Markets
The world’s biggest oil producers have agreed to cap output for the first time since the financial crisis. After hours of talks in Algiers, OPEC members committed to lowering production to between 32.5M-33M barrels a day, marking a drop of nearly 750K barrels from August. Oil prices, however, are currently edging off their highs as some investors take profits on Wednesday’s more than 5% surge.
In Asia, Japan +1.4% to 16693. Hong Kong +0.5% to 23739. China +0.4%to 2998. India -1.6% to 27827.
In Europe, at midday, London +1.1%. Paris +1%. Frankfurt +0.7%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude -0.4% to $46.85. Gold +0.1% to $1324.40.
Ten-year Treasury Yield +2 bps to 1.59%
(Source: Seeking Alpha)
Economic Calendar
5:00 Fed’s Harker speech
8:30 GDP Q2
8:30 Corporate Profits
8:30 Initial Jobless Claims
8:30 International trade in goods
8:50 Fed’s Lockhart speech
9:45 Bloomberg Consumer Comfort Index
10:00 Pending Home Sales
10:00 Fed’s Powell speech
10:30 EIA Natural Gas Inventory
2:30 PM Fed’s Kashkari speech
3:00 PM Farm Prices
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
5:10 PM Janet Yellen speech
PTG Trading
Bulls fended off and reversed early selling weakness closing the session near highs as Market on Close (MOC) Buy Imbalance topped $1 Billion. In overnight trade price has extended marginally higher reaching 2167 High Range Projection.
Today is Cycle Day 1 (CD1)…Prior cycle targets have been exceeded, so as such, the next cycle decline could potentially begin as would be normal for today. Keep in mind that bulls squarely have control as September comes to a close.
Range Projections and Key Levels
HOD Range Projection: 2180.50; LOD Range Projection: 2147.25; Cycle Day 1 Low: 2136.75; 3 Day Central Pivot: 2149.50; 3 Day Cycle Target: 2158.00; 10 Day Average True Range: 19.75
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (Z) 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: IF price can maintain bid above 2158 handle and convert PH (2165.25) to upper support, THEN additional upside extension to 2169 – 2170.50 STATX Zone, followed by 2175 CD1 Max Penetration Level.
Scenario 2: Initial weakness would be failure to extend recent gains above PH (2165.25) along with conversion of 2158 handle to lower resistance. Should this unfold deeper corrective swing may unfold targeting 2150 – 2148 3 Day Central Pivot Zone and CD1 Average Decline Level.
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. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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