Markets
OPEC’s technical committee will meet in Vienna today to discuss the implementation of the Algiers oil-supply pact, finalized on Sept. 28, which would end a two-year policy of pumping without limits. The gathering comes as Iran and Iraq signal optimism for a deal and Russia sees few hurdles to oil producers reaching an agreement on supply levels. A formal OPEC meeting will take place on Nov. 30.
In Asia, Japan +0.8% to 18106. Hong Kong +0.1% to 22357. China +0.8% to 3218. India -1.5% to 25765.
In Europe, at midday, London +0.5%. Paris +0.6%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.3%. Crude +2.1% to $47.34. Gold +0.6% to $1215.60.
Ten-year Treasury Yield flat at 2.33%
(Source: Seeking Alpha)
Economic Calendar
8:00 Stanley Fischer
PTG Trading
S&P e-mini (ES) produced only a shallow decline on Cycle Day 1 (CD1) and held firm bid throughout prior session. Overnight trade action is relatively quiet as price continues to hold above rising trend structure.
Today is Cycle Day 2 (CD2)…Expectation today is for some back n fill trade with upside trend bias. As holiday week is upon us, “thin to win” will be name of game as bears are unable to mount any counter attack. Price is very near to making new contract highs, so anything goes for the shortened holiday trading week.
Range Projections and Key Levels
HOD Range Projection: 2201.50; LOD Range Projection: 2163.00; Cycle Day 1 Low: 2176.50; 3 Day Central Pivot: 2179.25; 3 Day Cycle Target: 2199.00; 10 Day Average True Range: 22.88
**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 (2187.50) to upper support, THEN upside is unobstructed with targets measuring between 2196.50 – 2201.50 zone.
Scenario 2: Sign of Weakness (SOW) would be converting CD1 Low (2165.50) to lower resistance. IF this occurs, THEN downside to 2170 – 2168 zone, followed by 2165 – 2163 range projections.
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