Markets
In Asia, Japan +1%. Hong Kong +0.3%. China +0.3%. India closed.
In Europe, at midday, London -0.2%. Paris -0.9%. Frankfurt -1.1%.
Futures at 6:20, Dow -0.6%. S&P -0.5%. Nasdaq -0.6%. Crude -0.5% to $52.48. Gold +0.3% to $1508.30. Bitcoin +2.4% to $8167.
Ten-year Treasury Yield -2 bps to 1.53%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar
8:30Producer Price Index
8:55Redbook Chain Store Sales
1:00 PMResults of $38B, 3-Year Note Auction
1:35 PMFed’s Evans Speech
1:50 PMJerome Powell: “A View from the Federal Reserve Board of Governors”
https://www.investing.com/economic-calendar/
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 …3 DAY CYCLE LESSON: Once Cycle objectives have been fulfilled, which they were on CD1 “recovery grace day”…IF price fails to expand higher AND reverses, which it did (CD2/CD3), THEN the expectation shifts back to potential decline occurring on Cycle Day 3 (today). The downside range objective is determined by referencing CD1 average range which is 40.75. This projects a downside target measuring 2910 handle. Current overnight low is 2910.25 fulfilling decline objective.
CD3 Range High = 2934.50 CD3 Range Low = 2910.00 CD3 Range Avg = 40.25
Scenario 1: IF Bulls hold bid above 2925, THEN initial upside targets 2932 – 2935 zone.
Scenario 2: IF Bears hold offer below 2925, THEN initial downside targets 2915 – 2910 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2950.00; LOD ATR Range Projection: 2910; Cycle Day 1 Low: 2896.75; 3 Day Central Pivot: 2922.50; 3 Day Cycle Target: 2945.50; 10 Day Average True Range 40.00; VIX: 19.22
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price has declined to retest PL (7682.50) and is finding a responsive bid within the 3 Day Central Pivot Zone (7669.25 – 7687). Mark this zone as “key support
Scenario 1: IF Bulls hold bid above 7687, THEN initial upside potential targets 7710 – 7725 zone..
Scenario 2: IF Bears hold offer below 7687, THEN initial downside targets 7670 – 7658 zone..
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7791.00; LOD ATR Range Projection: 7658.00; Cycle Day 1 Low: 7624.00; 3 Day Central Pivot: 7687.00; 3 Day Cycle Target: 7788.50; 10 Day Average True Range: 126.00; VIX: 19.22
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