Markets
U.S. stock index futures are still in a holding pattern as investors guess whether the U.S. and China will announce some form of trade deal before Sunday. Eyes are also on the Fed’s last policy meeting of 2019. The central bank is expected to keep rates steady after completing a year-long U-turn that saw it abandon a tightening cycle and lower borrowing costs three times. A key indicator of inflation trends, the Consumer Price Index, will additionally be released this morning and is predicted to be in line with the Fed’s 2% annual inflation target.
In Asia, Japan -0.1%. Hong Kong +0.8%. China +0.2%. India +0.4%.
In Europe, at midday, London -0.1%. Paris -0.1%. Frankfurt +0.3%.
Futures at 6:20, Dow -0.1%. S&P flat. Nasdaq flat. Crude -0.7% to $58.85. Gold +0.2% to $1471.50. Bitcoin -1.7% to $7218.
Ten-year Treasury Yield -1 bps to 1.82%
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar
8:30 Consumer Price Index
10:00 Quarterly Services Report
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:00 PM Treasury Budget
2:00 PM Chairman Press Conference
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 3116. Average Range for CD1 is 31.00 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3154.00 CD1 Range Low = 3119.00 CD1 Range Avg = 31.00
Scenario 1: IF Bulls hold bid above 3133, THEN initial upside targets 3143 – 3148 zone.
Scenario 2: IF Bears hold offer below 3133, THEN initial downside targets 3123 – 3119 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
HOD ATR Range Projection: 3151.00; LOD ATR Range Projection: 3121.00; 3 Day Central Pivot: 3136.00; 3 Day Cycle Target: 3158.00; 10 Day Average True Range 21.56; VIX: 15.69
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 8311.00. Average Range for CD1 is 105.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 67%
CD1 Range High =8403.50 CD1 Range Low = 8335.50 CD1 Range Avg = 105.00
Scenario 1: IF Bulls hold bid above 8365, THEN initial upside targets 8389 – 8398 zone.
Scenario 2: IF Bears hold offer below 8365, THEN initial downside targets 8355 – 8345 zone.
Range Projections and Key Levels (NQ) December 2019 (Z) Contract
HOD ATR Range Projection: 8418.00; LOD ATR Range Projection: 8320.00; 3 Day Central Pivot: 8368.00; 3 Day Cycle Target: 8417.00; 10 Day Average True Range: 73.28; VIX: 15.69
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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