Markets
The Federal Reserve is expected to keep interest rates unchanged today in its first policy decision since President Trump took office, as the central bank awaits greater clarity on his economic policies. Trump has promised greater infrastructure spending, tax cuts, less regulations and a renegotiation of trade deals, but has offered few details or a timeline for their roll out. The FOMC decision will be released at 2 p.m. ET.
In Asia, Japan +0.5%. Hong Kong -0.2%. China closed. India +1.8%.
In Europe, at midday, London +0.6%. Paris +1.1%. Frankfurt +0.9%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.5%. Crude -0.5% to $53.08. Gold +0.1% to $1212.80.
Ten-year Treasury Yield +2 bps to 2.47%
(Source: Seeking Alpha)
Economic Calendar
Auto Sales
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 Treasury Refunding Quarterly Announcement
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
PTG Trading
Yesterday was a CD3. Markets did try to get back up this long hill to the CD1 Low but failed. Having said that seeing the rally of the last part of the day, I am not sure this is a real failed 3 Day Dally.
Today is Cycle Day 1 (CD1) We may negate the failure of today by reaching the previous CD1 Low before the decline starts, or by getting a small decline and then a rally. Being FOMC Day anything could happen.
Range Projections and Key Levels
HOD ATR Range Projection: 2289.73; LOD ATR Range Projection: 2266.52; Cycle Day 1 Low: 2287.00; 3 Day Central Pivot: 2279.50; 3 Day Cycle Target: 2310.46; 10 Day Average True Range: 14.98
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2017 (H) 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: Bulls need to keep prior session’s late day rally intact by clearing and converting 2280 handle (3D CPZ) to solid support. If this can occur, THEN 2287 (CD1 Low) becomes next objective.
Scenario 2: Bears need to force price back below PH (2278.25) and convert to resistance. Initial downside objective measures 2275 – 2272.50 Central Pivot Zone.
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.
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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