In Europe, at midday, London +0.2%. Paris +0.5%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.5%. S&P +0.5%. Nasdaq +0.6%. Crude +1.5% to $51.29. Gold -0.2%to $1289.20. Bitcoin +3.5% to $3639.
Ten-year Treasury Yield -2 bps to 2.69%
8:30 Producer Price Index
8:30 Empire State Mfg Survey
11:30 Fed’s Kashkari Speech
1:00 PM Fed’s Kaplan Speech
1:00 PM Fed’s George Speech
*****New PTG Trading Room Chat Log’s Link Click this link to view:
S&P 500
Today is Cycle Day 3 (CD3)…Price pushed higher reaching CD3 Penetration Level (2600) during Asia Session, only to get rejected back into prior range during European Session. Failed breakout attempt leave bulls “slipping on the soap bar” not being able to gain any traction. With price at midpoint of 5 day range, the battle continues for control.
CD3 Range High = 2603.00 CD3 Range Low = 2545.00 CD3 Range Avg = 55.00
Scenario 1: IF price holds bid above 2585, THEN initial upside potential measures 2600 CD3 Penetration Level.
Scenario 2: IF price holds offer below 2585, THEN initial downside measures 2577 CD1 Low, followed by 2572 Value Area Low (5).
Range Projections and Key Levels (ES) March (H) Contract
HOD ATR Range Projection: 2621.50; LOD ATR Range Projection: 2558.00; Cycle Day 1 Low: 2577.00; 3 Day Central Pivot: 2585.00; 3 Day Cycle Target: 2604.50; 10 Day Average True Range 42.00; VIX: 19.00
Nasdaq 100 (NQ)
Today is Cycle Day 3 …Price pushed higher reaching CD3 Range High (6598) during Asia Session, only to get rejected back into prior range during European Session. Failed breakout attempt leave bulls “slipping on the soap bar” not being able to gain any traction. With price at midpoint of 5 day range, the battle continues for control.
CD3 Range High = 6598.00 CD3 Range Low = 6551.00 CD3 Range Avg = 185.00
Scenario 1: IF price holds bid above 6570, THEN initial upside potential measures 6597.25 – 6606.75 STATX Zone.
Scenario 2: IF price holds offer below 6570, THEN initial downside measures 6562 – 6551 Central Pivot Zone.
Range Projections and Key Levels (NQ) March (H) Contract
HOD ATR Range Projection: 6674.00; LOD ATR Range Projection: 6475.00; Cycle Day 1 Low: 6572.00; 3 Day Central Pivot: 6587.50; 3 Day Cycle Target: 6638.50; 10 Day Average True Range: 132.00; VIX: 19.00
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.”
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