Earnings season kicks off in earnest today, with major U.S. banks – JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC) and PNC Financial (NYSE:PNC) – set to get the ball rolling before the opening bell. Dow futures are up 175 points ahead of the Q1 reports, with the S&P 500 and Nasdaq 0.5% higher.
In Asia, Japan +0.7%. Hong Kong +0.2%. China flat. India +0.4%.
In Europe, at midday, London +0.3%. Paris +0.3%. Frankfurt +0.5%.
Futures at 6:20, Dow +0.7%. S&P +0.5%. Nasdaq +0.5%. Crude +1.5% to $64.53. Gold +0.3%to $1297.10. Bitcoin -0.2% to $5069.
Ten-year Treasury Yield +4 bps to 2.54%
(Source: Seeking Alpha)
Today is Cycle Day 3 …Price has achieved upside cycle objective 2908.50 as outlined in prior DTS Briefing 4.11.19: “Next objective is for bulls to convert 2900 Roundie to solid upper support to continue the current cycle rally targeting 2908.50.”
CD3 Range High = 2914.50 CD3 Range Low = 2878.00 CD3 Range Avg = 30.50
Scenario 1: IF Bulls hold bid above 2900, THEN initial upside target measures 2906 – 2908.50 zone. Next higher target measures 2911.50 – 2914.50 zone.
Scenario 2: IF Bears hold offer below 2900, THEN initial downside target measures 2892.25 – 2889.50 3 Day Central Pivot Zone.
Range Projections and Key Levels (ES) June (M) Contract
Nasdaq 100 (NQ)
CD3 Range High = 7667.50 CD3 Range Low = 7605.25 CD3 Range Avg = 93.00
Scenario 1: IF Bulls hold bid above 7620, THEN initial upside potential targets 7660.00 – 7667.50 3 Day Cycle Range High Zone.
Scenario 2: IF Bears hold offer below 7620, THEN initial downside targets 7602.25 – 7588.25 CD3 Range Low Zone.
Range Projections and Key Levels (NQ) June (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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