Markets
In Asia, Japan +0.7%. Hong Kong -0.8%. China +0.4%. India +0.4%.
In Europe, at midday, London flat. Paris +0.3%. Frankfurt +0.5%.
Futures at 6:20, Dow +0.3%. S&P +0.2%. Nasdaq +0.3%. Crude +1.6% to $54.66. Gold -0.7% to $1230.80.
Ten-year Treasury Yield +3 bps to 2.45%
(Source: Seeking Alpha)
Economic Calendar
9:45 PMI Manufacturing Index Flash
12:.00 PM Fed’s Harker: Economic Outlook
1:00 PM Results of $26B, 2-Year Note Auction
PTG Trading
S&P e-mini (ES) produced new high during shortened holiday session, albeit on low volume participation. Shortening of the thrust (range) will need to be confirmed in order to shift the probabilities in favor of the bears, as there has been no sign of tiring from the bull camp.
Today is Cycle Day 3 (CD3)…Follow-through or failure?…That is the question. Price will need to convert PH (2356.75) to continue upwards initially targeting 2358.85 minimum 3 Day Cycle Target. Failure to convert with subsequent violation and conversion of 2346 handle would suggest possible short-term high risk-marker for the bears.
Range Projections and Key Levels
HOD ATR Range Projection: 2362.10; LOD ATR Range Projection: 2341.15; Cycle Day 1 Low: 2322.17; 3 Day Central Pivot: 2347.00; 3 Day Cycle Target: 2362.68; 10 Day Average True Range: 13.10
**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: IF price clears and converts PH (2356.75), THEN initial upside targets 2358.85, followed by 2361.10 HOD Range Projection.
Scenario 2: Violation and conversion of ONL (2349.00) would be initial sign of weakness…Further conversion of 2347.00 – 2346.00 3 Day Central Pivot Zone would confirm holiday high as risk-marker. Initial downside targets 2341.15 LOD Range Projection.
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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