Markets
The S&P 500 ended the session yesterday down 32.80 points, or 1.1%, snapping a 36-session streak in which the closing index didn’t move more than 1% in either direction. The selloff was triggered by comments from Fed Chair Jerome Powell, which disappointed investors in his post-decision news conference when he didn’t more explicitly ratify expectations of additional stimulus in the months ahead.
In Asia, Japan +0.1%. Hong Kong -0.8%. China -0.8%. India -1.2%.
In Europe, at midday, London +0.2%. Paris +0.7%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude -1.3% to $57.81. Gold -1.4% to $1418.30. Bitcoin +2.1% to $9962.
Ten-year Treasury Yield +3 bps to 2.05%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar https://www.investing.com/economic-calendar/
7:30Challenger Job-Cut Report
8:30Initial Jobless Claims
9:45PMI Manufacturing Index
10:00ISM Manufacturing Index
10:00Construction Spending
10:30EIA Natural Gas Inventory
4:30 PMMoney Supply
4:30 PMFed Balance Sheet
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S&P 500
Today is Cycle Day 3 …Price has recovered about half its loss following prior session post-Fed decline. With price currently below Cycle Day 1 Low (3001.50), Bulls have work to do to recover this level, otherwise this Cycle will fail to be positive.
CD3 Range High = 2990.00 CD3 Range Low = 2965.00 CD3 Range Avg = 29.50
Scenario 1: IF Bulls hold bid above 2983, THEN initial upside targets 2993 – 3001 zone.
Scenario 2: IF Bears hold offer below 2983, THEN initial downside targets 2978 – 2973 zone.
Range Projections and Key Levels (ES) September (U) Contract
HOD ATR Range Projection: 2993.00; LOD ATR Range Projection: 2963.00; Cycle Day 1 Low: 3001.50; 3 Day Central Pivot: 3007.00; 3 Day Cycle Target: 3030.00; 10 Day Average True Range 27.14; VIX: 15.00
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price has recovered about half its loss following prior session post-Fed decline. With price currently below Cycle Day 1 Low (7928.25), Bulls have work to do to recover this level, otherwise this Cycle will fail to be positive.
CD3 Range High = 7878.00 CD3 Range Low = 7837.00 CD3 Range Avg = 110.50
Scenario 1: IF Bulls hold bid above 7870, THEN initial upside potential targets 7890 – 7900 zone..
Scenario 2: IF Bears hold offer below 7870, THEN initial downside targets 7950 – 7940 zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7923.00; LOD ATR Range Projection: 7792.00; Cycle Day 1 Low: 7928.25; 3 Day Central Pivot: 7950.00; 3 Day Cycle Target: 7998.00; 10 Day Average True Range: 103.43; VIX: 15.00
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.
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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