The FOMC is expected to leave borrowing costs unchanged today as it maintains a “patient” monetary policy stance in the midst of a strategy rethink. It’s a tough balancing act for Fed Chairman Jerome Powell, who will want to avoid sounding too dovish, due to the strength of the U.S. economy and the fact financial conditions have improved considerably in the last several months.
In Asia, Japan closed. Hong Kong closed. China closed. India closed.
In Europe, at midday, London -0.2%. Paris closed. Frankfurt closed.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.8%. Crude -0.4% to $63.68. Gold -0.1% to $1284. Bitcoin +2.1% to $5294.
Ten-year Treasury Yield flat at 2.5%
(Source: Seeking Alpha)
7:00MBA Mortgage Applications
8:15ADP Jobs Report
8:30Treasury Refunding Quarterly Announcement
9:45PMI Manufacturing Index
10:00ISM Manufacturing Index
10:30EIA Petroleum Inventories
2:00 PMFOMC Announcement
2:00 PMChairman Press Conference
Today is Cycle Day 3 …Price is hold firm bid near settlement (2955) following prior session’s “key reversal” rally. It’s FED Day, so expectation will be for quiet pre-announcement trade with a bullish bias, given state of current uptrend momentum.
CD3 Range High = 2980.00 CD3 Range Low = 2934.00 CD3 Range Avg = 27.50
Scenario 1: IF Bulls hold bid above 2955, THEN initial upside target measures 2965.50 – 2970.50 zone.
Scenario 2: IF Bears hold offer below 2955, THEN initial downside target measures 2943.25 – 2938.75 3 Day Central Pivot Zone.
Range Projections and Key Levels (ES) June (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price is hold firm bid near settlement (7851.50) following prior session’s “key reversal” rally. It’s FED Day, so expectation will be for quiet pre-announcement trade with a bullish bias, given state of current uptrend momentum.
CD3 Range High = 7924.25 CD3 Range Low = 7777.25 CD3 Range Avg = 85.25
Scenario 1: IF Bulls hold bid above 7851.50, THEN initial upside potential targets 7874.00 – 7879 zone, upwards to 7895.50 – 7912.00 range zone.
Scenario 2: IF Bears hold offer below 7851.50, THEN initial downside targets 7825.00 – 7812.00 3 Day Central Pivot 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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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