In Europe, at midday, London -0.2%. Paris +0.3%. Frankfurt flat.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.1%. Crude -0.3% to $52.29. Gold -0.4% to $1273.50.
Ten-year Treasury Yield +4 bps to 2.44%
Economic Calendar
8:30 Durable Goods
9:00 FHFA House Price Index
10:00 New Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $15B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction
PTG Trading
Markets did attempt a recovery bounce in prior session, but was uninspiring, given the bulls driven desire to push price ever higher. Trends remain intact, so consolidation type trade would be normal to absorb recent gains.
Wednesday begins a new Cycle Day 1 (CD1)…Normal for this day would be some magnitude decline with average measuring 2557.50. Bulls need to recover above 2572, while Bears need a conversion below 2562.
Range Projections and Key Levels (ES)
HOD ATR Range Projection: 2569.35; LOD ATR Range Projection: 2557.40; Cycle Day 1 Low: 2552.25; 3 Day Central Pivot: 2567.50; 3 Day Cycle Target: 2577.00; 10 Day Average True Range: 8.85; VIX: 11.09
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: December 2017 (ESZ) 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 clears and converts 2566 (POC) to upper support, THEN upside objectives are 2570, followed by 2575 – 77 zone.
Scenario 2: IF price violates and converts 2562 to lower resistance, THEN downside targets are 2557, followed by 2552 – 2550 zone.
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.
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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