In Europe, at midday, London +0.6%. Paris +0.5%. Frankfurt +0.6%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq -0.1%. Crude -2% to $66.74. Gold -0.4% to $1222.40. Bitcoin +0.8% to $7374.
Ten-year Treasury Yield flat at 2.86%
7:00 MBA Mortgage Applications
8:30 Housing Starts
10:00 Powell to deliver the semi-annual monetary policy testimony before the House Financial Services Committee
10:30 EIA Petroleum Inventories
2:00 PM Fed’s Beige Book
Today is Cycle Day 2 (CD2)…Price has fulfilled 3 Day Cycle Target (2816.25) in prior session. Overnight trade is quiet as price is anticipated to back n fill absorbing recent gains. Trend remains strong as dips buyers remain active.
Market Bias: Short-term Bullish
CD2 Range High = 2833.25 CD2 Range Low = 2793.50 CD2 Range Avg = 28.50
Scenario 1: IF price holds bid above 2813.00, THEN initial upside objective is 2816.50, followed by 2821.00.
Scenario 2: IF price holds offer below 2813.00, THEN initial downside objective measure 2810 – 2808 zone, followed by 2805 – 2802 zone.
Range Projections and Key Levels (ES) September (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has fulfilled 3 Day Cycle Target (7421.00) in prior session. Overnight trade is quiet as price is anticipated to back n fill absorbing recent gains. Trend remains strong as dips buyers remain active.
Market Bias: Short-term Bullish
CD2 Range High = 7464.75 CD2 Range Low = 7386.25 CD2 Range Avg = 96.50
Scenario 1: IF price holds bid above 7425.00, THEN initial upside objective is 7437.75, followed by 7462.00.
Scenario 2: IF price holds offer below 7425.00, THEN initial downside objective measure 7414 – 7410 zone, followed by 7386.25 – 7376.00 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.”
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.
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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN