Stocks across the globe are finishing the first quarter on a strong note, with China closing up 3.2%, Europe ahead by 0.5% at midday and U.S. futures pointing to gains of 0.3% at the open.
The S&P 500’s 12.3% gain so far for the first quarter is its best quarterly gain in nearly a decade and its finest start to the year since 1998. The quarter certainly benefited from an oversold bounce back after the fourth quarter’s heavy 14% slump, but analysts still see a positive period ahead. While there could be some bumps in Q2 as the market struggles with earnings growth and a slower economy, positive U.S. China trade relations and investing sentiment could propel stocks higher.
In Asia, Japan +0.8%. Hong Kong +1%. China +3.2%. India +0.3%.
In Europe, at midday, London +0.3%. Paris +0.6%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.3%. S&P +0.2%. Nasdaq +0.3%. Crude +1.2% to $60.02. Gold +0.1%to $1296. Bitcoin +1.8% to $4075.
Ten-year Treasury Yield +3 bps to 2.42%
Source: Seeking Alpha
8:30Personal Income and Outlays
9:25Fed’s Williams Speech
10:00New Home Sales
10:30Fed’s Kaplan Speech
12:05 PMRandal Quarles: “Macroprudential Policy”
12:45 PMRandal Quarles Speech
1:00 PMBaker-Hughes Rig Count
Today is Cycle Day 2 (CD2)…Price is extending this cycle’s rally during pre-RTH trade fulfilling CD2 Penetration Zone between 2832 – 2833.50. End of Quarter “window-dressing” will be today’s trade theme.
CD2 Range High = 2844.25 CD2 Range Low = 2810.00 CD2 Range Avg = 24.00
Scenario 1: IF Bulls hold bid above 2822.25, THEN initial upside potential targets 2832 – 2833.50 CD2 Penetration Zone.
Scenario 2: IF Bears hold offer below 2822.25, THEN initial downside objective targets 2813.75 – 2810.50 Range Pivot Zone.
Range Projections and Key Levels (ES) June 2019 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is extending this cycle’s rally during pre-RTH trade fulfilling R1 7388.50. End of Quarter “window-dressing” will be today’s trade theme.
CD2 Range High = 7407.00 CD2 Range Low = 7332.00 CD2 Range Avg = 56.50
Scenario 1: IF Bulls hold bid above 7355, THEN initial upside potential targets 7388.50 – 7394.50 zone.
Scenario 2: IF Bears hold offer below 7355, THEN initial downside objective targets 7339 – 7334 Range Pivot 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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