The Dow this session is looking to surpass an intraday record high of 27,398.68, while the S&P 500 is closing in on its previous record of 3,027.98, as the rally continues with stock index futures ahead by 0.3%. Leading the rise is a new round of bond-buying at the ECB, positive developments on the U.S.-China trade front and a tame inflation reading yesterday morning that cleared the way for a Fed rate cut next week. U.S. Treasury bond yields are also extending their seemingly relentless advance, topping the 1.8% mark in early European trading to reach their highest level since late July.
In Asia, Japan +1.1%. Hong Kong +1%. China +0.8%. India +0.8%.
In Europe, at midday, London -0.1%. Paris +0.4%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.3%. Crude -0.6% to $54.76. Gold -0.5% to $1514.50. Bitcoin +1.8% to $10321.
Ten-year Treasury Yield +1 bps to 1.8%
Source: Seeking Alpha https://seekingalpha.com/
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Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2980.00. Average Range for CD1 is 37.50 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3034.25 CD1 Range Low = 3000.00 CD1 Range Avg = 37.50
Scenario 1: IF Bulls hold bid above 3017, THEN initial upside targets 3027 – 3031 zone.
Scenario 2: IF Bears hold offer below 3017, THEN initial downside targets 3008.50 – 3005 zone.
Range Projections and Key Levels (ES) September 2019 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7837.00. Average Range for CD1 is 125.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 66%
CD1 Range High =7973.75 CD1 Range Low = 7900.00 CD1 Range Avg = 125.00
Scenario 1: IF Bulls hold bid above 7938, THEN initial upside targets 7958.50 – 7973.75 zone.
Scenario 2: IF Bears hold offer below 7938, THEN initial downside targets 7916.25 – 7911.50 zone.
Range Projections and Key Levels (NQ) September 2019 (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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