Markets
Global equities are also lower after the European Central Bank held interest rates at record lows and refrained from adding new stimulus. While President Mario Draghi said the ECB was looking at options to continue its money-printing program, investors were looking for more immediate action, including an extension or expansion of the current plan, or at least clearer hints of future actions.
In Asia, Japan flat at 16965. Hong Kong +0.8% to 24099. China -0.6% to 3078. India -0.9% to 28797.
In Europe, at midday, London -0.3%. Paris -0.4%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.2%. Crude -1.6% to $46.88. Gold -0.3% to $1337.80.
Ten-year Treasury Yield +1 bps to 1.63%
(Source: Seeking Alpha)
Economic Calendar
7:45 Fed’s Rosengren: Economic Outlook
9:30 Fed’s Kaplan speech
1:00 PM Baker-Hughes Rig Count
8:15 PM Fed’s Kaplan speech
PTG Trading
Early morning pop higher in price reversed direction and the expected Cycle Day 1 Decline began in earnest. As stated in prior DTS Report 9.8.16 that “bears have opportunity to force a violation on Cycle Day 1.”
Today is Cycle Day 2 (CD2)…Bears are continuing to force selling in pre-cash trade as price is currently below Cycle Day 1 Low (2169.25). Lower targets measure between 2161.50 – 2158.00.
Range Projections and Key Levels: Sept (Z) Contract
HOD Range Projection: 2179.00; LOD Range Projection: 2158.00; Cycle Day 1 Low: 2169.25; 3 Day Central Pivot: 2175.25; 3 Day Cycle Target: 2189.75; 10 Day Average True Range: 13.82
**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: Price will need to auction back above PL (2169.25) to reverse the current down swing. IF this occurs, THEN initial upside target measures 2175 handle.
Scenario 2: Price has violated CD1 Low (2169.25)…Bears will need to keep price below this level and convert to hard resistance. IF this occurs, THEN downside targets measure 2161.50 – 2158.00
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. 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