In Europe, at midday, London +0.3%. Paris +0.2%. Frankfurt +0.2%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.1%. Crude steady at $52.19. Gold flat at $1279.
Ten-year Treasury Yield -1 bps to 2.42%
Economic Calendar
8:30 International trade in goods
9:45 Bloomberg Consumer Comfort Index
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
PTG Trading
Thursday is Cycle Day 2 (CD2)…Prior session was a normal CD1 as price did decline to Violation Levels, at which time reversed and rallied into session close. Price is extending those gains into pre-cash trade reaching 3 Day Cycle Targets. (2558.00). Further upside potential measures 2567, followed by 2573.50.
Range Projections and Key Levels (ES)
HOD ATR Range Projection: 2566.93; LOD ATR Range Projection: 2552.57; Cycle Day 1 Low: 2541.50; 3 Day Central Pivot: 2563.00; 3 Day Cycle Target: 2558.88; 10 Day Average True Range: 10.68; VIX: 10.85
**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 PH (2566.25), THEN targets measure 2563.00 3 Day Central Pivot, followed by 2567, 2573.50.
Scenario 2: If price violates and converts 2558.00 to lower resistance, THEN downside targets 2552.50 (VPOC), followed by 2550 handle.
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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