In Europe, at midday, London -0.1%. Paris -1%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.1%. S&P -0.2%. Nasdaq -0.7%. Crude +1.3% to $.46.44 Gold -0.1% to $1270.40.
Ten-year Treasury Yield +1 bps to 2.21%
Weekly Review and Preview can be viewed @ PTG Preview 6.12 – 6.16
Quiet overnight trade as price is holding above prior session’s low (2412.50). Bulls need the auction back above 2430 handle and Bears wants to inflict more downside pain below 2412 handle. On tap this week is FOMC Meeting with the infamous “Dot-Plot” Forecast Q&A on Wednesday. Contract Rollover to September (U) continues this week.
Today is Cycle Day 3 (CD3)…Price (ES) is currently below CD1 Low (2425) and odds are favorable to trade above during session, notching a Positive 3 Day Rally. Nasdaq (NQ) needs a bit more help for that to occur.
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: September 2017 (U) 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 need the auction back above 2430 to stabilize prior session’s downside lean. Possible high measures 2436.
Scenario 2: Bears have another opening to continue to push lower to force selling below 2412 handle. If successful 2406 – 04 range low could be touched.
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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