Markets
Mixed market signals are sending U.S. indices on a roller-coaster ride as futures head into the final day of January down 0.7%, continuing a volatile month for global equities. Stocks rebounded yesterday after the WHO dubbed the coronavirus a global health emergency – but did not recommend restrictions on international trade and travel – though fears are growing as new countries confirm their first cases of the disease.
Earnings sentiment is also being reassessed after Amazon’s (AMZN) blowout results and Visa’s (NYSE:V) disappointing quarter, while economists weigh in on the U.S. GDP growth rate of 2.3% in 2019.
In Asia, Japan +1%. Hong Kong -0.5%. China closed. India -0.5%.
In Europe, at midday, London +0.9%. Paris +0.8%. Frankfurt +0.5%.
Futures at 6:20, Dow -0.7%. S&P -0.7%. Nasdaq -0.8%. Crude +0.4% to $52.33. Gold -0.2% to $1585.50. Bitcoin +0.3% to $9349.
Ten-year Treasury Yield flat at 1.56%
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 (CD3)…Price recovered CD1 Low (3265.25) with an explosive late session short-covering rally, fulfilling Positive 3 Day Cycle Statistic.
During overnight trade price has pulled back from settlement and currently finding renewed buy response within 3 Day Central Pivot Zone (3269 – 3279)
CD1 Range High = 3290.00 CD1 Range Low = 3273.00 CD1 Range Avg = 22.50
Bull Scenario: IF Bulls hold bid above 3275, THEN initial upside targets 3285 – 3290 zone.
Bear Scenario: IF Bears hold offer below 3275, THEN initial downside targets 3265 – 3260 zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
HOD ATR Range Projection: 3295.00; LOD ATR Range Projection: 3263.00; 3 Day Central Pivot: 3275.00; 3 Day Cycle Target: 3300.00; 10 Day Average True Range 34.00; VIX: 16.70
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price recovered CD1 Low (9072.25) with an explosive late session short-covering rally, fulfilling Positive 3 Day Cycle Statistic.
CD1 Range High = 9221.00 CD1 Range Low = 9165.00 CD1 Range Avg = 84.00
Bull Scenario: IF Bulls hold bid above 9188, THEN initial upside targets 9202 – 9220 zone.
Bear Scenario: IF Bears hold offer below 9188, THEN initial downside targets 9165 – 9145 zone.
Range Projections and Key Levels (NQ) March 2020 (H) Contract
HOD ATR Range Projection: 9255.00; LOD ATR Range Projection: 9132.00; 3 Day Central Pivot: 9115.00; 3 Day Cycle Target: 9202.00; 10 Day Average True Range: 117.00; VIX: 16.70
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