U.S. stock index futures are on course to climb 0.5% at the open after the DJIA, S&P 500 and Nasdaq closed the session on Monday back where they started. Bond yields are edging higher, with the 10-year Treasury note up 3 bps to 2.45%, easing the market’s worries about an inverted yield curve and looming recession. The next signals investors will be looking to is a full day of Fedspeak, with speeches ahead from Fed Presidents Charles Evans, Patrick Harker and Mary Daly.
In Asia, Japan +2.2%. Hong Kong +0.2%. China -1.5%. India +1.1%.
In Europe, at midday, London +0.3%. Paris +0.6%. Frankfurt +0.1%.
Futures at 6:20, Dow +0.5%. S&P +0.5%. Nasdaq +0.4%. Crude +1.3% to $59.56. Gold -0.7% to $1313.60. Bitcoin -1.5% to $3909.
Ten-year Treasury Yield +3 bps to 2.45%
Source: Seeking Alpha
3:45Fed’s Harker: Economic Outlook
8:00Fed’s Harker: Economic Outlook
8:55Redbook Chain Store Sales
9:00S&P Corelogic Case-Shiller Home Price Index
9:00FHFA House Price Index
10:00Richmond Fed Mfg.
1:00 PMResults of $40B, 2-Year Note Auction
8:30 PMFed’s Rosengren Speech
Today is Cycle Day 2 (CD2)…Price successfully tested CD1 Low (2789.50) at which time this cycle’s rally began fulfilling minimum 3 Day Cycle Objective (2817.50) in Globex Session. Bulls have control above 2808 prior close with further upside targets measuring 2826 – 2830 zone.
CD2 Range High = 2830.00 CD2 Range Low = 2796.00 CD2 Range Avg = 24.00
Scenario 1: IF Bulls hold bid above 2808.25, THEN initial upside potential targets 2817.50 minimum 3 Day Cycle Target. Conversion of this level to support opens skylight targeting 2826 – 2830 zone.
Scenario 2: IF Bears hold offer below 2808.25 zone, THEN initial downside objective targets 2800 – 2796 CD2 Range Low Zone.
Range Projections and Key Levels (ES) June 2019 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price successfully tested CD1 Low (7290.00) at which time this cycle’s rally began fulfilling minimum 3 Day Cycle Objective (7358.00) in Globex Session. Bulls have control above 7361.75 prior close with further upside targets measuring 7409.50 – 7412.50 zone.
CD2 Range High = 7409.00 CD2 Range Low = 7332.00 CD2 Range Avg = 56.50
Scenario 1: IF Bulls hold bid above 7361.75, THEN initial upside potential targets 7409.50 – 7412.50 zone.
Scenario 2: IF Bears hold offer below 7361.75, THEN initial downside objective targets 7347.00 – 7332.00 zone.
Range Projections and Key Levels (NQ) June 2019 (M) 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.”
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