In Europe, at midday, London -1.3%. Paris -0.1%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.1%. S&P flat. Nasdaq +0.3. Crude -1.1% to $67.99. Gold -0.1% to $1232.30. Bitcoin -2.2% to $7557.
Ten-year Treasury Yield +2 bps to 2.98%
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Treasury Refunding Quarterly Announcement
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
Today is Cycle Day 3 (CD3)…Price fulfilled upside 3 Day objectives in prior session, completing this Cycle. In overnight trade price has retreated off highs consolidating within a 10 handle range between 2810 – 2820. With Fed Day on tap, price action is expected to move laterally absorbing recent gains.
Market Bias: Bullish
CD3 Range High = 2833.50 CD3 Range Low = 2799.00 CD3 Range Avg = 26.00
Scenario 1: IF price holds bid above 2812.50, THEN upside targets 2822.00, followed by 2825 – 2830 zone.
Scenario 2: IF price violates and convert 2812.50 to resistance, THEN downside targets 2803.50 – 2800 zone.
Range Projections and Key Levels (ES) September (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price fulfilled upside 3 Day objectives in prior session, completing this Cycle. In overnight trade price has retreated off highs consolidating within an approximate 50 handle range between 7296 – 7248. With Fed Day on tap, price action is expected to move laterally absorbing recent gains.
Market Bias: Bullish
CD3 Range High = 7300.00 CD3 Range Low = 7244.00 CD3 Range Avg = 99.50
Scenario 1: IF price holds bid above 7248.25, THEN upside targets 7272.25 – 7282.25 zone.
Scenario 2: IF price violates and convert 7248.25 to resistance, THEN downside targets 7196.50 – 7184.50 zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7359.75; LOD ATR Range Projection: 7184.50; Cycle Day 1 Low: 7166.75; 3 Day Central Pivot: 7277.25; 3 Day Cycle Target: 7382.50; 10 Day Average True Range: 111.50; VIX: 13.18
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.
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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