Markets
The U.S. Labor Department’s jobs report for November will be the last major piece of economic data before the Federal Reserve’s next meeting. Economists expect 175,000 jobs to be added, up from 161,000 in October, and see the unemployment rate remaining at 4.9%. If the report comes close to those estimates, the Fed will likely raise rates in December for the first time in a year.
In Asia, Japan -0.5%. Hong Kong -1.4%. China -0.9%. India -1.2%.
In Europe, at midday, London -1.1%. Paris -1.4%. Frankfurt -1%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.5%. Crude -1.6% to $50.21. Gold +0.2% to $1171.70.
Ten-year Treasury Yield flat at 2.43%
(Source: Seeking Alpha)
Economic Calendar
8:30 Non-farm payrolls
8:45 Fed’s Reserve Gov. Lael Brainard speech
12:30 PM Daniel Tarullo speech
1:00 PM Baker-Hughes Rig Count
PTG Trading
Selling which began on Cycle Day 3 (CD3) “Key Reversal Day” continued into Cycle Day 1 (CD1) reaching 2190.50 LOD Range Projection. Overnight trade has price marginally lower holding at 2185 handle STATX Level.
Today is Cycle Day 2 (CD2)…IF bulls can stem off any further selling THEN clearing and converting 2193 handle would set the stage for rally attempt targeting 2200 3D CPZ.
Range Projections and Key Levels
HOD ATR Range Projection: 2195.95; LOD ATR Range Projection: 2179.80; Cycle Day 1 Low: 2186.00; 3 Day Central Pivot: 2200.00; 3 Day Cycle Target: 2208.00; 10 Day Average True Range: 11.70
**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 can auction back above PL (2186.00) and convert to support, THEN primary objective is to convert 2193 handle to upper support. IF this occurs, THEN upper target measures 2200.00 3D CPZ.
Scenario 2: IF price cannot convert PL (2186.00), THEN continued selling may unfold initially targeting 2180 handle, followed by 2175 – 2172 STATX Level.
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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