In Europe, at midday, London -0.6%. Paris -0.3%. Frankfurt -0.2%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude -0.9% to $49.19. Gold +0.1% to $1265.20.
Ten-year Treasury Yield flat at 2.31%
(Source: Seeking Alpha)
Economic Calendar
8:30 Durable Goods
8:30 Initial Jobless Claims
8:30 International trade in goods
8:30 Retail Inventories
8:30 Wholesale Inventories
9:45 Bloomberg Consumer Comfort Index
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
3:00 PM Farm Prices
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
PTG Trading
S&P e-mini (ES) extended rally early in prior session but was unable to push higher later in day producing a failed double-top formation. As such, longs collectively looked for the exit as sell-down into the close balanced out the session.
Today is Cycle Day 1 (CD1)….Normal is for some magnitude decline with average measuring 2382 handle which has been key “over-under” marker. Violation and conversion of this level places pressure on the bulls to perform, giving bears an opening to push for lower levels.
Range Projections and Key Levels
HOD ATR Range Projection: 2399.30; LOD ATR Range Projection: 2367.70; Cycle Day 1 Low: 2365.25; 3 Day Central Pivot: 2379.00; 3 Day Cycle Target: 2400.38; 10 Day Average True Range: 18.05
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June 2017 (M) 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 absorb any selling above 2382 handle and reconvert 2388 to upper support. IF successful, THEN retest of PH (2394.75) would be expected.
Scenario 2: Bears have an opportunity to push for lower levels with violation and conversion of 2382 handle. IF successful, THEN initial downside targets 2376, followed by 2372 YELL.
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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