EU elections, Brexit drama and the usual U.S.-China tensions are rattling U.S. stock index futures, with Dow and the S&P 500 down 1% and Nasdaq off by 1.5%. A flurry of U.S economic reports are also on tap, including the latest weekly jobless claims data, a flash reading of manufacturing and services PMI figures for May, as well as new home sales for April.
FOMC minutes show patient stance ‘for some time,’ dig into ‘transitory’ inflation effects.
In Asia, Japan -0.6%. Hong Kong -1.6%. China -1.4%. India -0.8%.
In Europe, at midday, London -1.5%. Paris -1.7%. Frankfurt -1.8%.
Futures at 6:20, Dow -1%. S&P -1.1%. Nasdaq -1.5%. Crude -1.6% to $60.41. Gold +0.2% to $1276.50. Bitcoin -3.3% to $7628.
Ten-year Treasury Yield -5 bps to 2.35%
Source: Seeking Alpha
8:30Initial Jobless Claims
9:45PMI Composite Flash
10:00New Home Sales
10:30EIA Natural Gas Inventory
11:00Kansas City Fed Mfg Survey
1:00 PMFed’s Bostic Speech
1:00 PMFed’s Barkin Speech
1:00 PMFed’s Maly Speech
1:00 PMFed’s Kaplan Speech
***New: PTG Trading Room Chat Log’s Link
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2835.00 (FULFILLED). Average Range for CD1 is 30.50 handles. Odds of decline > 10 handles = 72% Odds of decline > 20 = 43%
CD1 Range High = 2855.75 CD1 Range Low = 2828.00 CD1 Range Avg = 30.50
Scenario 1: IF Bulls hold bid above 2856, THEN initial upside targets 2863 – 2866 zone.
Scenario 2: IF Bears hold offer below 2856, THEN initial downside targets 2835.00 – 2828.00 CD1 Range Low Violation Zone.
Range Projections and Key Levels (ES) June 2019 (M) Contract
HOD ATR Range Projection: 2860.00; LOD ATR Range Projection: 2823.50; 3 Day Central Pivot: 2858.00 3 Day Cycle Target: 2863.00; 10 Day Average True Range 35.00; VIX: 16.60
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7368.50 (FULFILLED). Average Range for CD1 is 104.50 handles. Odds of decline > 20 handles = 74% Odds of decline > 25 = 66%
CD1 Range High =7420.00 CD1 Range Low = 7330.00 CD1 Range Avg = 104.50
Scenario 1: IF Bulls hold bid above 7426, THEN initial upside targets 7445 – 7455 zone.
Scenario 2: IF Bears hold offer below 7426, THEN initial downside targets 7338.00 – 7330.00 CD1 Statistical Extreme ATR Zone.
Range Projections and Key Levels (NQ) June 2019 (M) Contract
HOD ATR Range Projection: 7440.50; LOD ATR Range Projection: 7310.25; 3 Day Central Pivot: 7441.00; 3 Day Cycle Target: 7438.50; 10 Day Average True Range: 124.50; VIX: 16.60
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
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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