London +0.8%. Paris +0.2%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.6%. Crude +0.1% to $61.87. Gold flat at $1271.90. Bitcoin +6.9% to $5718.
Ten-year Treasury Yield flat at 2.56%
Economic Calendar
8:30Non-farm payrolls
8:30International trade in goods
8:30Retail Inventories (Advance)
8:30Wholesale Inventories (Advance)
9:45PMI Services Index
10:00ISM Non-Manufacturing Index
***PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 2 (CD2)…Perfect Cycle Day 1 prior session as price declined to it’s targeted Violation Zone (2903.75 – 2902.25) at which time strong buy response developed reversing price higher and closing positive on the day.
In overnight trade price has pushed higher achieving 3 Day Rally Target (2925.25). Additional upside objectives measure 2930.75 – 2932.75 3 Day Central Pivot Zone. Conversion of this zone opens door for end-of-week expansion targeting 2940 – 2945 zone.
CD2 Range High = 2943.00 CD2 Range Low = 2902.00 CD2 Range Avg = 26.50
Scenario 1: IF Bulls hold bid above 2919, THEN initial upside potential targets 2925 – 2930 zone.
Scenario 2: IF Bears hold offer below 2919, THEN initial downside objective targets retest of 2905 – 2901 CD1 Low Zone.
Range Projections and Key Levels (ES) June 2019 (M) Contract
HOD ATR Range Projection: 2939.50; LOD ATR Range Projection: 2905.50; 3 Day Central Pivot: 2931.50; 3 Day Cycle Target: 2925.25; 10 Day Average True Range 23.10; VIX: 14.00
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Perfect Cycle Day 1 prior session as price declined to it’s targeted Violation Zone (7707.25 – 7700.75) at which time strong buy response developed reversing price higher and closing positive on the day.
CD2 Range High = 7892.00 CD2 Range Low = 7694.00 CD2 Range Avg = 85.00
Scenario 1: IF Bulls hold bid above 7740, THEN initial upside potential targets 7778.25 – 7781.25 3 Day Central Pivot Zone.
Scenario 2: IF Bears hold offer below 7740, THEN initial downside objective targets 7694 – 7682.25 CD1 Low Violation Zone.
Range Projections and Key Levels (NQ) June 2019 (M) Contract
HOD ATR Range Projection: 7821.00; LOD ATR Range Projection: 7693.00; 3 Day Central Pivot: 7780.00; 3 Day Cycle Target: 7750.50; 10 Day Average True Range: 86.19; VIX: 14.00
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