Markets
The greenback is at a four-month high against a basket of currencies, bolstered by strong U.S. data and growing expectations the Fed may raise rates before the end of the year. The dollar index is up 0.2% at 97.271, its highest level since March 10. Fed funds futures rates now suggest a 40% chance of a rate hike in December, compared with less than 20% a few weeks ago.
In Asia, Japan -0.3% to 16682. Hong Kong +1% to 21882. China -0.3% to 3028. India +0.5% to 27916.
In Europe, at midday, London +0.3%. Paris +1.2%. Frankfurt +1.4%.
Futures at 6:20, Dow +0.4%. S&P +0.3%. Nasdaq +0.3%. Crude +0.3% to $45.59. Gold -0.5% to $1325.30.
Ten-year Treasury Yield +2 bps to 1.57%
(Source: Seeking Alpha)
Economic Calendar
7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories
PTG Trading
Not much new insight to yesterday’s comments as tightening ranges and below average volumes is the current action (or lack of)…Bears tried hard to orchestrate a selling coup, but in the end they failed as price is bouncing higher in overnight trade.
Today is Cycle Day 1 (CD1)…Failure of sellers to drive price lower sets up potential rally higher. It would take a concerted effort to violate and convert 2152 – 54 zone to resistance before any meaningful decline can develop.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection: 2173.00; LOD Range Projection: 2149.50; Cycle Day 1 Low: 2149.00; 3 Day Central Pivot: 2155.75; 3 Day Cycle Target: 2179.25; 10 Day Average True Range: 17.92
**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 price clears and converts 2166 handle to upper support, THEN upside objective targets 2170 – 2173 zone. Three-Day Average Cycle Target remains 2179.25.
Scenario 2: Violation and conversion of 2152 – 54 zone would be first Sign of Weakness (SOW)…IF this occurs, THEN lower levels to be mindful of are: 2149…2145 – 2142 STATX Zone. Average Decline on CD1 measures 2137.50.
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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