Markets
A light week of economic news is being overshadowed by a flurry of corporate results. Traders will be looking for S&P 500 firms to maintain the 7.5% average profit increase that has marked an encouraging Q4 earnings season so far and will likely be needed to sustain the market rally.
In Asia, Japan -0.4%. Hong Kong -0.1%. China -0.1%. India -0.4%.
In Europe, at midday, London +0.7%. Paris +0.2%. Frankfurt +0.8%.
Futures at 6:20, Dow +0.4%. S&P +0.3%. Nasdaq +0.3%. Crude -0.2% to $52.89. Gold -0.1% to $1230.80.
Ten-year Treasury Yield +1 bps to 2.42%
(Source: Seeking Alpha)
Economic Calendar
8:30 International Trade
8:30 Gallup US ECI
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
1:00 PM Results of $24B, 3-Year Note Auction
3:00 PM Consumer Credit
PTG Trading
Overall quiet trade session, Cycle Day 1 did produce a relatively shallow decline as buyers continued to absorb any selling pressure. This continues to be viewed bullishly even as many are notably turning bearish, citing long overdue correction/crash.
Today is Cycle Day 2 (CD2)…Given shallow decline on CD1 bulls have the ball and momentum, with an opportunity to push for new highs above 2300.
Range Projections and Key Levels
HOD ATR Range Projection: 2299.05; LOD ATR Range Projection: 2278.95; Cycle Day 1 Low: 2283.50; 3 Day Central Pivot: 2282.00; 3 Day Cycle Target: 2309.82; 10 Day Average True Range: 15.05
**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 (2294.25), THEN initial objective targets 2300…Breakout above this level targets 2305 – 1310 zone.
Scenario 2: IF price violates and converts 2285 handle, THEN would be sign of weakness initially targeting 2282 – 2280 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