Markets
U.S. stock futures point to opening in the red, following the decline in Europe’s stock markets as weaker-than-expected German manufacturing data fuels concern about global economic growth. Futures indicate a 0.42% decline at the open for S&P 500 and 0.47% for the Dow Jones Industrial Average, while Nasdaq futures fell 0.33%.
In Asia, Japan +0.09%. Hong Kong +0.14%. China +0.09%. India -0.56%.
In Europe, at midday, London -0.89%. Paris -0.92%. Frankfurt -0.44%.
Futures at 6:20, Dow -0.47%. S&P -0.42%. Nasdaq -0.33%. Crude -0.7% to $59.56. Gold +0.41% to $1,312.70. Bitcoin -1.8% to $4,048.
Ten-year Treasury Yield -4 bps to 2.498%
(Source: Seeking Alpha)
Economic Calendar
9:45PMI CompositeFlash
10:00Existing Home Sales
10:00Wholesale Trade
1:00 PMBaker-Hughes Rig Count
2:00 PMTreasury Budget
9:30 PMFed’s Bostic: Economic Outlook and Monetary Policy
9:45 PMFed’s Evans Speech on Sunday
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 (CD3)…Price has fulfilled and exceeded 3 Day Cycle Rally Targets. As such, expectation for today’s session is “back n fill” price oscillations to work off the excess and find new balance zone.
CD3 Range High = 2871.00 CD3 Range Low = 2841.00 CD3 Range Avg = 23.50
Scenario 1: IF Bulls hold bid above 2860.25, THEN initial upside target measures 2871.00 – 2475 CD3 Range Penetration Level.
Scenario 2: IF Bears hold offer below 2860.25 THEN initial downside target measures 2845 – 2841 average range zone.
Range Projections and Key Levels (ES) June (M) Contract
HOD ATR Range Projection: 2875.00; LOD ATR Range Projection: 2836.00; Cycle Day 1 Low: 2817.25; 3 Day Central Pivot: 2840.00; 3 Day Cycle Target: 2875.00; 10 Day Average True Range 29.00; VIX: 14.00
Nasdaq 100 (NQ)
Today is Cycle Day 3 …Price has fulfilled and exceeded 3 Day Cycle Rally Targets. As such, expectation for today’s session is “back n fill” price oscillations to work off the excess and find new balance zone.
CD3 Range High = 7552.00 CD3 Range Low = 7488.00 CD3 Range Avg = 56.50
Scenario 1: IF Bulls hold bid above 7530, THEN initial upside potential targets 7552 – 7565 CD3 Range Penetration Zone.
Scenario 2: IF Bears hold offer below 7530, THEN initial downside targets 7505 – 7480 Central Pivot Zone.
Range Projections and Key Levels (NQ) June (M) Contract
HOD ATR Range Projection: 7590.00; LOD ATR Range Projection: 7452.00; Cycle Day 1 Low: 7349.50; 3 Day Central Pivot: 7422.00; 3 Day Cycle Target: 7530.00; 10 Day Average True Range: 93.00; VIX: 14.00
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.
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.
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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