Markets
The U.S. economy likely ended 2016 with a mild groan more than a rousing cheer, at least according to the government’s end-of-year report card. Gross domestic product is forecast to taper off to 2.2% in Q4, meaning the U.S. will have gone an 11th straight year without reaching 3% GDP. The Commerce Department will report the figures at 8:30 a.m. ET.
In Asia, Japan +0.3%. Hong Kong -0.1%. China +0.3%. India +0.6%.
In Europe, at midday, London +0.1%. Paris -0.4%. Frankfurt -0.2%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude -0.6% to $53.44. Gold -0.4% to $1184.70.
Ten-year Treasury Yield flat at 2.51%
(Source: Seeking Alpha)
Economic Calendar
8:30 GDP Q4
8:30 Durable Goods
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
PTG Trading
Prices consolidated in prior session holding above 2288 Pivot as buyers remain enthusiastic with optimism on the rise. Current price patterns are not supportive of a top as bears would like to suggest but more of a pause to digest recent gains.
Today is Cycle Day 1 (CD1)…Normal is for a decline with average downside targeting 2283.30 which matches nicely with 3 Day Central Pivot.
Range Projections and Key Levels
HOD ATR Range Projection: 2303.45; LOD ATR Range Projection: 2284.30; Cycle Day 1 Low: 2259.50; 3 Day Central Pivot: 2284.75; 3 Day Cycle Target: 2314.46; 10 Day Average True Range: 12.45
**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: Bulls need to convert 2294.50 to new support to get continuation rally targeting 2303.45 – 2308 zone.
Scenario 2: Bears must at minimum convert 2290 handle to resistance and push lower below 2288 handle. Average Decline on CD1 measures 2283.50.
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. 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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