In Europe, at midday, London +0.4%. Paris +1%. Frankfurt +0.8%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.3%. Crude -0.9% to $47.37. Gold +1.1% to $1235.
Ten-year Treasury Yield +3 bps to 2.34%
(Source: Seeking Alpha)
Economic Calendar
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Productivity and Costs
8:30 Gallup Good Jobs Rate
8:30 International Trade
9:45 Bloomberg Consumer Comfort Index
10:00 Factory Orders
10:30 EIA Natural Gas Inventory
4:30 Money Supply
4:30 Fed Balance Sheet
PTG Trading
Price violated the 5 Day VAL (2378) but was unable to hold below, as such reversed back into range as late day buyers kept firm bid. This sets up a “buying spring” to test the 2392 handle.
Today is Cycle Day 3 (CD3)…Price has converted 2386 to new support with potential to test and possibly exceed 2392 handle. Should this unfold, upside target 2400 – 2403 zone.
Range Projections and Key Levels
HOD ATR Range Projection: 2395.65; LOD ATR Range Projection: 2375.85; Cycle Day 1 Low: 2381.75; 3 Day Central Pivot: 2384.00; 3 Day Cycle Target: 2400.16; 10 Day Average True Range: 14.40
**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: IF price holds above 2386, THEN initial objective targets 2392 handle…Conversion of this level opens door to push for 2400.
Scenario 2: Violation and conversion back below 2386 keeps price range bound targeting 2380 – 2378 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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