In Europe, at midday, London +0.1%. Paris flat. Frankfurt +0.1%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.2%. Crude -0.2% to $47.76. Gold +0.4% to $1228.60.
Ten-year Treasury Yield -2 bps to 2.37%
(Source: Seeking Alpha)
8:30 Consumer Price Index
8:30 Retail Sales
9:00 Fed’s Evans: Monetary Policy
10:00 Business Inventories
10:00 Consumer Sentiment
12:30 PM Fed’s Harker: Economic Outlook
1:00 PM Baker-Hughes Rig Count
Early aggressive selling pushed price down to successfully test the 2-week VAL (2378) at which point bulls reversed and price settled near open (2391). Key range parameters are 2392 – 2378 which have been highlighted throughout this past we in the Daily Trade Strategy Briefing Reports.
Today is Cycle Day 3 (CD3)…Price will need to hold at or above 2386 handle and push for 2392 conversion to continue prior sessions reversal spring. Failure to clear 2392 and/or violation and conversion of 2386 to lower resistance keeps price within the current range.
Range Projections and Key Levels
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June 2017 (M) 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 clears and converts 2392 to upper support, THEN initial upside measures 2396, followed by 2398 – 2400 zone.
Scenario 2: IF price violates and converts 2386 to lower resistance, THEN initial downside measures 2381 (YELL), followed by 2378 – 2376 zone.
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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