Markets
Futures brighter as China acts on IP
The latest trade headlines are giving U.S. stock index futures a boost to start the week, with the DJIA pointing to a gain of 72 points at the open. China announced it will raise penalties on violations of intellectual property rights and is exploring lower thresholds of criminal punishments for those who steal IP.
In Asia, Japan +0.8%. Hong Kong +1.5%. China +0.7%. India +1.3%.
In Europe, at midday, London +0.8%. Paris +0.4%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.4%. Crude -0.2% to $57.68. Gold -0.4% to $1457.60. Bitcoin -8% to $6618.
Ten-year Treasury Yield +2 bps to 1.8%
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar
8:30 Chicago Fed National Activity Index
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $40B, 2-Year Note Auction
https://www.investing.com/economic-calendar/
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S&P 500
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 3085. Average Range for CD1 is 32.00 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3141.00 CD1 Range Low = 3097.00 CD1 Range Avg = 32.00
Scenario 1: IF Bulls hold bid above 3120, THEN initial upside targets 3129 – 3135 CD1 Penetration Zone.
Scenario 2: IF Bears hold offer below 3120, THEN initial downside targets 3114 – 3112 Prior Close zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
HOD ATR Range Projection: 3135.00; LOD ATR Range Projection: 3103.00; 3 Day Central Pivot: 3106.00; 3 Day Cycle Target: 3145.00; 10 Day Average True Range 18.23; VIX: 12.50
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 8224.00. Average Range for CD1 is 108.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 67%
CD1 Range High =8355.00 CD1 Range Low = 8258.00 CD1 Range Avg = 108.00
Scenario 1: IF Bulls hold bid above 8310, THEN initial upside targets 8328 – 8335 zone.
Scenario 2: IF Bears hold offer below 8310, THEN initial downside targets 8296 – 8283 zone.
Range Projections and Key Levels (NQ) December 2019 (Z) Contract
HOD ATR Range Projection: 8362.00; LOD ATR Range Projection: 8250.00; 3 Day Central Pivot: 8282.00; 3 Day Cycle Target: 8368.00; 10 Day Average True Range: 65.84; VIX: 12.50
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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