In Europe, at midday, London flat. Paris flat. Frankfurt -0.3%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude flat at $45.52. Gold +0.5% to $1234.60.
Ten-year Treasury Yield flat at 2.36%
(Source: Seeking Alpha)
8:30 Non-farm payrolls
11:30 Stanley Fischer speech
12:45 PM Fed’s Williams Speech
1:00 PM Baker-Hughes Rig Count
1:30 PM Janet Yellen speech
1:30 PM Fed’s Bullard, Evans, Rosengren speech
3:00 PM Consumer Credit
S&P 500 e-mini (ES) Average True Range (10) continues to contract, currently 13.15, which has made for lackluster trading with sub-par daily volume. This type of trade action keep traders on the sidelines only perpetuating further low volume and range.
Today is Cycle Day 1 (CD1)…Normal Decline measures 2375 should this occur…Price has tested lower range edges twice and each time has been rejected…Price still needs to cleanly clear and convert 2386 – 88 zone to get some spark above 2392.
Range Projections and Key Levels
**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 converts 2386 – 88 zone to upper support, THEN initial objective is to push through 2392 and convert, thus setting up further upside targeting 2400 handle.
Scenario 2: IF price violates and converts 2378 – 76 zone to lower resistance, THEN downside measures 2372 – 70 zone, followed by 2365 cycle range low.
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
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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