Futures contracts for U.S. stock markets have resumed trade stateside after being halted due to a technical glitch at CME Group. Wall Street’s three major indexes are now pointing to losses of 0.3% as investors sift through dovish testimony from Jerome Powell, conflicting U.S. economic data.
Crude oil futures rose 1.7% to $56.43/bbl overnight following a decline in U.S. crude inventories and as OPEC seemed to stick to its supply cuts despite pressure from President Trump.
In Asia, Japan +0.5%. Hong Kong -0.1%. China +0.4%. India -0.2%.
In Europe, at midday, London -0.8%. Paris -0.2%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.3%. Crude +1.7% to $56.43. Gold +0.1% to $1329.30. Bitcoin +0.3% to $3811.
Ten-year Treasury Yield flat at 2.63%
Source: Seeking Alpha
7:00 MBA Mortgage Applications
8:30 International trade in goods
8:30 Factory Orders
8:30 Retail Inventories
8:30 Wholesale Inventories
10:00 Pending Home Sales
10:00 Powell to deliver semi-annual monetary policy testimony
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
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Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2760.00. Average Range for CD1 is 23.75 handles. Odds of decline > 10 handles = 72% Odds of decline > 20 = 42%
CD1 Range High = 2804.00 CD1 Range Low = 2769.50 CD1 Range Avg = 23.75
Scenario 1: IF price holds bid above 2783, THEN initial upside targets 2793 – 2795 zone.
Scenario 2: IF price holds offer below 2783, THEN initial downside targets 2773 – 2768 zone. Violation of this zone further measures 2760 CD1 average decline.
Range Projections and Key Levels (ES) March 2019 (H) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7096.00 Average Range for CD1 is 54.50 handles. Odds of decline > 20 handles = 73% Odds of decline > 25 = 64%
CD1 Range High =7143.50 CD1 Range Low = 7073.00 CD1 Range Avg = 54.50
Scenario 1: IF price holds bid above 7100, THEN initial upside targets 7125 – 7135 zone.
Scenario 2: IF price holds offer below 7100, THEN initial downside targets 7081.00 – 7073.00 zone.
Range Projections and Key Levels (NQ) March 2019 (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.”
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