Oil suffered its worst YTD price decline on Monday, tumbling from three-month highs after President Trump lashed out at crude prices. April WTI settled down 3.1% at $55.48/bbl, while Brent closed 3.5% lower at $64.76/bbl. While the message immediately flipped investor sentiment, some analysts doubt that OPEC will heed Trump’s advice and say prices could rebound in the coming days
In Asia, Japan -0.4%. Hong Kong -0.7%. China -0.7%. India -0.7%.
In Europe, at midday, London -1.1%. Paris -0.3%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.4%. Crude -0.3% to $55.29. Gold -0.2% to $1326.90. Bitcoin +0.4% to $3791.
(Source: Seeking Alpha)
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
9:00 FHFA House Price Index
9:45 Powell to deliver semi-annual monetary policy report
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
1:00 PM Results of $32B, 7-Year Note Auction
Today is Cycle Day 3 (CD3)…Price has already fulfilled 3 Day Cycle Target Objectives (2798) and is now trading below Prior Weeks High (2798) back into prior session’s range. Bulls could not hold a firm bid and being that the current rally is somewhat “long in the tooth” price is vulnerable to a deeper decline should buyers step aside.
CD3 Range High = 2806.75 CD3 Range Low = 2772.50 CD3 Range Avg = 23.50
Scenario 1: IF price holds bid above 2785.00, THEN initial upside target measures 2798.25 – 2804.25 Central Pivot Zone.
Scenario 2: IF price holds offer below 2785.00, THEN initial downside target measures 2778.50 – 2774.50 CD3 Violation ATR Range Low Zone.
Range Projections and Key Levels (ES) March (H) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 …Price has already fulfilled 3 Day Cycle Target Objectives (7091.00) and is now trading below Prior Weeks High (7113.75) back into prior session’s range. Bulls could not hold a firm bid and being that the current rally is somewhat “long in the tooth” price is vulnerable to a deeper decline should buyers step aside.
CD3 Range High = 7129.50 CD3 Range Low = 7066.50 CD3 Range Avg = 56.00
Scenario 1: IF price holds bid above 7087, THEN initial upside potential targets 7112.00 – 7135.00 zone.
Scenario 2: IF price holds offer below 7087, THEN initial downside targets 7066.50 – 7053.50 ATR Range Low Zone.
Range Projections and Key Levels (NQ) March (H) Contract
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!
“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.”
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