Friday’s jobs report, which showed American employers added a much-higher-than-expected 224K jobs to the economy last month, has triggered a broad re-pricing in markets around the world. Traders are now looking for a smaller July rate cut of 25 basis points, and perhaps only one more after that for 2019. Shares in Asia fell on the news, with the Shanghai Composite leading a retreat across the region by closing down 2.5%, while U.S. stock futures point to a modestly lower open. Dow and S&P are showing losses of 0.2%, while the Nasdaq is off by 0.4%.
In Asia, Japan -1%. Hong Kong -1.5%. China -2.6%. India -2%.
In Europe, at midday, London -0.1%. Paris -0.3%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.4%. Crude -0.1% to $57.47. Gold +0.5% to $1406.70. Bitcoin +6.3% to $11940.
Ten-year Treasury Yield -1 bps to 2.03%
(Source: Seeking Alpha) https://seekingalpha.com/
Today is Cycle Day 3 …Following new all-time highs pre-holiday, buyers took a break as some expected profit-taking materialized in prior session. Currently in overnight trade price is stable trading near to daily pivot zone. Neutral Bias.
CD3 Range High = 3003.00 CD3 Range Low = 2971.00 CD3 Range Avg = 33.25
Scenario 1: IF Bulls hold bid above 2990, THEN upside targets 2995 – 3000 zone.
Scenario 2: IF Bears hold offer below 2990, THEN downside targets 2975 – 2970 zone.
Range Projections and Key Levels (ES) September (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3… Following new all-time highs pre-holiday, buyers took a break as some expected profit-taking materialized in prior session. Currently in overnight trade price is trading near to prior low. Neutral Bias.
CD3 Range High = 7866.00 CD3 Range Low = 7806.00 CD3 Range Avg = 110.50
Scenario 1: IF Bulls hold bid above 7822, THEN upside potential targets 7836 – 7856 zone..
Scenario 2: IF Bears hold offer below 7822, THEN downside targets 7805 – 7797 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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