Markets
The annual Jackson Hole symposium is in the spotlight again today. While the gathering in the Grand Tetons typically gravitates toward academic discussions on policy, this year’s meeting has heightened political, trade and rate considerations swirling around it. Federal Reserve Chairman Jerome Powell will make his first public remarks since the Fed cut interest rates for the first time in over a decade. The stakes are high for Powell with disagreement within the Fed over the strength of the U.S. economy and the pace of rate cuts.
In Asia, Japan +0.40%. Hong Kong +0.50%. China +0.49%. India +0.81%.
In Europe, at midday, London +0.74%. Paris +0.53%. Frankfurt +0.45%.
Futures at 6:20, Dow +0.33%. S&P +0.37%. Nasdaq +0.51%. Crude -0.13% to $55.28. Gold -0.21% to $1,505.30. Bitcoin +1.8% to $10,177.
Ten-year Treasury Yield +3.4bps to 1.644$
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar: https://www.investing.com/economic-calendar/
10:00New Home Sales
10:00Jerome Powell Speech
1:00 PMBaker-Hughes Rig Count
***New: PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2902.50. Average Range for CD1 is 33.50 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 43%
CD1 Range High = 2943.00 CD1 Range Low = 2912.00 CD1 Range Avg = 33.50
Scenario 1: IF Bulls hold bid above 2930, THEN initial upside targets 2940 – 2943 zone.
Scenario 2: IF Bears hold offer below 2930, THEN initial downside targets 2924 – 2920 zone.
Range Projections and Key Levels (ES) September 2019 (U) Contract
HOD ATR Range Projection: 2960.00; LOD ATR Range Projection: 2895.00; 3 Day Central Pivot: 2916.00; 3 Day Cycle Target: 2967.00; 10 Day Average True Range 41.50; VIX: 16.58
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7650.00. Average Range for CD1 is 117.00 handles. Odds of decline > 20 handles = 74% Odds of decline > 25 = 66%
CD1 Range High =7760 CD1 Range Low = 7705 CD1 Range Avg = 117.00
Scenario 1: IF Bulls hold bid above 7735, THEN initial upside targets 7760 – 7765 zone.
Scenario 2: IF Bears hold offer below 7735, THEN initial downside targets 7718 – 7708 zone.
Range Projections and Key Levels (NQ) September 2019 (U) Contract
HOD ATR Range Projection: 7834.00; LOD ATR Range Projection: 7631.00; 3 Day Central Pivot: 7710.00; 3 Day Cycle Target: 7774.00; 10 Day Average True Range: 130.81; VIX: 16.58
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