Markets
Wall Street will be looking for more record highs during today’s session, as Dow futures point to a 75-point advance after closing above 29,000 for the first time on Wednesday. Investors are reacting to details of the U.S.-China “Phase One” trade agreement, a first step in ending an 18-month trade war between the world’s two largest economies. President Trump said the deal restored “economic justice” as China committed to $200B in additional purchases of U.S. goods and pledged to “enhance” intellectual property protections. All U.S. tariffs on Chinese imports will be removed as soon as the two countries complete a “Phase Two” trade pact.
In Asia, Japan +0.1%. Hong Kong +0.4%. China -0.5%. India +0.1%.
In Europe, at midday, London -0.5%. Paris flat. Frankfurt -0.2%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.4%. Crude +0.4% to $58.03. Gold +0.1% to $1554.80. Bitcoin -1.5% to $8644.
Ten-year Treasury Yield flat at 1.79%
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar
8:30Initial Jobless Claims
8:30Philly Fed Business Outlook
8:30Retail Sales
8:30Import/Export Prices
10:00Business Inventories
10:00NAHB Housing Market Index
10:00Fed’s Bowman Speech
10:30EIA Natural Gas Inventory
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 3274.50. Average Range for CD1 is 22.25 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3289.00 CD1 Range Low = 3249.00 CD1 Range Avg = 28.25
Bull Scenario: IF Bulls hold bid above 3298, THEN initial upside targets 3308 – 3313 CD1 Penetration Zone. Statistical Extreme Target: 3323.75
Bear Scenario: IF Bears hold offer below 3298, THEN initial downside targets 3290 – 3285 3 Day Central Pivot Zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
HOD ATR Range Projection: 3316.00; LOD ATR Range Projection: 3286.00; 3 Day Central Pivot: 3286.00; 3 Day Cycle Target: 3323.00; 10 Day Average True Range 22.00; VIX: 12.16
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 9013.00. Average Range for CD1 is 108.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 67%
CD1 Range High = 9120.00 CD1 Range Low = 9050.00 CD1 Range Avg = 108.00
Bull Scenario: IF Bulls hold bid above 9090, THEN initial upside targets 9110 – 9120 CD1 Penetration Zone.
Bear Scenario: IF Bears hold offer below 9090, THEN initial downside targets 9066 – 9056 3 Day Central Pivot Zone.
Range Projections and Key Levels (NQ) March 2020 (H) Contract
HOD ATR Range Projection: 9145.00; LOD ATR Range Projection: 6025.00; 3 Day Central Pivot: 6062.00; 3 Day Cycle Target: 9135.00; 10 Day Average True Range: 85.00; VIX: 12.16
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