In Europe, at midday, London -0.4%. Paris +0.1%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq -0.1%. Crude -0.1% to $63.91. Gold -0.6% to $1330.90. Bitcoin +4% to $11583.
Ten-year Treasury Yield +2 bps to 2.6%
Economic Calendar
8:30 Initial Jobless Claims
8:30 Housing Starts
8:30 Philly Fed Business Outlook
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
6:05 PM Fed’s Mester: Monetary Policy
S&P 500 (ES)
Today is Cycle Day 3 (CD3)…Prices rallied past 3 Day Cycle targets extending and stopping at 2809 statistical Standard Deviation extreme. Expectation for today is for some back n fill to absorb recent reversal gains.
Scenario 1: IF price clears and converts PH (2809.50), THEN expansion targets 2816 – 2818 zone.
Scenario 2: IF price violates and converts PC (2803.50) to lower resistance, THEN pullback targeting 2798 – 2794 zone. Three-Day Central Pivot is marked at 2793.25.
Range Projections and Key Levels (ES)
HOD ATR Range Projection: 2822.18; LOD ATR Range Projection: 2786.00; Cycle Day 1 Low: 2769.25 3 Day Central Pivot: 2793.25; 3 Day Cycle Target: 2797.25; 10 Day Average True Range: 21.93; VIX: 11.92
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price exceed 3 Day Cycle target but fell slightly short of a new all-time high. Three-Day Central Pivot (6787.75) is marked as support.
Scenario 1: IF price clears and converts PH (6834.25), THEN expansion targets 6852 – 56 zone.
Scenario 2: IF price violates and converts PC (6819.50) to lower resistance, THEN initial target measures 6797.00, followed by 6787 3 Day Central Pivot.
Range Projections and Key Levels (NQ)
HOD ATR Range Projection: 6868.96; LOD ATR Range Projection: 6771.54; Cycle Day 1 Low: 6729.25 3 Day Central Pivot: 6787.75; 3 Day Cycle Target: 6822.29; 10 Day Average True Range: 64.71; VIX: 11.92
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