Markets
Traders this morning could get a clue about the big employment report coming on Friday – and get a good idea of how sure the case is for an interest rate hike next week. The ADP National Employment report is scheduled for release at 8:15 a.m. ET and should show creation of 190,000 private payrolls in February. In January, the private sector added a surprisingly high 246,000 jobs.
In Asia, Japan -0.5%. Hong Kong +0.4%. China flat. India -0.3%.
In Europe, at midday, London -0.2%. Paris -0.2%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude -0.9% to $52.65. Gold -0.2% to $1214.10.
Ten-year Treasury Yield +3 bps to 2.54%
(Source: Seeking Alpha)
Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Productivity and Costs
10:00 Wholesale Trade
10:30 EIA Petroleum Inventories
1:00 PM Results of $20B, 10-Year Note Auction
PTG Trading
S&P 500 e-mini (ES) is in a confirmed corrective pullback measured by two-sequential shifts in the 3 Day Central Pivot Zone, which is currently between 2378 – 2380. This zone becomes “key resistance” on any future attempt to rally.
Today is Cycle Day 2 (CD2)…The decline which began normally on CD1 continues into the overnight reaching 2361 handle which is projected downside target. Any further erosion measures 2357 down to 2352.50.
Note: Contract Rollover to June (M) begins Thursday.
Range Projections and Key Levels
HOD ATR Range Projection: 2373.75; LOD ATR Range Projection: 2353.00; Cycle Day 1 Low: 2364.50; 3 Day Central Pivot: 2373.50; 3 Day Cycle Target: 2380.00; 10 Day Average True Range: 14.32
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2017 (H) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: Bulls will need to hold price above 2361…Clear and convert 2368 – 70 to support to any additional downside. IF successful, THEN next objective is to convert 2376 to new upper support.
Scenario 2: Bears have their opening to continue to press for lower prices with range targets measuring 2353- 2351 STATX Zone.
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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