Markets
In Asia, Japan +0.48%. Hong Kong -0.86%. China -2.43%. India -0.76%.
In Europe, at midday, London -0.41%. Paris -0.19%. Frankfurt -0.04%.
Futures at 6:20, Dow -0.06%. S&P +0.03%. Nasdaq +0.14%. Crude +0.39% to $66.15. Gold flat at $1,279.50. Bitcoin -1.2% to $5,433.
Ten-year Treasury Yield +0.7bps to 2.531%.
Source: Seeking Alpha
Economic Calendar
8:30Durable Goods
8:30Initial Jobless Claims
10:30EIA Natural Gas Inventory
11:00Kansas City Fed Mfg Survey
1:00 PMResults of $32B, 7-Year Note Auction
4:30 PMMoney Supply
4:30 PMFed Balance Sheet
***PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 2 (CD2)…Price continues to consolidate recent gains holding above Cycle Day 1 Low (2927.75). Bulls will need to continue to respond and absorb any additional selling pressure that may develop. Conversion above 2940 would increase probabilities of extending current up trend.
CD2 Range High = 2950.00 CD2 Range Low = 2912.00 CD2 Range Avg = 28.00
Scenario 1: IF Bulls hold bid above 2928.25, THEN initial upside potential targets 2938 – 2940 zone. Conversion of this zone to support further projects 2945 – 2950 CD2 Penetration Range Zone.
Scenario 2: IF Bears hold offer below 2928.25, THEN initial downside objective targets 2924.75 – 2921.75 3 Day Central Pivot Zone. Lower CD2 Violation Range Zone projects 2917 – 2912 zone.
Range Projections and Key Levels (ES) June 2019 (M) Contract
HOD ATR Range Projection: 2945.00; LOD ATR Range Projection: 2918.00; 3 Day Central Pivot: 2923.25; 3 Day Cycle Target: 2956.00; 10 Day Average True Range 18.00; VIX: 13.25
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading above prior session range following positive earnings releases from top technology companies. Bulls will need to hold above prior high (7852.75) to expand on recent gains. 3 Day Cycle Target (7870.75) has already been achieved fulfilling Positive Cycle Rally.
CD2 Range High = 7912.00 CD2 Range Low = 7815.00 CD2 Range Avg = 90.00
Scenario 1: IF Bulls hold bid above 7852.75, THEN initial upside potential targets 7870.50 – 7875.00 3 Day Cycle Penetration Zone.
Scenario 2: IF Bears hold offer below 7852.75, THEN initial downside objective targets 7831.50 – 7828 Central Pivot Zone.
Range Projections and Key Levels (NQ) June 2019 (M) Contract
HOD ATR Range Projection: 7912.00; LOD ATR Range Projection: 7815.00; 3 Day Central Pivot: 7783.50; 3 Day Cycle Target: 7870.50; 10 Day Average True Range: 62.00; VIX: 13.25
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.
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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