While major U.S. equity indexes recorded another flat close on Thursday, things are looking brighter ahead with DJIA futures up more than 100 points before the open. Trade developments… White House economic adviser Larry Kudlow signaled talks over the first phase of an agreement with China were coming down to the final stages and said the two sides in close contact. On Thursday, China also lifted a ban on American poultry that began in 2015, after the USDA made a similar decision to allow Chinese poultry into the U.S
In Asia, Japan +0.7%. Hong Kong flat. China -0.6%. India +0.2%.
In Europe, at midday, London -0.6%. Paris +0.2%. Frankfurt flat.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.4%. Crude -0.4% to $.56.55 Gold -0.5% to $1466.40. Bitcoin +0.4% to $8625.
Ten-year Treasury Yield +3 bps to 1.84%
Source: Seeking Alpha https://seekingalpha.com/
8:30Empire State Mfg Survey
1:00 PMBaker Hughes Rig Count
***New: PTG Trading Room Chat Log’s Link
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 3066.00. Average Range for CD1 is 36.50 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 44%
CD1 Range High = 3132.00 CD1 Range Low = 3075.00 CD1 Range Avg = 36.50
Scenario 1: IF Bulls hold bid above 3100, THEN initial upside targets 3109 – 3115 CD1 Penetration Zone.
Scenario 2: IF Bears hold offer below 3100, THEN initial downside targets 3093 – 3089 3 Day Central Pivot Zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
HOD ATR Range Projection: 3115.00; LOD ATR Range Projection: 3092.00; 3 Day Central Pivot: 3091.00; 3 Day Cycle Target: 3137.00; 10 Day Average True Range 18.68; VIX: 12.86
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 8181.00. Average Range for CD1 is 121.00 handles. Odds of decline > 20 handles = 75% Odds of decline > 25 = 67%
CD1 Range High =8382.00 CD1 Range Low = 8187.00 CD1 Range Avg = 121.00
Scenario 1: IF Bulls hold bid above 8285, THEN initial upside targets 8307 – 8323 CD1 ATR Penetration Zone.
Scenario 2: IF Bears hold offer below 8285, THEN initial downside targets 8265 – 8255 3 Day Central Pivot Zone.
Range Projections and Key Levels (NQ) December 2019 (Z) Contract
HOD ATR Range Projection: 8323.00; LOD ATR Range Projection: 8248.00; 3 Day Central Pivot: 8260.00; 3 Day Cycle Target: 8398.00; 10 Day Average True Range: 61.31; VIX: 12.86
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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