Up for most of the night after the Fed cut rates for the third time this year – and indicated the possibility of a pause in the easing cycle – U.S. stock index futures are turning around sharply. The DJIA is now pointing to a 100-point decline at the open.
In Asia, Japan +0.4%. Hong Kong +0.9%. China -0.4%. India +0.2%.
In Europe, at midday, London -1%. Paris -0.6%. Frankfurt -0.5%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.3%. Crude -0.3% to $54.89. Gold +0.8% to $1507.90. Bitcoin -1.7% to $9028.
Ten-year Treasury Yield -5 bps to 1.74%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…ES relinquishing prior sessions gains following the Fed’s Interest Rate Cut. Price is back to key support zone between 3035 – 3030. Violation and conversion of this zone to lower resistance opens door for deeper decline. Cycle Day 1 Low is marked at 3023.25.
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CD2 Range High = 3077.50 CD2 Range Low = 3008.00 CD2 Range Avg = 44.00
Scenario 1: IF Bulls hold bid above 3039, THEN initial upside potential targets 3046 – 3052 zone.
Scenario 2: IF Bears hold offer below 3039, THEN initial downside objective targets 3029 – 3023 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…NQ relinquishing prior sessions gains following the Fed’s Interest Rate Cut. Price is back to key support zone between 8091 – 8081 zone.
CD2 Range High = 8232.00 CD2 Range Low = 7988.00 CD2 Range Avg = 150.00
Scenario 1: IF Bulls hold bid above 8088, THEN initial upside potential targets 8118 – 8138 zone.
Scenario 2: IF Bears hold offer below 8088, THEN initial downside objective targets 8070 – 8050 zone.
Range Projections and Key Levels (NQ) December 2019 (Z) Contract
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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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