Markets
Microsoft’s shares climbed 5.4% premarket and topped the stock’s all-time high of $59.56 after its FQ1 earnings exceeded expectations and sales of its cloud platform Azure more than doubled. EPS came in at $0.76 while revenue rose 3% to $22.3B and reversed five quarters of declines, although net profit dropped to $4.69B from $4.9B a year earlier.
In Asia, Japan -0.3% to 17185. Hong Kong closed. China +0.7% to 9831. India -0.2% to 28077.
In Europe, at midday, London +0.2%. Paris -0.1%. Frankfurt +0.1%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.1%. Crude +0.55% to $50.91. Gold -0.2% to $1265.05.
Ten-year Treasury Yield + 1bps to 1.76%.
(Source: Seeking Alpha)
Economic Calendar
10:15 Daniel Tarullo speech
1:00 PM Baker-Hughes Rig Count
PTG Trading
Today is Cycle Day 2 (CD2)…Normal Neutral (back n fill)…Prior session trade was whippy as corporate earnings and options expiration snapped futures prices up and down, but at settlement price was effectively unchanged.
Potential exists today for similar action with testing of CD1 Low for security. Bulls need to clear 2138 – 40 zone for upside expansion…Bears need to convert 2126 – 28 to lower resistance for lower expansion…Currently stalemate.
Range Projections and Key Levels
HOD Range Projection: 2147.20; LOD Range Projection: 2120.00; Cycle Day 1 Low: 2126.75; 3 Day Central Pivot: 2134.25; 3 Day Cycle Target: 2145.50; 10 Day Average True Range: 18.45
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (Z) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: IF price holds at or above CD1 Low (2126.75), THEN initial upside objective is 2134 – 2136 Pivot Zone. Above this zone is open to retest PH (2144.50).
Scenario 2: IF price violates and converts CD1 Low (2126.75) to lower resistance, THEN downside measures 2120, followed by 2114.00.
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.
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