The U.S. jobs report is due to be released today in the headline event for market watchers. Economists expect U.S. non-farms payrolls to be up a strong 200K jobs for February, down from the 227K gain in January. The unemployment rate is seen declining to 4.7% from 4.8% in the previous month.
Crude oil prices move higher after dropping to a three-month low this week. WTI crude oil futures +0.75% to $49.65/bbl. Brent crude +0.50% to $52.45/bbl.
In Asia, Japan +1.5%. Hong Kong +0.3%. China -0.1%. India +0.1%.
In Europe, at midday, London +0.4%. Paris +0.6%. Frankfurt +0.6%.
Futures at 6:20, Dow +0.3%. S&P +0.4%. Nasdaq +0.3%. Crude +0.8% to $49.65. Gold -0.6% to $1196.50.
Ten-year Treasury Yield Flat at 2.61%.
(Source: Seeking Alpha)
Economic Calendar
8:30 Non-farm payrolls
1:00 PM Baker-Hughes Rig Count
2:00 PM Treasury Budget
PTG Trading
Snap-back rally during afternoon session reversed the early damage in morning which may have qualified for this cycle’s “secure low”. Cycle support marker is now 2351.
Today is Cycle Day 1 (CD1)…Norm is for a decline, though prior session low marker may be retested for surety. Contract rollover continues as discount spread is 3 pts between H & M contracts.
Note: Contract Rollover to June (M)
Range Projections and Key Levels
HOD ATR Range Projection: 2376.57; LOD ATR Range Projection: 2358.18; Cycle Day 1 Low: 2364.50; 3 Day Central Pivot: 2362.75; 3 Day Cycle Target: 2385.68; 10 Day Average True Range: 14.82
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June 2017 (M) 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 will need to hold 2356 as support on any pullback and continue prior session’s rally above 2366 handle for expansion. Upside range objectives measures 2376.50.
Scenario 2: Bears need to reassert below 2366, otherwise they may have lost their recent momentum. Downside range objective measures 2358.00
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.”
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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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