Markets
U.S. stock index futures are looking to build on yesterday’s gains, with Dow futures ahead by 244 points, and the S&P 500 and Nasdaq up 0.9% and 1.1%, respectively.
Oil prices rose 2% to $54.61/bbl overnight after Iranian officials said two rockets had struck a tanker belonging to the National Iranian Oil Company traveling through the Red Sea.
In Asia, Japan +1.2%. Hong Kong +2.3%. China +0.9%. India +0.7%.
In Europe, at midday, London +0.3%. Paris +1.1%. Frankfurt +1.8%.
Futures at 6:20, Dow +0.9%. S&P +0.9%. Nasdaq +1.1%. Crude +2% to $54.61. Gold -0.2% to $1498.40. Bitcoin -1.4% to $8390.
Ten-year Treasury Yield +2 bps to 1.68%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar
8:00Fed’s Kashkari Speech
8:30Import/Export Prices
10:00Consumer Sentiment
1:00 PMBaker-Hughes Rig Count
1:15 PMFed’s Rosengren Speech
3:00 PMFed’s Kaplan: Monetary Policy
https://www.investing.com/economic-calendar/
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 …Price is pushing higher above prior high fulfilling CD3 Penetration Levels as this rally continues following a normal CD2 consolidation day. Headline volatility risk remains elevated with China news at every twist & turn, so stay focused on the highest quality structural trade opportunities.
CD3 Range High = 2984.00 CD3 Range Low = 2932.00 CD3 Range Avg = 42.50
Scenario 1: IF Bulls hold bid above 2954, THEN initial upside targets 2963.25 – 2967.75 CD3 Penetration Zone.
Scenario 2: IF Bears hold offer below 2954, THEN initial downside targets 2944 – 2938 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2980.50; LOD ATR Range Projection: 235.25; Cycle Day 1 Low: 2888.25; 3 Day Central Pivot: 2918.00; 3 Day Cycle Target: 2939.00; 10 Day Average True Range 38.77; VIX: 16.67
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price is pushing higher above prior high fulfilling CD3 Penetration Levels as this rally continues following a normal CD2 consolidation day.
Scenario 1: IF Bulls hold bid above 7800, THEN initial upside potential targets 7821.50 – 7844.75 CD3 Penetration Zone.
Scenario 2: IF Bears hold offer below 7800 THEN initial downside targets 7773 – 7745 zone..
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7884.50; LOD ATR Range Projection: 7745.00; Cycle Day 1 Low: 7604.50; 3 Day Central Pivot: 7692.25; 3 Day Cycle Target: 7772.75; 10 Day Average True Range: 117.50; VIX: 16.67
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.
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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