Markets
U.S. stock index futures are pointing to a lower open, with Dow futures down 48 points and the S&P 500 and Nasdaq slightly in the red. Shares in Europe and Asia were mixed overnight, with only China seeing some significant gains, closing the session up 1.6%.
In Asia, Japan -0.6%. Hong Kong +0.3%. China +1.6%. India +0.5%.
In Europe, at midday, London +0.2%. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow -0.2%. S&P -0.1%. Nasdaq -0.1%. Crude -0.8% to $56.12. Gold +0.1% to $1286.20. Bitcoin +3.3% to $3843.
Ten-year Treasury Yield flat at 2.72%
(Source: Seeking Alpha)
Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 International Trade
10:30 EIA Petroleum Inventories
12:00 PM Fed’s Mester Speech
12:10 PM Fed’s Williams: Economic Outlook
2:00 PM Fed’s Beige Book
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 (CD3)…Price has fulfilled its 3 Day Cycle Objective (2795.25) and currently trading near 5-day Volume Trend Midpoint. Bears need range expansion below 2784, while Bulls are looking for range expansion above 2800 Roundie. Tug-O-War continues…Stay-Tuned!
CD3 Range High = 2805.00 CD3 Range Low = 2767.50 CD3 Range Avg = 23.50
Scenario 1: IF Bulls holds bid above 2790.00, THEN initial upside target measures 2795 – 2800 zone.
Scenario 2: IF Bears holds offer below 2790.00, THEN initial downside target measures 2784 – 2778 VAL (5).
Range Projections and Key Levels (ES) March (H) Contract
HOD ATR Range Projection: 2804.25; LOD ATR Range Projection: 2766.00; Cycle Day 1 Low: 2767.50; 3 Day Central Pivot: 2794.25; 3 Day Cycle Target: 2795.25; 10 Day Average True Range 23.00; VIX: 15.00
Nasdaq 100 (NQ)
Today is Cycle Day 3 …Price has fulfilled its 3 Day Cycle Objective (7142.00) and currently trading near 5-day Volume Trend Midpoint. Bears need range expansion below 7124.25, while Bulls are looking for range expansion above 7182.00. Tug-O-War continues…Stay-Tuned!
CD3 Range High = 7195.00 CD3 Range Low = 7110.00 CD3 Range Avg = 56.25
Scenario 1: IF Bulls holds bid above 7156.00, THEN initial upside potential targets 7168 – 7182 zone. Conversion of this zone opens skylight to expand targeting 7195 – 7203.50 zone.
Scenario 2: IF Bears holds offer below 7156.00, THEN initial downside targets 7143.00 – 7125.00 zone. Conversion of this zone opens trap door down to 7110.00 – 7093 range low zone.
Range Projections and Key Levels (NQ) March (H) Contract
HOD ATR Range Projection: 7213.00; LOD ATR Range Projection: 7092.00; Cycle Day 1 Low: 7074.50; 3 Day Central Pivot: 7146.50; 3 Day Cycle Target: 7142.00; 10 Day Average True Range: 74.00; VIX: 15.00
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