In Europe, at midday, London -0.65%. Paris -0.13%. Frankfurt -0.50%.
Futures at 6:20, Dow -0.42%. S&P -0.26%. Nasdaq -0.28%. Crude +0.09%to $67.60. Gold -0.07% to $1,199. Bitcoin +0.81% to $6,346.
Ten-year Treasury Yield +1.8 bps to 2.957%.
6:00 NFIB Small Business Optimism Index
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
10:00 Wholesale Trade
1:00 PM Results of $35B, 3-Year Note Auction
S&P 500
Today is Cycle Day 2 (CD2)…Overnight bounce failed to get traction and price has fallen back down trading below prior value area and testing 2873 Cycle Day 1 Low. Violation and conversion of this level opens door to 2866.50 range low.
CD2 Range High = 2893.75 CD2 Range Low = 2862.50 CD2 Range Avg = 22.50
Scenario 1: IF price holds bid above 2880 handle, THEN upside targets 2885 – 2890 zone.
Scenario 2: IF price holds offer below 2880 handle, THEN downside targets 2873 – 2870 zone, followed by 2866.50 – 2861 CD2 range extremes
Range Projections and Key Levels (ES) September (U) Contract
HOD ATR Range Projection: 2890.00; LOD ATR Range Projection: 2866.50; Cycle Day 1 Low: 2873.25; 3 Day Central Pivot: 2878.25; 3 Day Cycle Target: 2900.00; 10 Day Average True Range 18.50; VIX: 14.31
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Overnight bounce failed to hold and price has faded back into prior session value area. Violation and conversion of 7430 opens door to deeper decline.
CD2 Range High = 7518.25 CD2 Range Low = 7400.00 CD2 Range Avg = 87.00
Scenario 1: IF price holds bid above 7440 handle, THEN upside targets 7460 – 7467 zone.
Scenario 2: IF price holds offer below 7440 handle, THEN downside targets test of 7414.00 Cycle Day 1 Low.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7514.50; LOD ATR Range Projection: 7403.50; Cycle Day 1 Low: 7414.00; 3 Day Central Pivot: 7454.25; 3 Day Cycle Target: 7477.50; 10 Day Average True Range: 83.00; VIX: 14.31
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