U.S. stock index futures are looking to build on yesterday’s gains, with Dow futures ahead by 244 points, and the S&P 500 and Nasdaq up 0.9% and 1.1%, respectively.
Oil prices rose 2% to $54.61/bbl overnight after Iranian officials said two rockets had struck a tanker belonging to the National Iranian Oil Company traveling through the Red Sea.
In Asia, Japan +1.2%. Hong Kong +2.3%. China +0.9%. India +0.7%.
In Europe, at midday, London +0.3%. Paris +1.1%. Frankfurt +1.8%.
Futures at 6:20, Dow +0.9%. S&P +0.9%. Nasdaq +1.1%. Crude +2% to $54.61. Gold -0.2% to $1498.40. Bitcoin -1.4% to $8390.
Ten-year Treasury Yield +2 bps to 1.68%
(Source: Seeking Alpha) https://seekingalpha.com/
Today is Cycle Day 3 …Price is pushing higher above prior high fulfilling CD3 Penetration Levels as this rally continues following a normal CD2 consolidation day. Headline volatility risk remains elevated with China news at every twist & turn, so stay focused on the highest quality structural trade opportunities.
CD3 Range High = 2984.00 CD3 Range Low = 2932.00 CD3 Range Avg = 42.50
Scenario 1: IF Bulls hold bid above 2954, THEN initial upside targets 2963.25 – 2967.75 CD3 Penetration Zone.
Scenario 2: IF Bears hold offer below 2954, THEN initial downside targets 2944 – 2938 zone.
Range Projections and Key Levels (ES) December (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price is pushing higher above prior high fulfilling CD3 Penetration Levels as this rally continues following a normal CD2 consolidation day.
Scenario 1: IF Bulls hold bid above 7800, THEN initial upside potential targets 7821.50 – 7844.75 CD3 Penetration Zone.
Scenario 2: IF Bears hold offer below 7800 THEN initial downside targets 7773 – 7745 zone..
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7884.50; LOD ATR Range Projection: 7745.00; Cycle Day 1 Low: 7604.50; 3 Day Central Pivot: 7692.25; 3 Day Cycle Target: 7772.75; 10 Day Average True Range: 117.50; VIX: 16.67
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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