U.S. stock index futures are sinking into the red, ahead of a bevy of big-name earnings. Time Warner (NYSE:TWX) and Delphi Automotive (NYSE:DLPH) will report first quarter results early in the day, with numbers due from Kraft Heinz (NASDAQ:KHC), Tesla Motors (NASDAQ:TSLA) and 21st Century Fox (FOX, FOXA) after the market close. The session will also be a busy one for economic data, with the ADP employment report for April, factory orders, productivity and the ISM services index all on tap. The U.S. dollar index is up slightly, as the greenback recovers from a 16-month low.
In Asia, Japan closed. Hong Kong -0.7% to 20524. China -0.1% to 2991. India -0.5% to 25102.
In Europe, at midday, London -1.2%. Paris -0.7%. Frankfurt -0.8%.
Futures at 6:20, Dow -0.6%. S&P -0.7%. Nasdaq -0.7%. Crude +0.1% to $43.71. Gold -1.1% to $1277.60.
Ten-year Treasury Yield flat at 1.79%
(Source: Seeking Alpha)
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 International Trade
8:30 Productivity and Costs
8:30 Treasury Refunding Quarterly Announcement
9:45 PMI Services Index
10:00 Factory Orders
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
HOD Range Projection = 2059.60; LOD Range Projection = 2041.40; CD3 Maximum Penetration Level = 2091.56; CD3 Maximum Violation Level = 2037.63; Cycle Day 1 Low = 2055.50; 3 Day Central Pivot = 2063.75; 3 Day Cycle Target = 2087.35;10 Day Average True Range = 18.85.
**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: IF price holds above 2041.40 during cash session, THEN odds favor a tradeable bounce back to 2055.50. First hurdle will be to convert PL (2048.00) to support.
Scenario 2: Failure to convert PL (2048.00) to support and subsequent violation of 2041.40 opens door for continued long liquidation. Maximum Violation Level for CD3 is 2037.63.
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