In Europe, at midday, London +0.20%. Paris -0.09%. Frankfurt -0.14%.
Futures at 6:20, Dow +0.15%. S&P +0.13%. Nasdaq +0.17%. Crude +0.89% to $50.01. Gold +0.65% to $1,293.40.
Ten-year Treasury Yield -14 bps to 2.354%.
Economic Calendar
6:00 NFIB Small Business Optimism Index
8:55 Redbook Chain Store Sales
10:00 Fed’s Kashkari speech
PTG Trading
S&P e-mini (ES) declined to reach target outlined in prior DTS Briefing 10.9.17. “Scenario 2: IF price violates and converts 2545 to lower resistance, THEN inital downside targets 2540.”
Today is Cycle Day 2 (CD2)…Normal would be for rally from CD1 Low (2539.25) targeting 2552 -54 zone. Potential does exist for a retest of CD1 Low for surety of a secure cycle low.
STAY NIMBLE and ALWAYS USE PROTECTIVE STOPS.
Range Projections and Key Levels (ES)
HOD ATR Range Projection: 2553.63; LOD ATR Range Projection: 2537.63; Cycle Day 1 Low: 2539.25; 3 Day Central Pivot: 2545.00; 3 Day Cycle Target: 2561.00; 10 Day Average True Range: 10.63; VIX: 10.14
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: December 2017 (Z) 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 2546 to upper support, THEN upside targets 2552 – 54 average cycle rally
Scenario 2: IF price violates and converts 2544 to lower resistance, THEN odds favors a retest of CD1 Low (2539.25). Further conversion of this level targets 2534 handle.
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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