Markets
All three major U.S. equity indexes rose to new highs on Thursday, in an alignment that hasn’t occurred since December 31, 1999. The records punctuate a march that defies stocks’ sharp downdraft at the start of the year and traders are now debating if the trend will continue, move sideways or whether a top is in sight. For 2016, the Dow is up 6.8%, the S&P 6.9% and the Nasdaq 4.4%.
In Asia, Japan +1.1% to 16919. Hong Kong +0.8% to 22766. China +1.6% to 3050. India +1.1% to 28152.
In Europe, at midday, London flat. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude flat at $43.49. Gold -0.5% to $1343.
Ten-year Treasury Yield
(Source: Seeking Alpha)
Economic Calendar
8:30 Producer Price Index
8:30 Retail Sales
10:00 Business Inventories
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
PTG Trading
S&P e-mini (ES) continued its cycle rally reaching 2183.50 top on 10-Day Average True Range, where it currently is trading in overnight trade.
Today is Cycle Day 3 (CD3)…There remains room to reached upper cycle targets should the Bulls push to close out week on strong note. First Sign of Weakness (SOW) would be failure to notch new high and/or violation and conversion of 2180 to resistance.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection: 2194.00; LOD Range Projection: 2170.50; Cycle Day 1 Low: 2167.75; 3 Day Central Pivot: 2177.25; 3 Day Cycle Target: 2194.50; 10 Day Average True Range: 13.32
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (U) 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 PH (2185.25), THEN initial upside is 2186.75 – 2188.50 STATX Zone. Above this zone target 2193 – 2195 cluster of confluence levels.
Scenario 2: Violation and conversion of 2180 to resistance would be SOW…Initial downside level for potential renewed buy response is 2177 handle 3 Day Central Pivot. Weakness below this level opens door for deeper downside.
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. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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