Markets
U.S. futures are flying higher following Donald Trump’s first address to Congress. The President pledged to overhaul the immigration system, improve jobs and wages for Americans, and promised “massive” tax relief to the middle class and tax cuts for companies. He also plans to ask Congress for $1T in infrastructure investment – guided by “Buy American and Hire American” – and laid out some principles for an Obamacare replacement.
In Asia, Japan +1.4%. Hong Kong +0.2%. China +0.2%. India +0.8%.
In Europe, at midday, London +0.9%. Paris +1.4%. Frankfurt +1.3%.
Futures at 6:20, Dow +0.4%. S&P +0.5%. Nasdaq +0.6%. Crude +0.2% to $54.12. Gold -0.7% to $1244.70.
Ten-year Treasury Yield +7 bps to 2.43%
(Source: Seeking Alpha)
Economic Calendar
Auto Sales
7:00 MBA Mortgage Applications
8:30 Personal Income and Outlays
8:30 Gallup U.S. Job Creation Index
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Petroleum Inventories
2:00 PM Fed’s Beige Book
6:00 PM Fed’s Reserve Gov. Lael Brainard speech
PTG Trading
Today is Cycle Day 3 (CD3)…Expectation for today is a “springboard” higher following a brief pullback in prior session which tested the 2357 LOD Range Projection outlined in prior DTS Briefing 2.28.17.
S&P e-mini (ES) is currently trading at 2375 which is HOD Range Projection…Keep in mind Average True Range (10) is only 12 handles, so there is plenty of room for expansion targeting 2383.50 – 2387.25 zone.
Range Projections and Key Levels
HOD ATR Range Projection: 2374.95; LOD ATR Range Projection: 2364.75; Cycle Day 1 Low: 2361.00; 3 Day Central Pivot: 2363.25; 3 Day Cycle Target: 2383.54; 10 Day Average True Range: 11.70
**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 continue to maintain control as price cleared and converted prior 2 day high (2371) pushing on 2375 in pre-cash trade. Further upside targets range between 2378 – 2382 STATX Zone, with Cycle Targets between 2383.50 – 2387.00.
Scenario 2: Bears will need to “stop n reverse” current momentum and get trade back below 2371 handle for any shot for lower. IF successful, THEN initial downside targets 2360 – 2357 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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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