In Asia, Japan -0.8%. Hong Kong +0.1%. China +0.4%. India +0.1%.
In Europe, at midday, London -0.3%. Paris -0.1%. Frankfurt flat.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.2% to $64.60. Gold +1% to $1350. Bitcoin -1.1% to $10958.
Ten-year Treasury Yield flat at 2.62%
Economic Calendar
7:00 MBA Mortgage Applications
9:00 FHFA House Price Index
9:45 PMI Composite Flash
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $15B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction
S&P 500 (ES)
Today is Cycle Day 1 (CD1)…Average Decline measures 2830.00 – 2828.00 zone. Momentum remains in bullish camp with continued higher closes. Normal for CD1 would be for some magnitude decline, although recent declines remain very shallow. Violation of previous close (2838.25) would be an initial sign of weakness.
Scenario 1: IF price clears and converts PH (2844.75), THEN upside penetration targets 2855.50.
Scenario 2: IF price violates and converts PC (2838.25), THEN downside violation targets 2821 – 2819 zone.
Range Projections and Key Levels (ES)
HOD ATR Range Projection: 2855.84 LOD ATR Range Projection: 2827.66; Cycle Day 1 Low: 2791.75 3 Day Central Pivot: 2823.00; 3 Day Cycle Target: 2862.40; 10 Day Average True Range: 19.09; VIX: 11.04
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Average Decline measures 6936 – 6932.50 zone. Bears failed to violate 6960 handle, so we will mark this level as “Key Support”. Until this is violated and converts bulls have solid control.
Scenario 1: IF price clears and converts PH (6981.25), THEN upside penetration levels measure 6999.00 – 7003.50 zone.
Scenario 2: IF price violates and converts PC (6960.00), THEN downside violation levels measure 6939.25 – 6830.25 zone.
Range Projections and Key Levels (NQ)
HOD ATR Range Projection: 7017.75; LOD ATR Range Projection: 6923.50; Cycle Day 1 Low: 6809.25 3 Day Central Pivot: 6959.00; 3 Day Cycle Target: 7012.55; 10 Day Average True Range: 62.75; VIX: 11.04
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