In Europe, at midday, London -0.4%. Paris -0.1%. Frankfurt +0.2%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.3%. Crude +1.1% to $64.22. Gold +0.3% to $1315.70. Bitcoin +1.8% to $9073.
Ten-year Treasury Yield +1 bps to 2.89%
Economic Calendar
7:00 MBA Mortgage Applications
8:30 Current Account
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:00 PM FOMC Forecast
2:00 PM Chairman Press Conference
S&P 500 (ES)
Today is Cycle Day 2 (CD2)… As expected, price traded in a consolidation range throughout the session. PTG Trading Room post outlined this scenario: “David Dube 9:08 AM: ES – NQ Odds favor more of a back n fill type consolidation.”
Inaugural meeting for new Fed Chairman Powell, so expectation will be for relatively quiet trade ahead of today’s announcement and Press Conference.
Scenario 1: Bulls need to clear and converts 2728 – 30 zone to get an upside push targeting 2736 – 2739 zone.
Scenario 2: Bears need to press below 2712 – 10 zone to get a downside push targeting 2705 – 2696 zone.
HOD ATR Range Projection: 2749.42; LOD ATR Range Projection: 2696.08; Cycle Day 1 Low: 2712.75; 3 Day Central Pivot: 2734.75; 3 Day Cycle Target: 2778.00; 10 Day Average True Range 31.45; VIX: 18.00
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)… As expected, price traded in a consolidation range throughout the session. PTG Trading Room post outlined this scenario: “David Dube 9:08 AM: ES – NQ Odds favor more of a back n fill type consolidation.”
Inaugural meeting for new Fed Chairman Powell, so expectation will be for relatively quiet trade ahead of today’s announcement and Press Conference.
Scenario 1: Bulls need to clear and convert 6930 handle to get an upside push targeting 6942 – 6962 zone.
Scenario 2: Bears need to press below 6974 – 6970 zone to get a downside push targeting 6840 – 6815 zone.
Range Projections and Key Levels (NQ)
HOD ATR Range Projection: 6987.22; LOD ATR Range Projection: 6820.03; Cycle Day 1 Low: 6863.00; 3 Day Central Pivot: 6921.25; 3 Day Cycle Target: 7039.00; 10 Day Average True Range: 103.47; VIX: 18.00
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