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.
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/
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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
Nasdaq 100 (NQ)
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
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.”
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