Markets
Fedspeak will continue today with speeches from James Bullard, Esther George, William Dudley, Robert Kaplan, Charles Evans and Jerome Powell. Yesterday, Janet Yellen’s congressional testimony took the spotlight. The Fed Chair signaled a December move, suggesting a rate hike could come “relatively soon,” and downplayed rumors that a Trump administration could push her out of her job early.
In Asia, Japan +0.6% to 17967. Hong Kong +0.4% to 22344. China -0.5% to 3192. India -0.3% to 26150.
In Europe, at midday, London -0.5%. Paris -0.5%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.1%. S&P -0.2%. Nasdaq -0.1%. Crude -1.5% to $44.72. Gold -0.7% to $1208.40.
Ten-year Treasury Yield +3 bps to 2.3%
(Source: Seeking Alpha)
Economic Calendar
5:30 Fed’s Bullard speech
9:30 Fed’s George speech
10:00 Leading Indicators
11:00 Kansas City Fed Mfg Survey
1:00 PM Baker-Hughes Rig Count
1:30 PM Fed’s Kaplan speech
PTG Trading
Price continued to hold key support in prior session as bulls muscled price higher reaching 3 Day Cycle Target between 2185 – 2186. Momentum could take price to new contract highs today following Dow Jones earlier this week.
Today is Cycle Day 1 (CD1)…Bullish momentum is intact, so any decline may be shallow…It would take a reversal down through 2160 70 zone to mark the beginning of a more meaningful decline. Current expectation is for continued strength and new contract highs. Three-Day Average True Range (12.25) has been contracting, which favors bulls.
Range Projections and Key Levels
HOD Range Projection: 2200.00; LOD Range Projection: 2162.00; Cycle Day 1 Low: 2158.50; 3 Day Central Pivot: 2176.25; 3 Day Cycle Target: 2186.00; 10 Day Average True Range: 23.40
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: December (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: IF price clears and converts PH (2185.50), THEN new contract highs may push higher targeting 2196.50 – 2200.
Scenario 2: Violation and conversion of 2172 – 74 zone to lower resistance would be first sign of weakness. Lower targets measure 2168 down to 2162 – 58 zone.
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.
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