In Europe, at midday, London -0.4%. Paris -0.6%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq flat. Crude -0.4% to $49.58. Gold -0.1% to $1266.60.
Ten-year Treasury Yield flat at 2.24%
(Source: Seeking Alpha)
Economic Calendar
8:30 Personal Income and Outlays
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
10:30 Dallas Fed Manufacturing Survey
PTG Trading
Weekly Review and Preview can be viewed @ PTG Preview 5.30 – 6.2
Today is Cycle Day 3 (CD3)…Having reached Cycle Targets and failing to expand above 2416 handle PnF Target, price are pulling back in overnight trade nearing 2408 Cycle Day 1 Low. Violation and conversion of the level opens door to retest 2404 – 2400 breakout zone.
Range Projections and Key Levels
HOD ATR Range Projection: 2424.50; LOD ATR Range Projection: 2399.25; Cycle Day 1 Low: 2344.50; 3 Day Central Pivot: 2413.00; 3 Day Cycle Target: 2424.50; 10 Day Average True Range: 15.52
**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: Bulls will need to hold any selling at or above 2408 CD1 Low and push back above 2412 to reestablish strong bid. IF successful, THEN push for penetration and conversion of 2416 handle.
Scenario 2: Bears currently have an opening to push lower with a violation and conversion of 2408 CD1 Low. IF successful THEN lower levels targets 2404 – 2400 breakout 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!
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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