Markets
Crude futures are largely unchanged at almost $50 a barrel ahead of an OPEC technical meeting which starts in Vienna today. But oil prices are set for their biggest weekly loss since mid-September on concerns that member nations won’t be able to agree on an output deal. Venezuela’s Oil Minister Eulogio del Pino announced earlier this week that 12 non-OPEC states have also been invited to the gathering.
In Asia, Japan +0.6% to 17446. Hong Kong -0.8% to 22954. China -0.3% to 3104 India +0.1% to 27941.
In Europe, at midday, London flat. Paris +0.3%. Frankfurt -0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude -0.3% to $49.57. Gold -0.2% to $1266.70.
Ten-year Treasury Yield flat at 1.85%
(Source: Seeking Alpha)
Economic Calendar
8:30 GDP Q3
8:30 Employment Cost Index
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
PTG Trading
Having reached prior cycle targets opened the door for the decline to occur which began on Cycle Day 3. Bond market weakness (rising rates) was the main culprit along side recent negative earnings reports from high-profile tech companies.
Today is Cycle Day 1 (CD1)…The decline which normally is expected on CD1 has already occurred with targets having been reached and exceeded. As such, a rebound-rally may begin at any time. Should sellers reappear during cash session, lower target levels measure 2115.50 – 2110.00.
Range Projections and Key Levels
HOD Range Projection: 2130.00; LOD Range Projection: 2115.50; Cycle Day 1 Low: 2135.25; 3 Day Central Pivot: 2135.00; 3 Day Cycle Target: 2157.00; 10 Day Average True Range: 14.18
**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: Price is currently rebounding approximately 10 handles from deep overnight low at 2116.00. Bulls will need to secure this low from additional selling waves. Further strength above 2126 handle will help bulls stabilize current bear attack. There is overhead resistance layered between 2130 – 2136.
Scenario 2: IF price violates and converts PL (2122.50) to lower resistance during cash session, THEN long liquidation may unfold with lower targets measures 2115.50 – 2110.00.
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.
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