Markets
U.S. stock index futures mainly hugged the flat-line overnight after the Federal Reserve and Jerome Powell on Wednesday sparked a late party on Wall Street. The Dow and S&P 500 both rose over 1.6%, while the Nasdaq scored gains of 2.2%. Combined with comments that the Fed’s balance sheet would remain larger than previously expected, the central bank expressed it would be “patient” before making any further rate moves.
In Asia, Japan +1.1%. Hong Kong +1.1%. China +0.4%. India +1.9%.
In Europe, at midday, London +0.5%. Paris +0.2%. Frankfurt flat.
Futures at 6:20, Dow flat. S&P +0.1%. Nasdaq +0.3%. Crude -0.2% to $54.13. Gold +0.9% to $1327.20. Bitcoin -0.5% to $3404.
Ten-year Treasury Yield -3 bps to 2.66%
(Source: Seeking Alpha)
Economic Calendar
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 New Home Sales
10:30 EIA Natural Gas Inventory
3:00 Farm Prices
4:30 PM Money Supply
4:30 PM Fed Balance Sheet 8:30 Chicago Fed National Activity Index
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $41B, 5-Year Note Auction
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 (CD3)…3-Day Cycle objectives have been fulfilled in prior session and as such opens door for at least a pullback in price to renew buying interest with uptrend intact. In overnight trade activity is relatively quiet within a narrow range. Initial support is marked between 2672 – 76 zone where responsive buyers stepped-in during prior session.
CD3 Range High = 2704.00 CD3 Range Low = 2668.00 CD3 Range Avg = 23.50
Scenario 1: IF price holds bid above 2675, THEN initial upside potential targets 2690 – 2695 CD3 Penetration Zone.
Scenario 2: IF price holds offer below 2675, THEN initial downside targets 2676.50 – 2669.75 Central Pivot Zone.
Range Projections and Key Levels (ES) March (H) Contract
HOD ATR Range Projection: 2616.50; LOD ATR Range Projection: 2656.50; Cycle Day 1 Low: 2628.50; 3 Day Central Pivot: 2651.25; 3 Day Cycle Target: 2689.25; 10 Day Average True Range 35.50; VIX: 17.46
Nasdaq 100 (NQ)
Today is Cycle Day 3 …3-Day Cycle objectives have been fulfilled and as such opens door for at least a pullback in price to renew buying interest with uptrend intact. In overnight trade activity is relatively quiet within a narrow range. Initial support is marked between 6840 – 50 zone where responsive buyers stepped-in during prior session.
CD3 Range High = 6900.00 CD3 Range Low = 6825.50 CD3 Range Avg = 56.00
Scenario 1: IF price holds bid above 6850, THEN initial upside potential targets 6888.50 – 6900.50 CD3 Penetration Range Zone.
Scenario 2: IF price holds offer below 6850, THEN initial downside targets 6845.25 – 6825.50 zone.
Range Projections and Key Levels (NQ) March (H) Contract
HOD ATR Range Projection: 6968.25; LOD ATR Range Projection: 6757.50; Cycle Day 1 Low: 6616.75; 3 Day Central Pivot: 6722.00; 3 Day Cycle Target: 6802.50; 10 Day Average True Range: 124.00; VIX: 17.46
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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