Markets
Traders are closely monitoring the prospect of a Phase One trade deal with just 10 days to go before Washington is poised to impose another $156B of tariffs on Chinese goods. Trade optimism led the DJIA to break a three-day decline on Wednesday and rise nearly 150 points, while U.S. futures aimed to extend the gains overnight, climbing another 0.4%. On the data front, the latest weekly jobless claims will be released at 8:30 a.m. ET
OPEC and its allies led by Russia are discussing increasing current cuts of 1.2M barrels per day by more than 400K bpd, as well as extending their agreement from March, to June or later. Crude futures already soared 4.2% on Wednesday – the biggest gain since the attacks on Saudi Aramco’s (ARMCO) facilities – on output cut rumors and tightening American stockpiles. A final decision by OPEC+ is likely to come tomorrow afternoon. The group has curbed supply since 2017 to counter booming output from the U.S., which has become the world’s largest producer.
In Asia, Japan +0.7%. Hong Kong +0.6%. China +0.7%. India +0.2%.
In Europe, at midday, London -0.1%. Paris +0.8%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.5%. Crude +0.2% to $58.56. Gold -0.1% to $1479.40. Bitcoin +2.5% to $7374.
Ten-year Treasury Yield flat at 1.78%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar
8:30 Initial Jobless Claims
8:30 International Trade
10:00 Factory Orders
10:00 Randal Quarles: “Testimony Before the Senate Banking Committee”
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
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S&P 500
Today is Cycle Day 3 …Price is above this Cycle’s CD1 Low fulfilling Positive 3 Day Cycle Statistic and has fulfilled 3 Day Cycle Objectives.
As PTG Trade Strategy states: 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.
CD3 Range High = 3131.00 CD3 Range Low = 3098.00 CD3 Range Avg = 28.00
Scenario 1: IF Bulls hold bid above 3115, THEN initial upside targets 3125 – 3130 zone.
Scenario 2: IF Bears hold offer below 3115, THEN initial downside targets 3100 – 3098 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 3131.00; LOD ATR Range Projection: 3100.00; Cycle Day 1 Low: 3069.50; 3 Day Central Pivot: 3108.50; 3 Day Cycle Target: 3103.50; 10 Day Average True Range 23.78; VIX: 14.31
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price is above this Cycle’s CD1 Low fulfilling Positive 3 Day Cycle Statistic and 3 Day Cycle Objective. Bulls continue to dominate the “field-of-play” and as trend direction traders, continue to lean to the long-side at key levels.
CD3 Range High = 8345.00 CD3 Range Low = 8280.00 CD3 Range Avg = 101.25
Scenario 1: IF Bulls hold bid above 8314, THEN initial upside potential targets 8344 – 8365 zone.
Scenario 2: IF Bears hold offer below 8314, THEN initial downside targets 8294 – 8280 zone.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 8365.00; LOD ATR Range Projection: 8260.00; Cycle Day 1 Low: 8168.25; 3 Day Central Pivot: 8293.00; 3 Day Cycle Target: 8286.00; 10 Day Average True Range: 80.00; VIX: 14.31
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.
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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