Markets
Positive for most of the overnight session, U.S. futures are now dipping into the red, with the DJIA pointing to a 73 point loss at the open, and the S&P 500 and Nasdaq down 0.2%. German 10-year yields, already below zero percent since Friday, fell further into negative territory, while the U.S. bond yield curve remained inverted. Wall Street’s main indexes registered solid gains on Tuesday, but finished below their session highs.
In Asia, Japan -0.2%. Hong Kong +0.6%. China +0.9%. India -0.3%.
In Europe, at midday, London -0.4%. Paris -0.4%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.3%. S&P -0.2%. Nasdaq -0.2%. Crude -0.7% to $59.51. Gold +0.2% to $1317.60. Bitcoin +2.7% to $4007.
Ten-year Treasury Yield -4 bps to 2.37%
(Source: Seeking Alpha)
Economic Calendar
7:00MBA Mortgage Applications
8:30International Trade
8:30Current Account
10:00State Street Investor Confidence Index
10:30EIA Petroleum Inventories
11:30Results of $18B, 2-Year FRN Auction
1:00 PMResults of $41B, 5-Year Note Auction
7:00 PMFed’s George: Economic Outlook and Monetary Policy
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S&P 500
Today is Cycle Day 3 …Gap higher in prior session reached Cycle Penetration objectives but bulls were not able to hold bid as price retraced filling the open gap. Globex rally attempt again fell short as price relinquished its gains, placing it within the 3 Day Central Pivot Zone.
CD3 Range High = 2837.50 CD3 Range Low = 2808.00 CD3 Range Avg = 23.50
Scenario 1: IF Bulls hold bid above 2824.25, THEN initial upside target measures 2830 – 2832 zone.
Scenario 2: IF Bears hold offer below 2824.25 THEN initial downside target measures 2817.75 – 2815.50 3 Day Central Pivot Zone.
Range Projections and Key Levels (ES) June (M) Contract
HOD ATR Range Projection: 2846.00; LOD ATR Range Projection: 2800.00; Cycle Day 1 Low: 2789.50; 3 Day Central Pivot: 2817.75; 3 Day Cycle Target: 2817.50; 10 Day Average True Range 32.00; VIX: 15.50
Nasdaq 100 (NQ)
Today is Cycle Day 3…Gap higher in prior session reached Cycle Penetration objectives but bulls were not able to hold bid as price retraced filling the open gap. Globex rally attempt again fell short as price relinquished its gains, placing it within the 3 Day Central Pivot Zone.
CD3 Range High = 7416.00 CD3 Range Low = 7347.00 CD3 Range Avg = 56.50
Scenario 1: IF Bulls hold bid above 7383.50, THEN initial upside potential targets 7394.50 – 7400.00 zone.
Scenario 2: IF Bears hold offer below 7383.50, THEN initial downside targets 7370 – 7358 zone.
Range Projections and Key Levels (NQ) June (M) Contract
HOD ATR Range Projection: 7462.50; LOD ATR Range Projection: 7300.50; Cycle Day 1 Low: 7390.00; 3 Day Central Pivot: 7385.50; 3 Day Cycle Target: 7358.00; 10 Day Average True Range: 103.00; VIX: 15.50
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