Stocks are set to kick off the week with more losses, as the DJIA suggests another 200-point drop to erase New Year gains amid an escalation in geopolitical risk in the Middle East. Besides targeting 52 Iranian sites, President Trump threatened to slap sanctions on Iraq ‘like they’ve never seen before’ after a vote to expel U.S. troops, while Iran said it will no longer abide by uranium enrichment limits. WTI oil prices jumped as much as 2% overnight as Brent crude topped $70 a barrel for the first time since September, while gold soared to nearly $1,600 an ounce, its highest in more than seven years.
In Asia, Japan -1.9%. Hong Kong -0.8%. China flat. India +1.9%.
In Europe, at midday, London -1%. Paris -1.2%. Frankfurt -1.7%.
Futures at 6:20, Dow -0.7%. S&P -0.7%. Nasdaq -0.8%. Crude +1.1% to $63.72. Gold +1.8% to $1579.80. Bitcoin +1.7% to $7557.
Ten-year Treasury Yield flat at 1.78%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…Price has successfully tested Cycle Day 1 Low (3206.75) during overnight session and has rebounded back to 5-day POC (3223). We’ll mark 3210 – 3205 as “Key Decision Point Zone”
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CD2 Range High = 3234.00 CD2 Range Low = 3205.00 CD2 Range Avg = 26.00
Scenario 1: IF Bulls hold bid above 3223, THEN initial upside potential targets 3232 – 3236 zone.
Scenario 2: IF Bears hold offer below 3223, THEN initial downside objective targets 3215 – 3210 zone.
Range Projections and Key Levels (ES) March 2020 (H) Contract
Nasdaq 100 (NQ)
CD2 Range High = 8773.00 CD2 Range Low = 8709.00 CD2 Range Avg = 86.00
Scenario 1: IF Bulls hold bid above 8772, THEN initial upside potential targets 8785 – 8795 zone.
Scenario 2: IF Bears hold offer below 8772, THEN initial downside objective targets 8746 – 8735 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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