In Europe, at midday, London +0.1%. Paris flat. Frankfurt flat.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.1%. Crude +0.6% to $52.17. Gold -0.9%to $1290.70.
Ten-year Treasury Yield flat at 2.3%
Economic Calendar
8:55 Redbook Chain Store Sales
9:15 Industrial Production
10:00 NAHB Housing Market Index
2:00 PM Treasury Budget
4:00 PM Treasury International Capital
PTG Trading
S&P 500 e-mini (ES) & Nasdaq (NQ) continue to grind higher notching all-time highs as bulls persistently buy on any price dip. Many perma-bears have begun throwing in the towel.
Tuesday is Cycle Day 1 (CD1)…Normal is for some magnitude decline with average measuring 2544 handle. Past CD1 declines have proven very shallow, so be vigilant with your trade decisions and price targets which need to be modified to current volatility.
STAY NIMBLE and ALWAYS USE PROTECTIVE STOPS.
Range Projections and Key Levels (ES)
HOD ATR Range Projection: 2563.00; LOD ATR Range Projection: 2548.25; Cycle Day 1 Low: 2546.25; 3 Day Central Pivot: 2552.00; 3 Day Cycle Target: 2565.00; 10 Day Average True Range: 9.20; VIX: 9.61
**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: Bulls have converted 2555 to new support…This level must continue to hold to push for higher targets measuring 2560 – 63 zone.
Scenario 2: Bears need a conversion miracle below 2555, otherwise shorts will soon feel the pinch. Initial downside targets 2550, followed by 2548 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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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