More highs are in store for the three major U.S. stock indexes as reports suggest the Trump administration is weighing whether to drop existing tariffs on $112B of Chinese imports (which were introduced at a 15% rate on Sept. 1). The Dow, S&P 500 and Nasdaq are ahead by 0.4% as the concession is seen as pausing the U.S.-China trade war. “Phase One” of the pact would include Chinese purchases of American farm goods, rules to deter currency manipulation and some provisions to protect intellectual property and open up Chinese industries to U.S. firms.
In Asia, Japan +1.8%. Hong Kong +0.5%. China +0.5%. India -0.1%.
In Europe, at midday, London +0.3%. Paris +0.2%. Frankfurt flat.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.4%. Crude +0.7% to $56.93. Gold -0.3% to $1506.80. Bitcoin +0.4% to $9281.
Ten-year Treasury Yield +3 bps tp 1.82%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…Opening gap higher in prior session held the session’s Line-In-Sand (3076) and further building on those gains during overnight trade. Today’s upside targets range between 3090 – 3100 zone. Cycle Target measures 3110 handle. Key Support remains 3076 handle.
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CD2 Range High = 3116.00 CD2 Range Low = 3043.00 CD2 Range Avg = 42.00
Scenario 1: IF Bulls hold bid above 3080, THEN initial upside potential targets 3090 – 3093 zone.
Scenario 2: IF Bears hold offer below 3080, THEN initial downside objective targets 3076 – 3070 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…NQ holding bid above prior close (8218.00) and building on recent gains during overnight session notching 30 additional handles to 8248. Break and conversion below 8200 would stop the current uptrend structure.
CD2 Range High = 8355.00 CD2 Range Low = 81.03.00 CD2 Range Avg = 144.00
Scenario 1: IF Bulls hold bid above 8233, THEN initial upside potential targets 8248 – 8258 zone.
Scenario 2: IF Bears hold offer below 8233, THEN initial downside objective targets 8218 – 8200 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.”
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