In Europe, at midday, London -0.1%. Paris +0.2%. Frankfurt +0.1%.
Futures at 6:20, Dow +0.2%. S&P +0.1%. Nasdaq +0.1%. Crude +0.2% to $68.86. Gold +0.6% to $1208.70. Bitcoin -4.6% to $6380.
Ten-year Treasury Yield flat at 2.9%
7:30 Challenger Job-Cut Report
8:15 ADP Jobs Report
8:30 Initial Jobless Claims
8:30 Productivity and Costs
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:00 Factory Orders
10:00 Fed’s Williams Speech
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
S&P 500
Today is Cycle Day 2 (CD2)…Prior session was a normal Cycle Day 1 as price declined fulfilling Average Decline and Violation Levels outlined in prior DTS Briefing 9.5.18. Part of this cycle’s rally off deep lows is in-place, though bulls must overcome 2893 resistance to continue higher. IF successful, THEN upside target 2898 – 2900 zone.
CD2 Range High = 2904.50 CD2 Range Low = 2870.25 CD2 Range Avg = 22.25
Scenario 1: IF price holds bid above 2888, THEN initial objective is to clear and convert 2893 to upper support. IF successful, THEN upside targets 2898 – 2904 zone.
Scenario 2: IF price holds offer below 2888, THEN downside targets 2883, with a possible retest 2877.50 CD1 Low with Violation Extensions measuring 2870 – 2865 zone.
Range Projections and Key Levels (ES) September (U) Contract
HOD ATR Range Projection: 2899.75; LOD ATR Range Projection: 2875.00; Cycle Day 1 Low: 2877.50; 3 Day Central Pivot: 2898.50; 3 Day Cycle Target: 2906.00; 10 Day Average True Range 17.75; VIX: 13.91
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Prior session was a normal Cycle Day 1 as price declined fulfilling Average Decline and Violation Levels outlined in prior DTS Briefing 9.5.18. Part of this cycle’s rally off deep lows is in-place, though bulls must overcome 7560 resistance to continue higher. IF successful, THEN upside target 7590 – 7600 zone.
CD2 Range High = 7561.50 CD2 Range Low = 7492.50 CD2 Range Avg = 86.00
Scenario 1: IF price holds bid above 7530, THEN initial objective is to clear and convert 7560 to upper support. IF successful, THEN upside targets 7590 – 7600 zone.
Scenario 2: IF price holds offer below 7530, THEN downside targets retest 7503.25 CD1 Low, with Violation Extensions measuring 7477.50 – -7467.50 zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7586.25; LOD ATR Range Projection: 7467.50; Cycle Day 1 Low: 7503.25; 3 Day Central Pivot: 7625.75; 3 Day Cycle Target: 7616.25; 10 Day Average True Range: 76.50; VIX: 13.91
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