Wall Street is looking to shake off yesterday’s losses, with Dow futures up 42 points ahead of the open and the S&P 500 and Nasdaq up 0.2%. The Fed this afternoon is set to release minutes from its latest meeting, when it left interest rates unchanged and abandoned all plans for future hikes this year.
In Asia, Japan -0.5%. Hong Kong -0.1%. China +0.1%. India -0.9%.
In Europe, at midday, London +0.1%. Paris +0.4%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.7% to $64.44. Gold -0.1%to $1307.70. Bitcoin +0.7% to $5229.
Ten-year Treasury Yield flat at 2.5%
Source: Seeking Alpha
7:00MBA Mortgage Applications
8:30Consumer Price Index
10:00Atlanta Fed’s Business Inflation Expectations
10:30EIA Petroleum Inventories
11:50Randal Quarles: “Progress on the transition to risk-free rates”
1:00 PMResults of $24B, 10-Year Note Auction
2:00 PMFOMC minutes
2:00 PMTreasury Budget
7:00 PMFed’s Kaplan Speech
***New: PTG Trading Room Chat Log’s Link
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2873.50. Average Range for CD1 is 24.50 handles. Odds of decline > 10 handles = 72% Odds of decline > 20 = 43%
CD1 Range High = 2902.00 CD1 Range Low = 2866.00 CD1 Range Avg = 24.50
Scenario 1: IF Bulls hold bid above 2882.25, THEN initial upside targets 2890 – 2892 3 Day Central Pivot Zone.
Scenario 2: IF Bears hold offer below 2882.25, THEN initial downside targets 2876.50 – 2873.50 Average Violation Decline Zone.
Range Projections and Key Levels (ES) June 2019 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7539.00. Average Range for CD1 is 79.00 handles. Odds of decline > 20 handles = 74% Odds of decline > 25 = 65%
CD1 Range High =7630.75 CD1 Range Low = 7557.50 CD1 Range Avg = 79.00
Scenario 1: IF Bulls hold bid above 7588.75, THEN initial upside targets 7605 – 7613 zone.
Scenario 2: IF Bears hold offer below 7588.75, THEN initial downside targets 7567 – 7557.50 Violation Range 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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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