In Asia, Japan -0.6%. Hong Kong closed. China closed. India -0.5%.
In Europe, at midday, London +0.1%. Paris flat. Frankfurt -0.1%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.5%. Crude -0.2% to $53.01. Gold +0.1% to $1578.30. Bitcoin +3.7% to $8950.
Ten-year Treasury Yield -2 bps to 1.58%
Source: Seeking Alpha https://seekingalpha.com/
FOMC meeting begins
8:30 Durable Goods
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
11:30 Results of $20B, 2-Year FRN Auction
1:00 PM Results of $32B, 7-Year Note Auction
***New: PTG Trading Room Chat Log’s Link
Today is Cycle Day 3 (CD3)…Price is below Cycle Day 1 Low (3280.50) and should it stay below, then technically it will be registered as a “failed” cycle statistic. Rare in that this occurs only 10% of the time.
Note: There is a one-day “grace-period” applied to recover CD1 Low. IF that also fails, THEN it’s a confirmed failed cycle.
Bulls have one objective today. Stem any further selling and recover CD1 Low 3280.50.
CD1 Range High = 3262.75 CD1 Range Low = 3239.75 CD1 Range Avg = 21.75
Bull Scenario: IF Bulls hold bid above 3250, THEN initial upside targets 3260 – 3263 zone.
Bear Scenario: IF Bears hold offer below 3250, THEN initial downside targets 3242 – 3239 zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
HOD ATR Range Projection: 3270.50; LOD ATR Range Projection: 3232.00; 3 Day Central Pivot: 3290.00; 3 Day Cycle Target: 3309.00; 10 Day Average True Range 31.84; VIX: 17.25
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is below Cycle Day 1 Low (9109.50) and should it stay below, then technically it will be registered as a “failed” cycle statistic.
CD1 Range High = 9031.00 CD1 Range Low = 8961.00 CD1 Range Avg = 78.00
Bull Scenario: IF Bulls hold bid above 8985, THEN initial upside targets 9012 – 9031 zone.
Bear Scenario: IF Bears hold offer below 8985, THEN initial downside targets 8980 – 8960 zone.
Range Projections and Key Levels (NQ) March 2020 (H) Contract
HOD ATR Range Projection: 9066.00; LOD ATR Range Projection: 8926.00; 3 Day Central Pivot: 9128.00; 3 Day Cycle Target: 9183.00; 10 Day Average True Range: 113.75; VIX: 17.25
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.”
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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