Markets
Stocks gear up for another run at the elusive Dow 20K mark today after the S&P 500 Index closed just off its record high yesterday. Yesterday’s ho-hum reaction to the report on FOMC minutes shows that investors are taking their cues from factors outside of the sport of Federal Reserve watching, according to economists. U.S. stock futures are mixed in early action.
In Asia, Japan -0.4% to 19,520. Hong Kong +1.5% to 22,456. China flat at 10,133. India +0.9% to 26,878.
In Europe, at midday, London -0.1%. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow +0.3%. S&P -0.1%. Nasdaq -0.1%. Crude +0.1% to $53.29. Gold +0.7% to $1173.80.
Ten-year Treasury Yield Flat at 2.45%
(Source: Seeking Alpha)
Economic Calendar
Chain Store Sales
7:30 Challenger Job-Cut Report
8:15 ADP Jobs Report
8:30 Initial Jobless Claims
8:30 Gallup Good Jobs Rate
9:45 PMI Services Index
9:45 Bloomberg Consumer Comfort Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
4:30 Money Supply
4:30 Fed Balance Sheet
PTG Trading
Price rallied in prior session to reach 3 Day Cycle Target (2265.73) completing a Positive Cycle. Economically sensitive Sectors such as Consumer Discretionary and Technology were among the leadership. Crude Oil also rebounded aiding in positive numbers for Basic Materials.
Today is Cycle Day 3 (CD3)…The rally is in place, so bulls will need to force higher prices for expansion. Failure to convert GBX Open (2264.50) and PH (2267.25) to upper support may weight heavily in today’s session.
Range Projections and Key Levels
HOD ATR Range Projection: 2272.55; LOD ATR Range Projection: 2252.20; Cycle Day 1 Low: 2239.50; 3 Day Central Pivot: 2249.75; 3 Day Cycle Target: 2265.73; 10 Day Average True Range: 13.80
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2017 (H) 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 can clear and convert 2264.50 to upper support, THEN upside potential measures 2272.50 – 2275.50 zone.
Scenario 2: IF price violates and converts 2258 handle to lower resistance, THEN odds favor pullback targeting 2253 – 2251 LOD Range Projection.
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.
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