Markets
U.S. futures and the dollar are posting big gains, along with shares across the globe, as bullish sentiment returned to Wall Street following the largest streak of losses on the S&P 500 since 1980. “Based on our review, we have not changed our conclusions that we expressed in July,” FBI Director James Comey said in a letter to Congress, standing by an earlier recommendation that no criminal charges were warranted against Hillary Clinton over her email practices.
In Asia, Japan +1.6% to 17177. Hong Kong +0.7% to 22801. China +0.3% to 3133. India +0.7% to 27459.
In Europe, at midday, London +1.5%. Paris +1.8%. Frankfurt +1.6%.
Futures at 6:20, Dow +1.4%. S&P +1.4%. Nasdaq +1.6%. Crude +1.7% to $44.80. Gold -1.2% to $1288.90.
Ten-year Treasury Yield +3 bps to 1.81%
(Source: Seeking Alpha)
Economic Calendar
8:30 Gallup US Consumer Spending Measure
10:00 Labor market condition index
12:30 PM TD Ameritrade IMX
3:00 PM Consumer Credit
PTG Trading
Today is Cycle Day 1 (CD1)…Normal is for a decline to unfold…BUT…on the eve of US Presidential Election anything can and probably will unfold as “bombshell” releases are lurking around every corner.
Price has reached 2108.00 3 Day Average Cycle Rally Target and Statistical Extreme Zone (2104.50 – 2109.75). Bulls will need to continue with bid during cash session otherwise the enthusiasm may fade. Tough call today on whether it will be a quiet session or high volatility…In either case my sense is that most traders/investors will play it “close-to-the-vest”.
Range Projections and Key Levels
HOD Range Projection: 2120.00; LOD Range Projection: 2094.50; Cycle Day 1 Low: 2087.25; 3 Day Central Pivot: 2089.00; 3 Day Cycle Target: 2108.00; 10 Day Average True Range: 17.40
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (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: Price is trading at upper targets pre-cash…Bulls will need to keep bid above PH (2094.25) and preferably 2103 handle to keep gap up intact. HOD Range Projection measures 2120 handle.
Scenario 2: Initial Sign of Weakness (SOW) would be violation and conversion of 2103 handle to resistance. IF this occurs, THEN lower target is PH (2094.25). Failure to hold any test at this level pushes price back into prior days range to find support.
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