Investors are peeling back from recent record highs, taking a defensive stance on risk amid a new set of sanctions on Iran and as U.S. officials downplayed expectations for a breakthrough on China talks at this weekend’s G20 summit. U.S. equity futures dipped 0.2%overnight, setting up the S&P 500 for its first three-day decline since early May, while gold rose to a fresh six-year high of $1,438.63 per ounce, taking its three-month advance past 8.8%. Market focus is also largely attuned to the U.S. central bank, with no less than four Fed policymakers, including Chair Jerome Powell, scheduled to speak today
In Asia, Japan -0.6%. Hong Kong -1.2%. China -0.9%. India +0.7%.
In Europe, at midday, London -0.3%. Paris -0.2%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.3%. Crude -0.1% to $57.83. Gold +1.1% to $1434.40. Bitcoin +4.3% to $11320.
Ten-year Treasury Yield flat at 2.02%
(Source: Seeking Alpha) https://seekingalpha.com/
8:45Fed’s Williams Speech
8:55Redbook Chain Store Sales
9:00FHFA House Price Index
9:00S&P Corelogic Case-Shiller Home Price Index
10:00Richmond Fed Mfg.
10:00New Home Sales
12:00 PMFed’s Bostic Speech
1:00 PMJerome Powell Speech
1:00 PMResults of $40B, 2-Year Note Auction
6:30 PMFed’s Bullard Speech
Today is Cycle Day 3 …Buyers are back-peddling after failing to find a strong enough bid in prior session to hold above 2956 “Decision Point Level.” This opens the door for price to retreat targeting 2936 handle.
CD3 Range High = 2966.00 CD3 Range Low = 2936.00 CD3 Range Avg = 32.00
Scenario 1: IF Bulls hold bid above 2947, THEN upside targets 2956 – 2962 zone.
Scenario 2: IF Bears hold offer below 2947, THEN downside targets 2938 – 2936 zone.
Range Projections and Key Levels (ES) September (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3…Buyers are back-peddling after failing to find a strong enough bid in prior session to hold above 7760 “Decision Point Level.” This opens the door for price to retreat targeting 7722 handle.
CD3 Range High = 7772.00 CD3 Range Low = 7722.00 CD3 Range Avg = 105.50
Scenario 1: IF Bulls hold bid above 7735, THEN upside potential targets 7752 – 7762 zone.
Scenario 2: IF Bears hold offer below 7735, THEN downside targets 7722 – 7712 zone.
Range Projections and Key Levels (NQ) September (U) Contract
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.”
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