Markets
The pound is headed for its best week against the dollar since 2009 after Theresa May returned a sense of political stability to the U.K. and the Bank of England unexpectedly kept interest rates unchanged. Sterling is up 0.7% to $1.3434, having earlier touched $1.3481, the highest since June 30. The currency has gained 3.5% vs. the greenback this week.
In Asia, Japan +0.7% to 16498. Hong Kong +0.5% to 21659. China flat at 3054. India -0.4% to 27836.
In Europe, at midday, London -0.4%. Paris -1%. Frankfurt -0.7%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude -0.6% to $45.40. Gold +0.2% to $1334.70.
Ten-year Treasury Yield flat at 1.53%
(Source: Seeking Alpha)
Economic Calendar
PTG Trading
S&P Futures (ES) achieved the Average 3 Day Cycle Target (2166.25) in prior session capping off a powerful week of gains. Price progressively declined throughout the session to reach 2152 – 2153 anticipated support zone.
Today is Cycle Day 1 (CD1)…Bullish momentum remains intact and with Options Expiry today, any downside may be relatively shallow. Key support is now marked at 2152 handle.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection: 2170.50; LOD Range Projection: 2140.00; Cycle Day 1 Low: 2128.50; 3 Day Central Pivot: 2138.75; 3 Day Cycle Target: 2166.25; 10 Day Average True Range: 20.30
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (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: IF 2152 handle continues to hold as support, THEN primary objective for Bulls will to to convert 2158 handle to new upper support.
Scenario 2: Violation and conversion of 2152 handle to resistance may encourage sellers to take more aggressive action to push price lower. Three-Day Central Pivot Zone is 2148.75 – 2146.75 and would be anticipated to illicit a firm buy response.
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. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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