Fueled by soaring tech stocks and a solid start to earnings season, the S&P 500 crossed the 3,300 mark for the first time on Thursday, while other main U.S. indexes broke record highs. Sentiment was further lifted by data that showed U.S. retail sales rose 0.3% in December, indicating the U.S. economy maintained a moderate growth pace at the end of 2019. More record highs are in store today as U.S. stock futures point to gains of 0.3% before another round of economic stats that include consumer sentiment figures and the latest JOLTS.
In Asia, Japan +0.5%. Hong Kong +0.6%. China +0.1%. India flat.
In Europe, at midday, London +1%. Paris +0.9%. Frankfurt +0.7%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.4%. Crude +0.6% to $58.90. Gold +0.4% to $1556. Bitcoin +2.3% to $8889.
Ten-year Treasury Yield flat at 1.82%
Source: Seeking Alpha https://seekingalpha.com
8:30 Housing Starts
9:00 Fed’s Harker: Economic Outlook
9:15 Industrial Production
10:00 Consumer Sentiment
10:00 Job Openings and Labor Turnover Survey
12:45 PM Fed’s Quarles Speech
1:00 PM Baker-Hughes Rig Count
Today is Cycle Day 2 (CD2)…Price has fulfilled this Cycle’s Minimum Target Objective 3323 during overnight trade. Buyers will need to maintain solid bid above 3317 to continue the momentum.
Normal for CD2 is for some “back n fill” price action to absorb prior session’s rally from CD1 Low (3294). Key Line-In-Sand is marked at 3317 handle.
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CD2 Range High = 3338.00 CD2 Range Low = 3306.00 CD2 Range Avg = 23.00
Bull Scenario: IF Bulls hold bid above 3317, THEN initial upside potential targets 3323 – 3327 zone.
Bear Scenario: IF Bears hold offer below 3317, THEN initial downside objective targets 3313 – 3303 zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
Nasdaq 100 (NQ)
CD2 Range High = 9122.50 CD2 Range Low = 9054.50 CD2 Range Avg = 82.00
Bull Scenario: IF Bulls hold bid above 9135, THEN initial upside potential targets 9163 – 9181 zone.
Bear Scenario: IF Bears hold offer below 9135, THEN initial downside objective targets 9112 – 9093 zone.
Range Projections and Key Levels (NQ) March 2020 (H) Contract
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!
“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.”
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