EU antitrust regulators have ordered Apple (NASDAQ:AAPL) to pay up to €13B ($14.5B) in taxes to the Irish government after ruling that a special scheme to route profits through the country was illegal state aid. “In fact, this selective treatment allowed Apple to pay an effective corporate tax rate of 1% on its European profits in 2003 down to 0.005% in 2014,” Commissioner Margrethe Vestager declared. Apple and Ireland said they would appeal the decision. AAPL -2.7% premarket.
In Asia, Japan -0.1% to 16725. Hong Kong +0.9% to 23016. China +0.2% to 3074. India +1.6% to 28343.
In Europe, at midday, London +0.1%. Paris +0.8%. Frankfurt +0.9%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.3%. Crude +0.6% to $47.27. Gold -0.4% to $1322.30.
Ten-year Treasury Yield +1 bps to 1.58%
(Source: Seeking Alpha)
S&P e-mini (ES) rallied on Cycle Day 2 to reach 2182.25 (HOD) and 3 Day Average Cycle Rally Target. Residual bullish swing momentum can continue to push price higher today, otherwise since cycle target is fulfilled, price may drift aimlessly.
Today is Cycle Day 3 (CD3)…Cycle target has been fulfilled at 2182.25. We will continue to play from long-side above 2175 handle Key Support formed in prior session. Cycle expansion target measures 2190 handle.
Range Projections and Key Levels: Sept (U) Contract
**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: Bulls will need to keep price above 2175 handle which is marked as key support. IF price can clear and convert 2182.25 (PH), THEN upside is open to 2182.50 – 2186.50 STATX Zone, with 2190 handle as CD3 Max Penetration and HOD Level.
Scenario 2: Bears objective is to force selling below 2175 handle…They have been unable to coordinate any real offensive sell-off, so with generally quiet week on tap any decline may be feeble at best. key 3 Day Central Pivot is marked at 2173.00.
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!
“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
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